Ongoing onsite forecasting is not only a necessity to optimize plant operations, but also a contractual requirement of power purchase agreement and feed-in tariff rules
A new report from Navigant Research examines the global market for intermittent renewables monitoring and forecasting technologies, providing an analysis of related market issues, including the drivers and challenges.
Intermittent resource monitoring and forecasting technologies have evolved alongside the renewables industry. While, in the past, these technologies were seen as optional and expensive, regulatory changes and business model innovations that focus on increasing profitability in an otherwise commoditized market are bringing them into the spotlight. Click to tweet: According to a new report from @NavigantRSRCH, global cumulative revenue for intermittent energy monitoring and forecasting between 2017 and 2026 is expected to reach $26.9 billion.
“With the amount of intermittent energy increasing exponentially, it is becoming imperative that we understand the present and future performance of each resource—whether it is a residential PV installation or a large offshore wind farm—and be able to manage it cheaply,” says Roberto Rodriguez Labastida, senior research analyst at Navigant Research. “Thankfully, the technology to do this is available and improving all the time, while creating new business opportunities for all actors in the energy system.”
Because intermittent generation is now an integral part of the energy mix, ongoing onsite forecasting is not only a necessity to optimize plant operations, but also a contractual requirement of power purchase agreement and feed-in tariff rules. Today, industry players are moving away from traditional data logging and toward sophisticated analytics, including fault detection systems, condition-based monitoring, and energy management tools, according to the report.
The report, Distributed Renewables Monitoring and Forecasting Technologies, analyzes the global market for intermittent renewables monitoring and forecasting technologies. The study provides an analysis of the market issues, including drivers and challenges, related to renewables monitoring and forecasting. Global market forecasts, broken out by region and segment (intermittent resources forecasting analytics and residential and C&I solar monitoring), extend through 2026. The report also examines the key technologies related to intermittent energy monitoring and forecasting, as well as the competitive landscape. An Executive Summary of the report is available for free download on the Navigant Research website.
Contact: Lindsay Funicello-Paul
* The information contained in this press release concerning the report, Distributed Renewables Monitoring and Forecasting Technologies, is a summary and reflects Navigant Research’s 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 report’s 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.