Energy & Power
Transmission & Distribution
Utility spending on asset management nearly $50B by 2023, says Navigant
By Alyssa Dalton
March 25, 2014 – According to a report from Navigant Research, cumulative utility spending on asset management and condition monitoring systems for the power grid will total $49.2 billion from 2014 to 2023.
Despite the growing availability of new solutions, many utilities have not yet incorporated sensing or monitoring technology into their networks, noted Navigant, adding that “most utilities today handle asset management with what amounts to a run-to-fail strategy”.
“Emerging sensor technology and analytics solutions have the potential to completely revolutionize the way the power grid is managed and maintained,” said Richelle Elberg, senior research analyst with Navigant Research. “The proliferation of distributed generation and electric vehicles means that soon, business-as-usual strategies will no longer be viable for effective asset management. Fortunately, the price of sensors and solutions is set to fall dramatically over the next few years.”
Asset management and control monitoring solutions encompass physical devices (sensors, intelligent electronic devices, smart meters, etc.) that may share real-time or near real-time data with the operations centre. They also include software solutions, such as asset management systems and analytics solutions.
The ultimate goal, as stated by the report titled Asset Management and Condition Monitoring, is for all of these solutions to work in concert to provide management with a holistic view of the current and expected performance of the grid and its critical components.