In a press statement, the smart infrastructure market intelligence firm said smart grid investments will be made mainly to improve the operations of utility firms and help the countries secure the reliability of their grid networks from power outages.
The smart grid investments will focus on improving the smart electricity metering, battery storage, advanced storage and grid communications sectors to help utility firms improve their energy billing, clean energy portfolios and management of grid networks.
Ben Gardner, president of NorthEast Group, said: “The recent South Australia blackouts reinforce the importance of smart infrastructure investment in the power sector.
“Smart grid infrastructure investment will occur not just in the state of South Australia but across all of Australia and New Zealand. The market opportunity remains largely open for vendors, with the exception of metering in New Zealand and the Australian state of Victoria, which have largely completed their smart meter rollouts. The rest of Australia is poised to begin large-scale smart meter rollouts in the next several years, and market growth for other smart grid segments, most recently the battery storage market, is beginning to accelerate across the region.”
The US-based research firm forecasts government regulations on smart grid to continue to play a significant role in the increase in smart grid investments between 2017 and 2027 in Australia and New Zealand. [South Australia to invest $423 million to improve energy security].
The research firm predicts government regulations on smart grid to increase competition amongst smart electric meter service providers.
However, following a successful rollout of smart grid technologies under a framework developed by the Australian states of Victoria, the state is expected to implement a market-led approach in deploying smart grid solutions through to 2027.
New Zealand and Australia’s smart grid markets are expected to be dominated by international vendors with some seeking for opportunities in the Electric Vehicle market.