Wind Forecasting and Data Analytics Revenue Will Surpass $300 Million by 2020, Forecasts Navigant Research
BOULDER, Colo.--(BUSINESS WIRE)-- Record worldwide growth for wind power in recent years has led to increasing need for variable wind generation to integrate effectively on the larger power grid. As a result, wind forecasting and data analytics technologies have become a key element in the rapid deployment of wind plants. According to a new report from Navigant Research, annual revenue from meteorological towers, or met towers, and remote sensing devices for wind forecasting will surpass $300 million by 2020.
"Wind, as a fuel, is free, but wind plants are capital-intensive and require exhaustive study," says Feng Zhao, managing consultant with Navigant Research. "With wind now playing an increasingly important role in utilities' overall energy portfolios, wind forecasting technologies and rigorous data analysis have become essential not only to improve grid integration, but also for wind turbine optimization."
As wind turbines grow in size, the value proposition for using met towers alone is rapidly vanishing, according to the report. A large proportion of turbine deployments in North America and Europe now use 100-meter hub heights, meaning that a typical 60-meter met tower introduces additional uncertainty at those heights. Since most 100-meter towers are not cost-effective for project site assessment, remote sensing devices - including sound detection and ranging and light detection and ranging systems - have entered the market in recent years.
The report, "Wind Forecasting and Data Analytics", examines the market for remote sensing devices and met towers for wind forecasting, as well as disruptive remote sensing-based wind turbine control technology. Market drivers and barriers, along with key technology issues, are examined in detail, and profiles of key industry players, including hardware and service providers, are included. The report also provides market forecasts for demand for and revenue from wind forecasting technologies, segmented by region, through 2020. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team's research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Utilities, Smart Transportation, Smart Industry, and Smart Buildings sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant (NYS: NCI) is a specialized, global expert services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals combine technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism in the highly regulated Construction, Energy, Financial Services and Healthcare industries to support clients in addressing their most critical business needs. More information about Navigant can be found at www.navigant.com.
* The information contained in this press release concerning the report, "Wind Forecasting and Data Analytics," 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.
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