Honeywell Forms Smart Grid Solutions Business
The creation of Smart Grid Solutions is a strategic reflection of the anticipated rise in worldwide energy consumption and the corresponding need for demand-side-management services. According to a recent report from Pike Research, revenue for demand response services in particular will grow from nearly $1.3 billion last year to $6.1 billion by 2016, with load-curtailment services representing nearly two-thirds of the total opportunity.
“Honeywell has a long history helping balance supply and demand through turnkey programs that provide benefits for utilities and end users,” said Jeremy Eaton, vice president and general manager of Honeywell Smart Grid Solutions. “However, the scope and applicability of our work is expanding. Countries across the world are making significant investments to build a smarter, more robust grid. And we have the technology, services, and relationships to help those investments pay dividends.”
Honeywell’s experience designing and implementing demand response and energy-efficiency programs for utilities will serve as the foundation for Smart Grid Solutions. The team will draw from these capabilities as it works to address global energy concerns.
China, for example, is expected to spend RMB$1.5 trillion on its energy infrastructure during the 12th Five-Year Guideline period, ending in 2015, with the long-term goal of having a dynamic smart grid throughout the country by 2020.
Publication date: 7/23/2012