Top 10 Growth Opportunities in Grid Modernization and Flexibility

Top 10 Growth Opportunities in Grid Modernization and Flexibility

Decarbonization and Decentralization of Power Generation to Drive Massive Investment in the Electricity Network

RELEASE DATE
24-Jan-2024
REGION
Global
Deliverable Type
Market Research
Research Code: PFCB-01-00-00-00
SKU: EG_2023_543
AvailableYesPDF Download
$2,450.00
In stock
SKU
EG_2023_543

Top 10 Growth Opportunities in Grid Modernization and Flexibility
Published on: 24-Jan-2024 | SKU: EG_2023_543

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The industry faced significant challenges in 2023, as the ripple effect of supply chain and logistical issues echoed throughout the industry, which struggled to meet the strong demand for transmission and distribution (T&D) equipment. Despite supply chain challenges and economic uncertainty, the pressing need for grid modernization to meet the requirements of an increasingly decentralized grid resulted in an investment of $174.42 billion in 2023, up from $162.43 billion in 2022. China, India and South Asia, Europe, and North America account for approximately 80% of the T&D grid equipment market revenues.

The transition from fossils to renewable energy gains pace with record investment in renewables in 2023; solar PV and wind power combined accounted for $567.00 billion. Climate commitments and supportive regulations will drive further investment in the power generation industry and the associated T&D equipment demand for new and aging grids. China has significantly increased its renewable targets in recent years (in part to support domestic technology companies). The Inflation Reduction Act passed in 2022 in the United States provides a degree of investment certainly never seen before and incentives for investment in domestic supply chains. The Russo-Ukrainian war has galvanized Europe to act, as energy security has become a global Mega Trend.

Greater grid flexibility and resilience have become a key priority for utilities and effective energy management systems such as distributed energy resource management systems (DERMS) and virtual power plants (VPP) will help ensure a predictable and reliable grid. Energy storage will also be a pivotal technology and allow some deferral of T&D investment.

Author: Neha Tatikota

Strategic Imperatives

Top 10 Growth Opportunities

Growth Opportunity 1: Distribution Grid Equipment

Growth Opportunity 2: Transmission Grid Equipment

Growth Opportunity 3: Eco-friendly Solutions

Growth Opportunity 4: Smart Metering for Grid Management

Growth Opportunity 5: Demand Management and Virtual Power Plants

Growth Opportunity 6: Grid Digitalization and Distributed Intelligence

Growth Opportunity 7: Microgrids

Growth Opportunity 8: Vehicle to Grid

Growth Opportunity 9: Demand Forecasting, Analytics, and AI

Growth Opportunity 10: DC Distribution Network

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The industry faced significant challenges in 2023, as the ripple effect of supply chain and logistical issues echoed throughout the industry, which struggled to meet the strong demand for transmission and distribution (T&D) equipment. Despite supply chain challenges and economic uncertainty, the pressing need for grid modernization to meet the requirements of an increasingly decentralized grid resulted in an investment of $174.42 billion in 2023, up from $162.43 billion in 2022. China, India and South Asia, Europe, and North America account for approximately 80% of the T&D grid equipment market revenues. The transition from fossils to renewable energy gains pace with record investment in renewables in 2023; solar PV and wind power combined accounted for $567.00 billion. Climate commitments and supportive regulations will drive further investment in the power generation industry and the associated T&D equipment demand for new and aging grids. China has significantly increased its renewable targets in recent years (in part to support domestic technology companies). The Inflation Reduction Act passed in 2022 in the United States provides a degree of investment certainly never seen before and incentives for investment in domestic supply chains. The Russo-Ukrainian war has galvanized Europe to act, as energy security has become a global Mega Trend. Greater grid flexibility and resilience have become a key priority for utilities and effective energy management systems such as distributed energy resource management systems (DERMS) and virtual power plants (VPP) will help ensure a predictable and reliable grid. Energy storage will also be a pivotal technology and allow some deferral of T&D investment. Author: Neha Tatikota
More Information
Deliverable Type Market Research
Author Neha Tatikota
Industries Energy
No Index No
Is Prebook No
Keyword 1 Grid Modernization Analysis
Keyword 2 Grid Flexibility Industry Trends
Keyword 3 Energy Infrastructure Innovations
Podcast No
WIP Number PFCB-01-00-00-00