Smart grid IT software and services market to total US$142bn from 2014 to 2024, says Navigant
A recent report from Navigant Research provides a comprehensive overview of the global market for utility smart grid information technology (IT) systems, including global market forecasts for utility smart grid IT software and services through 2024.
As power grid operators and managers address the growing challenges of stability and reliability to the grid, modern IT solutions are increasingly being leveraged to automate control and maintenance functions and to more efficiently engage with customers. These new systems are expected to represent a significant portion of smart grid investment over the next decade as utilities look to take advantage of the granular data they provide. According to a recent report from Navigant Research, the global market for smart grid IT software and services is expected to total $142 billion from 2014 through 2024.
Richelle Elberg, principal research analyst with Navigant Research said: “Platforms like mobile devices and social media are helping to deliver information to utility managers in a way that has never been possible before. The information and accessibility these new IT systems provide are giving utilities a newfound ability to improve efficiency, reduce their costs, and interact with their customers.”
According to the report, utilities are increasingly requiring field and office workers to have access to system data wherever they go. This change is being driven by utilities desire for heightened productivity and improved workflow management among workers in the field, and it is assisted by the growing presence of broadband networks and the use of smartphones and tablets, all of which are helping the market to expand.
The report, Smart Grid IT Systems, provides a comprehensive overview of the global market for utility smart grid IT systems. The study discusses the potential benefits and challenges to utilities deploying new IT systems and describes a dozen major utility IT applications. Global market forecasts for utility smart grid IT software and services, segmented by category (software purchases and upgrades, software maintenance fees, services, and software as a service, or SaaS), application, and region, extend through 2024. The report also provides in-depth profiles of numerous vendors involved in the utility smart grid IT space.