Proving the Business Case for the Internet of Things

AMCM systems revenues to hit $6.9 billion a year by 2023: Navigant

Iain Morris
June 17, 2014
 
Global revenues from asset management and condition monitoring (AMCM) systems for the power grid are forecast to hit $6.9 billion annually by 2023, up from $2.1 billion in 2014, according to a new study from Navigant Research.

Advances in sensing and monitoring technology could revolutionize the way the power grid is managed and maintained, reckons Navigant, and although the penetration of these systems is relatively low today it is expected to accelerate rapidly over the next few years.

“The advent of the smart grid is causing utilities to reevaluate their approach to asset management,” says Richelle Elberg, senior research analyst with Navigant Research. “The prices for sensing and monitoring devices have fallen to the point where a credible and compelling business case for deployment can be made.”

According to Navigant, the growing availability and affordability of smart grid technologies comes at a critical time for many utilities, which face ageing infrastructure, an increasingly “two-way” grid and growing pressure to offer more efficient and reliable services as well as greater profitability.

Another problem is a knowledge drain as long-time employees reach retirement age.

Utilities are likely to find the use of technology to be indispensable in coming years, says Navigant.
 
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