Smart Grid Technology Market Will Reach $73 Billion in Annual Revenue by 2020, Forecasts Navigant Research
BOULDER, Colo. --(Business Wire)--
Although the market for smart grid technologies is already established, representing more than $33 billion in revenue in 2012, it has grown with little contribution from a number of countries with populations greater than 100 million, and with almost no activity in Africa, with its population of 1 billion. This suggests that the market is likely to continue robust growth for the foreseeable future. According to a recent report from Navigant Research, the market for smart grid technologies will reach $73 billion in annual revenue by the end of 2020, totaling $461 billion in cumulative revenue from 2013 to 2020.
"Smart grid technologies improve the reliability and efficiency of the power grid via the application of modern IT capabilities alongside or in place of existing utility assets and networks," says Bob Lockhart, research director with Navigant Research. "However, the term 'smart grid' has been overused to the point of losing its meaning. A more precise definition includes five key applications: transmission upgrades, substation automation, distribution automation, smart grid information and operations technology, and smart metering."
Of these five, by far the most capital-intensive application is transmission upgrades, which require substantial infrastructure investments. Transmissions upgrades will represent nearly $250 million in revenue from 2013 to 2020, or more than half the total for the overall smart grid technology market, the study concludes.
The report, "Smart Grid Technologies", examines the market dynamics and most important technology issues for smart grid technologies for the period from 2012 through 2020. The report profiles the key players in smart grid technologies in eight categories: influential utilities, control system vendors, telecommunications vendors, smart metering vendors, application and services vendors, systems integrators, cyber security vendors, and standards associations. Analysis and forecasts are presented year-by-year and cumulatively through 2020, dissecting the market by smart grid application and by region, with further technology segmentation within each application. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team's research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Utilities, Smart Transportation, Smart Industry, and Smart Buildings sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant (NYSE: NCI) is a specialized, global expert services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals combine technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism in the highly regulated Construction, Energy, Financial Services and Healthcare industries to support clients in addressing their most critical business needs. More information about Navigant can be found at www.navigant.com.
* The information contained in this press release concerning the report, "Smart Grid Technologies," is a summary and reflects Navigant Research's current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report's conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.
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