AMR: smart grid market worth $169.18bn by 2025
Valued at US$66.96bn in 2017, AMR’s predicted growth of $169.18bn by 2025 indicates the huge potential offered by the smart grid model.
Conceived as an interconnected system combining energy storage technology, automation and monitoring equipment/software (such as IoT, cloud and AI), smart grids will bring about fundamental changes to core aspects of the energy sector:
Production: Power plants can be reduced in size but increased in quantity.
Market: Breaking with decades of tradition, energy companies will cease to be regional concerns and instead become decentralised, international entities.
Transmission: Similar to the market changes, smart grids will be transmitted on a much smaller scale, but with local battery storage to balance instabilities.
Consumer: Whilst previously customers would simply pay for (sometimes inaccurate) bills, the introduction of smart meters has ushered in a new era of interactivity with energy producers and led to energy and cost-saving efficiencies.
A vision of the future
Far from being the result of a singular event or cluster of companies, AMR posits that shifting consumer demands and tech developments across the entire energy sector are causing the increased profitability of smart grids.
“The global shift toward secure, sustainable, affordable, and uninterrupted electricity supply is driving changes in the production, transmission, distribution, and consumption of electricity.
“In addition, supportive government policies and regulations to use smart meters and rise in investments in digital electricity infrastructure are also some of the crucial factors that drive the market growth,” it said.
Big regional winners in energy’s new landscape are projected to be North America and Asia-Pacific (APAC): the former has held supremacy over the smart grid market since 2017, whilst APAC is anticipated to achieve the highest overall CAGR growth rate (16.1%).
AMR accounts for this by forecasting an overall increased level of utility connectivity between urban and rural areas. This will likely be introduced to compensate for grid instabilities and ensure a higher overall level of service.
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Hydrostor receives $4m funding for A-CAES facility in Canada
Hydrostor has received $4m funding to develop a 300-500MW Advanced Compressed Air Energy Storage (A-CAES) facility in Canada.
The funding will be used to complete essential engineering and planning, and enable Hydrostor to plan construction.
The project will be modeled on Hydrostor’s commercially operating Goderich storage facility, providing up to 12 hours of energy storage.
Hydrostor’s A-CAES system supports Canada’s green economic transition by designing, building, and operating emissions-free energy storage facilities, and employing people, suppliers, and technologies from the oil and gas sector.
The Honorable Seamus O’Regan, Jr. Minister of Natural Resources, said: “Investing in clean technology will lower emissions and increase our competitiveness. This is how we get to net zero by 2050.”
A-CAES has the potential to lower greenhouse gas emissions by enabling the transition to a cleaner and more flexible electricity grid. Specifically, the low-impact and cost-effective technology will reduce the use of fossil fuels and will provide reliable and bankable energy storage solutions for utilities and regulators, while integrating renewable energy for sustainable growth.
Curtis VanWalleghem, Hydrostor’s Chief Executive Officer, said: “We are grateful for the federal government’s support of our long duration energy storage solution that is critical to enabling the clean energy transition. This made-in-Canada solution, with the support of NRCan and Sustainable Development Technology Canada, is ready to be widely deployed within Canada and globally to lower electricity rates and decarbonize the electricity sector."
The Rosamond A-CAES 500MW Project is under advanced development and targeting a 2024 launch. It is designed to turn California’s growing solar and wind resources into on-demand peak capacity while allowing for closure of fossil fuel generating stations.
Hydrostor closed US$37 million (C$49 million) in growth financing in September 2019.