According to new research, cumulative revenue for intermittent energy monitoring and forecasting will reach $27bn between 2017 and 2026.Navigant Research found that 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.
Its latest report, Distributed Renewables Monitoring and Forecasting Technologies, examines the global market for intermittent renewables monitoring and forecasting technologies, providing an analysis of related market issues, including the drivers and challenges.
In a release, Navigant Research notes that intermittent resource monitoring and forecasting technologies have evolved alongside the renewables industry.
[quote] It adds that 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.
“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.”
Energy monitoring and forecasting tech critical to DER integration
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. According to the report, industry players are moving away from traditional data logging and toward sophisticated analytics, including fault detection systems, condition-based monitoring, and energy management tools.