A new report from Navigant Research analyzes the global market for distributed renewables asset performance management (APM), providing an overview of innovative technology uses and business models, as well as global market forecasts through 2027.
In remote locations, distributed renewables generation assets are not always equipped to meet the harsh conditions to which they are exposedleading to outages, equipment failure, and random surges in power demand. APM allows asset-intensive industries to reduce downtime and ensure that assets are optimized to operate at the highest level of efficiency, avoiding lost revenue. Click to tweet: According to a new report from @NavigantRSRCH, the APM market size for distributed energy technologies, such as solar PV plants, wind turbines, and energy storage solutions, is expected to increase from $4.6 billion in 2018 to $23.2 billion in 2027, experiencing a CAGR of 19.7% during this period.
The energy industry has traditionally relied on calendar management programs for its valuable assets, but consequently these assets face a high risk of breakdowns and unavailability between service intervals, says Pritil Gunjan, senior research analyst with Navigant Research. This traditional approach can negatively affect the life expectancy of assets while drastically reducing their ROI, as they are likely to miss faults that occur between these intervals.
APM for behind-the-meter renewables is still an emerging market because of the scale of investments required to perform end-to-end integrated APM, according to the report. However, the rapid pace of digitization has led to a shift toward the capital optimization of asset portfolios, putting more pressure on energy companies to ensure assets are operational. Navigant Research recommends a two-pronged strategy “ APM hybridization and aggregation “ for APM market participants to succeed in this growing market opportunity.
The report, Asset Performance Optimization for Distributed Renewables, analyzes the global market for distributed renewables APM, with a focus on distributed solar, wind, and energy storage assets. The study provides a summary of the innovative technology uses and business models related to the technical operations and maintenance (O&M) of behind-the-meter renewables. Global market forecasts, segmented by region, asset source, and cost segment (operations and maintenance), extend through 2027. The report also examines the key market drivers and barriers, as well as the technological accelerators that have the potential to optimize asset performance. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The teams research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Energy Technologies, Utility Transformations, Transportation Efficiencies, and Buildings Innovations sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant Consulting, Inc. is a specialized, global professional services firm that helps clients take control of their future. Navigants professionals apply deep industry knowledge, substantive technical expertise, and an enterprising approach to help clients build, manage and/or protect their business interests. With a focus on markets and clients facing transformational change and significant regulatory or legal pressures, the Firm primarily serves clients in the healthcare, energy and financial services industries. Across a range of advisory, consulting, outsourcing, and technology/analytics services, Navigants practitioners bring sharp insight that pinpoints opportunities and delivers powerful results. More information about Navigant can be found at navigant.com.
* The information contained in this press release concerning the report, Asset Performance Optimization for Distributed Renewables, is a summary and reflects Navigant Researchs current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the reports conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.
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