In remote locations, distributed renewables generation assets are not always equipped to meet the harsh conditions to which they are exposed–leading to outages, equipment failure, and random surges in power demand. APM allows asset-intensive industries to reduce downtime and ensure that assets are optimized to operate at the highest level of efficiency, avoiding lost revenue.
“The energy industry has traditionally relied on calendar management programs for its valuable assets, but consequently these assets face a high risk of breakdowns and unavailability between service intervals,” says Pritil Gunjan, senior research analyst with Navigant Research. “This traditional approach can negatively affect the life expectancy of assets while drastically reducing their ROI, as they are likely to miss faults that occur between these intervals.”
APM for behind-the-meter renewables is still an emerging market because of the scale of investments required to perform end-to-end integrated APM, according to the report. However, the rapid pace of digitization has led to a shift toward the capital optimization of asset portfolios, putting more pressure on energy companies to ensure assets are operational. Navigant Research recommends a two-pronged strategy–APM hybridization and aggregation–for APM market participants to succeed in this growing market opportunity.
The report, Asset Performance Optimization for Distributed Renewables, analyzes the global market for distributed renewables APM, with a focus on distributed solar, wind, and energy storage assets. The study provides a summary of the innovative technology uses and business models related to the technical operations and maintenance (O&M) of behind-the-meter renewables. Global market forecasts, segmented by region, asset source, and cost segment (operations and maintenance), extend through 2027. The report also examines the key market drivers and barriers, as well as the technological accelerators that have the potential to optimize asset performance. An Executive Summary of the report is available for free download on the Navigant Research website.
News item from Navigant Research