[REPORT]: Networking Market for Smart Grids could be Worth $11.69 Billion by 2019
By now, it’s common knowledge in the energy industry that the smart grid is the inevitable future. Interconnectivity is something that needs to be embraced sooner rather than later, and yes, it’s certainly happening.
However, often times, the focus is on the bigger picture instead of individual components. While ‘smart grid’ may sound like a vague, abstract term, it’s actually made up of real, physical components and services that make smart grid communication possible.
And according to a new report from MarketsandMarkets, the market for those components could be huge in the next few years. How huge?
$11.69 billion dollars huge.
What are these physical components? In addition to regionally, the report segments them as such:
Hardware: cables, controllers, routers, smart meter communication modules, switches and others;
Software: network performance monitoring management, IP address management, network traffic management, network device management, network configuration management, network security management and others
Services: consulting, network planning, design and integration, network risk and security assessment, network maintenance and support services and others.
According to the report, the industry would grow from $7.12 billion this year to the 11.61 billion in 2019. This is a Compound Annual Growth Rate of 10.3 percent. The region with the most expected growth in size is North America, though the Middle East, Europe, and Africa (MEA) region is expected to get the most traction.
“The world is now looking forward to increase the share of renewable energy in the total electricity consumption and the traditional grids are unable to handle the electricity generated from the renewable sources,” the report’s introduction reads. “This has led to installation of smart grids and thus, increasing deployments of smart grid networks. Smart grids are increasingly being adopted by utility operators around the world.”
Access to the full report can be found here.
Drax advances biomass strategy with Pinnacle acquisition
The Group’s enlarged supply chain will have access to 4.9 million tonnes of operational capacity from 2022. Of this total, 2.9 million tonnes are available for Drax’s self-supply requirements in 2022, which will rise to 3.4 million tonnes in 2027.
The £424 million acquisition of the Canadian biomass pellet producer supports Drax' ambition to be carbon negative by 2030, using bioenergy with carbon capture and storage (BECCS) and will make a "significant contribution" in the UK cutting emissions by 78% by 2035 (click here).
This summer Drax will undertake maintenance on its CfD(2) biomass unit, including a high-pressure turbine upgrade to reduce maintenance costs and improve thermal efficiency, contributing to lower generation costs for Drax Power Station.
In March, Drax secured Capacity Market agreements for its hydro and pumped storage assets worth around £10 million for delivery October 2024-September 2025.
The limitations on BECCS are not technology but supply, with every gigatonne of CO2 stored per year requiring approximately 30-40 million hectares of BECCS feedstock, according to the Global CCS Institute. Nonetheless, BECCS should be seen as an essential complement to the required, wide-scale deployment of CCS to meet climate change targets, it concludes.