Navigant Research Estimates the Annual Market for Asset Performance Management for Distributed Energy Technologies Will Exceed $23 Billion in 2027
Digitization is driving a shift toward the capital optimization of
asset portfolios, putting more pressure on energy companies to ensure
assets are operational
A new report from Navigant
Research analyzes the global market for distributed renewables asset
performance management (APM), providing an overview of innovative
technology uses and business models, as well as global market forecasts
through 2027.
In remote locations, distributed renewables generation assets are not
always equipped to meet the harsh conditions to which they are
exposed—leading to outages, equipment failure, and random surges in
power demand. APM allows asset-intensive industries to reduce downtime
and ensure that assets are optimized to operate at the highest level of
efficiency, avoiding lost revenue. Click
to tweet: According to a new report from @NavigantRSRCH,
the APM market size for distributed energy technologies, such as solar
PV plants, wind turbines, and energy storage solutions, is expected to
increase from $4.6 billion in 2018 to $23.2 billion in 2027,
experiencing a CAGR of 19.7% during this period.
“The energy industry has traditionally relied on calendar management
programs for its valuable assets, but consequently these assets face a
high risk of breakdowns and unavailability between service intervals,”
says Pritil Gunjan, senior research analyst with Navigant Research.
“This traditional approach can negatively affect the life expectancy of
assets while drastically reducing their ROI, as they are likely to miss
faults that occur between these intervals.”
APM for behind-the-meter renewables is still an emerging market because
of the scale of investments required to perform end-to-end integrated
APM, according to the report. However, the rapid pace of digitization
has led to a shift toward the capital optimization of asset portfolios,
putting more pressure on energy companies to ensure assets are
operational. Navigant Research recommends a two-pronged strategy – APM
hybridization and aggregation – for APM market participants to succeed
in this growing market opportunity.
The report, Asset
Performance Optimization for Distributed Renewables, analyzes
the global market for distributed renewables APM, with a focus on
distributed solar, wind, and energy storage assets. The study provides a
summary of the innovative technology uses and business models related to
the technical operations and maintenance (O&M) of behind-the-meter
renewables. Global market forecasts, segmented by region, asset source,
and cost segment (operations and maintenance), extend through 2027. The
report also examines the key market drivers and barriers, as well as the
technological accelerators that have the potential to optimize asset
performance. An Executive Summary of the report is available for free
download on the Navigant
Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides
market research and benchmarking services for rapidly changing and often
highly regulated industries. In the energy sector, Navigant Research
focuses on in-depth analysis and reporting about global clean technology
markets. The team’s research methodology combines supply-side industry
analysis, end-user primary research and demand assessment, and deep
examination of technology trends to provide a comprehensive view of the
Energy Technologies, Utility Transformations, Transportation
Efficiencies, and Buildings Innovations sectors. Additional information
about Navigant Research can be found at www.navigantresearch.com.
About Navigant
Navigant Consulting, Inc. is a specialized, global professional services
firm that helps clients take control of their future. Navigant’s
professionals apply deep industry knowledge, substantive technical
expertise, and an enterprising approach to help clients build, manage
and/or protect their business interests. With a focus on markets and
clients facing transformational change and significant regulatory or
legal pressures, the Firm primarily serves clients in the healthcare,
energy and financial services industries. Across a range of advisory,
consulting, outsourcing, and technology/analytics services, Navigant’s
practitioners bring sharp insight that pinpoints opportunities and
delivers powerful results. More information about Navigant can be found
at navigant.com.
* The information contained in this press release concerning the
report, Asset Performance Optimization for Distributed Renewables, is
a summary and reflects Navigant Research’s current expectations based on
market data and trend analysis. Market predictions and expectations are
inherently uncertain and actual results may differ materially from those
contained in this press release or the report. Please refer to the full
report for a complete understanding of the assumptions underlying the
report’s conclusions and the methodologies used to create the report.
Neither Navigant Research nor Navigant undertakes any obligation to
update any of the information contained in this press release or the
report.
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