IoT. The Internet of Things. My favorite “Thing” is my FitBit, which is currently on the fritz, and I suspect a have a new one arriving packaged and wrapped for my birthday in late July.
For those unfamiliar, the Internet of Things refers to non-computer items that iteract with the Internet. Think about smart refrigerators or my aforementioned Fitbit.
Tradeology from the US government has projected growth of these things to increase five-fold in the next five years.
The average number of Internet-connected devices per household is expected to increase five-fold by 2022, leading to potentially over 50 billion connected devices by 2025. As more devices are connected to the Internet– in our homes, offices, and manufacturing facilities – it is becoming increasing more critical that people have access to reliable, secure, affordable, and clean electricity to power them. And U.S. firms that provide the products and services to meet these grid modernization needs are seeing increased global interest.
Earlier this year, we released an Update to the 2016 Smart Grid Top Markets Report. These articles offer detailed analysis of the near-term growth potential for U.S. exporters of smart grid products and services overall and for three sub-sectors: transmission and distribution (T&D) equipment, smart grid information communications technologies (ICT), and energy storage. The Update expanded the number of ranked international markets for U.S. exporters from 34 to 50 markets and ranks them according to opportunities.
So, I see two opportunities here. You? First, the devices themselves, and second, the way to power this increased demand that all things be always connected. The article focuses primarily on the latter.
Across the suite of sub-sectors, U.S. exporters remain global leaders. Deployment of these advanced technologies across the United States to modernize our grid is serving as a global test bed for these disruptive technologies. Nowhere is this more apparent than for energy storage systems.
Today, the United States is one of the global leaders in deployment of energy storage with more than 200 battery projects totally over 400 MW added to the system and remains the world leader for testing innovative policy, regulatory, and business models. However, projects are being deployed across the globe with global deployment of energy storage expected to increase seven fold over the next five years. This presents a key export opportunity for U.S. manufacturers and service providers.
Global Smart Grid Opportunities! The world gets more complex and more connected every day. Watch for your company’s opportunities to increase its exports and thereby increase its business.