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Smart Grid Service Revenue To Reach $11.2 Billion By 2023

Smart grid as a service (SGaaS) solutions allow utilities with financial constraints to spread the cost of their projects out over a period of several years, and according to new research from Navigant Research will see strong growth over the next 10 years.

According to the Navigant Research report, revenue from SGaaS solutions will grow from $1.7 billion annually in 2014 to $11.2 billion in 2023, attracting IT professionals to utilities with limited budgets and providing managed services to utilities to help in their smart grid initiatives where before only the largest utilities could effectively afford to initiate such a development.

“Traditionally, utilities have shied away from outsourcing operations beyond back-office functions like billing or payroll,” says Richelle Elberg, senior research analyst with Navigant Research. “But the tremendous growth in cloud-based services for business of all types has increased utilities’ awareness of and comfort levels with cloud-based solutions.”

Smart grids, and microgrids specifically, are enjoying a time of impressive investment opportunity lately. Navigant Research released two separate reports earlier this month investigating both initiatives — finding that nearly $600 billion will be spent on smart grid technologies over the next decade, and another $31 billion will be invested into Asia Pacific microgrids by 2023.

Navigant Research outlines several potential advantages for Smart Grid as a Service solutions over conventional, in-house smart grid deployments:

  • the complexity of smart grid deployments and systems integration
  • a shortage of qualified internal human resources
  • reduced time to market
  • improved security

The report, Smart Grid as a Service, analyses the global market for SGaaS offerings and outlines where they are being used by utilities.

 
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