Growth in the AI-Enabled Distributed Energy Resources Integration Market Is Anticipated to Reach $481 Million by 2020
With the rise in connected devices and available data, AI vendors have emerged to help utilities find innovative ways to integrate DER
A new report from Guidehouse Insights analyzes AI capabilities for enabling distributed energy resources (DER) integration, including a discussion of key industry trends, applications, market drivers and barriers, and technology considerations. The report also provides market forecasts extending through 2030.
AI techniques have been deployed in the energy industry for a variety of grid and market operations. One of the most compelling applications of AI in the energy industry is for the integration of DER. According to a new report from Guidehouse Insights, the market for AI-enabled DER integration will experience a compound annual growth rate (CAGR) of 10% and reach $481.8 million by 2030.
“The proliferation of advanced metering infrastructure (AMI), or smart meters, the influx of data for more advanced planning and operation of the grid, and the increasing capacity of DER requiring advanced communication networks and two-way power flows are reshaping the way the distribution grid operates,” says Hannah Davis, senior research analyst with Guidehouse Insights. “AI for DER integration can drive benefits for utilities through better load and generation forecasting tools, grid optimization and network planning tools, and power quality management.”
As the number of networked sensors and demand side devices, such as smart inverters and smart thermostats has dramatically increased, so has the amount of data that utilities receive. With technology advancements and the rapid deployment of connected devices, utilities are uncovering more innovative ways to utilize their data. Analytics vendors with software as a service (SaaS) solutions and operational technology (OT) vendors with AI modules are rapidly appearing in the market with tools to help utilities efficiently analyze their data and create actionable insights.
The report, AI for DER Integration, provides an overview of AI capabilities for enabling DER integration, including a discussion of key industry trends, applications, market drivers and barriers, and technology considerations. Additionally, the global market forecast is broken down by application segment (grid management, demand side management, and customer-centric applications) and spending segment (software, integration and upgrade services, maintenance, and SaaS). All major global regions are included, and the forecast period extends through 2030. An executive summary of the report is available for free download on the Guidehouse Insights website.
*The information contained in this press release concerning the report, Guidehouse Insights Leaderboard: Smart Meter Analytics, is a summary and reflects the current expectations of Guidehouse Insights 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 Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.