According to a report by MarketsandMarkets research firm, the wireless-power-transmission market will reach $17.04 billion by 2020, growing at a combined annual growth rate (CAGR) of 60.49 percent from 2014 to 2020.
In the utility sector, not many issues cause industry stakeholders more anxiety than the aging infrastructure and continuously increasing demand. Around the country, utilities are investing heavily to keep up with degradation and power-hungry consumers.
In January 2013, the Edison Electric Institute—the leading advocacy group of the investor-owned utility industry—released a report predicting “significant future disruption to the utility business model,” thanks to growing adoption of distributed generation resources.
The landscape of power in this country is changing at a rapid pace. Forces external to the industry, such as climate change, and those with a more intrinsic link, such as technology and consumer demand, have combined to place great pressure on the nation’s delivery system.
As the nation continues to embrace alternative energy sources, the challenge of distribution becomes more pronounced. Utilities, providers, transmission operators and manufacturers need to find an efficient and reliable way to get all that new power to the grid.
New York recently strengthened its power supply with the completion of two projects: an underground and underwater 660-megawatt electric transmission project between New Jersey and Manhattan and a low-cost, commercial battery-storage system on the campus of the City College of New York (CCNY).
As recent storms have proven, extreme weather conditions threaten lives, disrupt the economy, and devastate electric generation, transmission and distribution systems, often resulting in very long power outages.
As states recover from the devastation of Superstorm Sandy, especially damage from wind and trees falling on overhead power lines, many people are now debating whether to transition from overhead to underground systems in hopes of reducing weather-related outages.