The report ( Smart Grid IT Systems ), which looks at global market forecasts for utility smart grid IT software and services through 2024, projects worldwide revenues for smart grid IT software and services to grow to $17.1 billion in 2024 from $8.5 billion annually in 2014. Until now, the ramp up in smart grid technology investment has been slower than forecast, according to the report, perhaps due to cautious return-on-investment expectations on the part of utility executives and/or regulators.
However, continuing advances in smart grid technology - such as new sensing devices in the grid and the ability to monitor real-time performance on mobile devices - are offering increasing opportunities for utilities to increase efficiency, reduce costs and better interact with customers. As more deployments provide market validation, investment in these systems is expected to accelerate, the report finds.
The study discusses the potential benefits and challenges in deploying new IT systems and describes a dozen major utility IT applications. It also considers global market forecasts for utility smart grid IT software and services segmented by category, application, and region. In-depth profiles of numerous vendors involved in the utility smart grid IT space are also included.