Utility spending on asset management and grid monitoring technology is to hit almost $50 billion by 2023, according to a new study from Navigant Research.
The market-research company says that with the advent of the smart grid the inclusion of sensing and monitoring system is beginning to make “economic sense” for utilities, with the result that cumulative spending on these technologies will amount to $49.2 billion between 2014 and 2023.
“Emerging sensor technology and analytics solutions have the potential to completely revolutionize the way the power grid is managed and maintained,” said Richelle Elberg, senior research analyst with Navigant Research. “The proliferation of distributed generation and electric vehicles means that soon, business-as-usual strategies will no longer be viable for effective asset management.”
“Fortunately, the price of sensors and solutions is set to fall dramatically over the next few years,” added Elberg.
As noted by Navigant Research, asset management and control monitoring solutions comprise physical devices – such as sensors, intelligent electronic devices and smart meters – that can share real-time data with an operations center.
They also include software solutions like asset-management and analytics products.
Navigant Research says the ultimate goal for utilities will be to make all these technologies work in concert to provide management with a “holistic view” of the grid’s current and expected performance, and its critical assets.