Revenue for Power Grid Asset Management, Condition Monitoring Devices and Solutions is Expected to Total $45 Billion Between 2016 and 2025
Despite challenges, business cases increasingly support expansion of strategic predictive grid monitoring.
A recent report from Navigant Research explores the global market for asset management and condition monitoring (AMCM) solutions, with market forecasts for condition monitoring sensors in the grid and asset management software solutions, through 2025.
Utilities these days are faced with many new challenges such as the need to improve operational and capital costs, facilitate intermittent renewables, and meet more stringent reliability standards in the face of disruptive loads and changing weather patterns. As such, AMCM solutions are evolving and the market for these is expected to more than double. Click to tweet: According to a recent report from @NavigantRSRCH, global revenue for power grid AMCM devices and solutions is expected to total $45 billion between 2016 and 2025.
“Leading organizations, thanks partially to asset management standards like PAS 55 and ISO 55000, are realizing that they need to better manage key risk components,” says Lauren Callaway, research analyst with Navigant Research. “To that end, utilities are becoming interested in applying cross-departmental approaches to gathering information that can help to develop a more holistic asset management strategy.”
According to the report, a more holistic asset management strategy offers utilities a better understanding of asset states and can be used to develop a predictive risk-based management strategy. Despite challenges like high integration complexity for new systems and difficulty extracting data from newly networked devices, more and more business cases support the expansion of strategic grid monitoring to optimize real-time operations and increase access to data that can improve the lifecycle management of the asset fleet.
The report, Asset Management and Condition Monitoring, analyzes the global market for AMCM solutions and describes where they are needed in the grid. The study discusses significant market drivers and applications and outlines challenges to deployment. Global market forecasts for condition monitoring sensors in the grid and asset management software solutions, including asset management as a service (AMaaS) and analytics, extend through 2025. Sensor forecasts are segmented by location in the grid, including transmission and distribution substations, transmission lines, distribution lines, and distribution transformers.