A report by Navigant Research has cited utility spending on Smart Grid as a service hitting $57.6 billion from 2014 to 2023.
The report explains that annual utility spending on SGaaS technology will grow from US$1.7 billion in 2014 to $11.2 billion in 2023, reaching $57.6 billion over the period.
The smart grid revolution has much potential, but advanced networking and communications technology must span the entire power grid for this to happen. Many companies need Smart Grid as a service (SGaaS) to bridge this gap and to ensure that the smart grid potential is fully utilised.
Although SGaaS only makes up a small portion of today’s market, there is much potential for growth especially in areas of utilities with financial constraints.
SGaaS offers a range of smart grid applications which include home energy management (HEM), advanced metering infrastructure, distribution and substation automation communications and software solutions and analytics, and more.