Pike Research published a report asserting that smart grid technologies are often portrayed as being vital to efforts to increase renewable energy production, yet this aspect of the smart grid is the least developed.
According to a release, while there are multiple companies currently active in this market, their efforts have largely been relegated to PowerPoint presentations, pilot programs, and long range planning.
Pike’s study suggested that this situation will change over the next several years, creating a significant expansion of the market opportunity for smart grid technologies that enable the integration of renewables. Revenue from smart grid renewables integration will reach almost $4 billion in 2012, the cleantech market intelligence firm forecasts, and climb to $13 billion by 2018. The sector’s compound annual growth rate (CAGR) over those six years will be nearly 23 percent.
“The success record of smart grid renewables integration to date is a mixed bag,” says senior analyst Peter Asmus. “European countries are boldly plowing forward while many U.S. utilities exhibit ‘electrotrophobia’ – the fear of change linked to greater reliance upon intermittent renewable energy resources. That will change as many utilities launch comprehensive programs and place significant investments in the ability of the smart grid to lower the costs of integrating renewable generation at the transmission, distribution, and residential levels… Read more