DUBLIN, March 11, 2024 /PRNewswire/ — The “Top 10 Growth Opportunities in Grid Modernization and Flexibility” report has been added to ResearchAndMarkets.com’s offering.
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.
Top Growth Opportunities for 2024
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
For more information about this report visit https://www.researchandmarkets.com/r/n8r1d3
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SOURCE Research and Markets