Software and behavioural solutions will play a bigger role, discusses Frost & Sullivan Webinar
LONDON, April 7, 2016 /PRNewswire/ --
Tuesday, 12th April, 2016 at 3:00 pm BST
Online, with Complimentary Registration
Malavika Tohani, Research Director, Energy & Environment
Smart Grids are undergoing their own form of 'Digital Transformation' which will present companies with interesting growth opportunities. The global smart grid market is forecast to be worth $112.7 billion in 2025, a dramatic increase from $3.6 billion in 2015. This growth is driven by a combination of refurbishment and replacement of the existing network as well as an increased electrification in the developing world. Although conventional grid hardware investment will continue to dominate, software will become increasingly important, as will behavioural solutions like demand energy management and demand response.
"In our Webinar, we will discuss the confluence of digital technologies and power industry practices for improved management," states Malavika Tohani, Research Director, Energy & Environment. Ms Tohani will also explain the increasing impact of data analytics and how the dynamics of the market will increasingly be shaped by key sub-segments of the smart grid.
Representing one example of behavioural solutions, the demand response market globally is expected to grow strongly at a CAGR (compound annual growth rate) of 13.5 percent from 2015 to 2025. While commercial and industrial demand response is the largest segment currently, residential DR has the largest potential and will take off by 2025. "How will new business models adapt to these opportunities? Which regions and countries will be early adopters?" explains Ms. Tohani. "The United States lead in terms of demand response development, while markets such as South Korea, Singapore, the United Kingdom, France and Sweden present high growth opportunities in the future."
In future, smart grid business models will require being prioritized and optimized to implement new solutions. Microgrids will play an integral part in this smart grid transformation. Distributed energy sources will account for the majority of new investment by 2023, creating an urgent requirement for smart grid solutions in the distribution network.
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SOURCE Frost & Sullivan