Proving the Business Case for the Internet of Things

Smart grid spending to total $600 billion between 2014 and 2023: Navigant

Iain Morris
August 26, 2014
 
Global spending on smart grid technologies will total nearly $600 billion between 2014 and 2023, according to a new study from Navigant Research.

The market is evolving rapidly due to the growing need for a more responsive, automated and efficient power grid worldwide, says the research organization.

It expects spending on smart grids and related systems to amount to as much as $594 billion between 2014 and 2023.

“The benefits of smart grid technology are becoming increasingly measurable, in terms of both economic benefits and improved grid reliability,” said Richelle Elberg, senior research analyst with Navigant Research. “Government mandates and growing challenges to grid stability, such as aging infrastructure, electric vehicle charging, and distributed generation, are contributing to increased spending on everything from smart metering systems in the field to new IT systems in the operations center.”

One major development in recent years, according to Navigant, has been the inclusion of “intelligence” in grid devices rather than operations centers, with analytics moving closer to the data.

Essentially, this means that the “smart” is moving “outward”, says Navigant, to the edges of the grid.

The distribution of intelligence in this way holds major benefits for utilities.

It not only alleviates the data flow to central control, placing less stress on communications networks, but also allows for faster response – which could help to reduce outage times.
 
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