In a 2023 survey conducted among energy sector executives and investors, some 54 percent of respondents reported that the need for greater capacity and shorter connection lead times was one of the main driving factors for global grid modernization. 41 percent of the respondents reported that integration of utility-scale energy storage was also one of the drivers for grid modernization.
What factors are driving demand for grid modernization?
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Responses from C-suite executives, legal counsel, and business, operations, and project managers.
Method of interview
Online survey
Supplementary notes
Survey participants encompassed firms and investors interested in renewable energy (76%), oil and gas (64%), utilities (39%), mining (33%), EVs (30%), and nuclear (18%). Respondents were distributed across North America (23%), the United Kingdom and European Union (37%), Asia Pacific (11%), the Middle East (6%), and Latin America (22%).Â
Figures exceed 100 percent as respondents could select more than one answer.
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Womble Bond Dickinson. (November 14, 2023). What factors are driving demand for grid modernization? [Graph]. In Statista. Retrieved July 22, 2024, from https://www.statista.com/statistics/1434318/factors-driving-demand-grid-modernization-worldwide/
Womble Bond Dickinson. "What factors are driving demand for grid modernization?." Chart. November 14, 2023. Statista. Accessed July 22, 2024. https://www.statista.com/statistics/1434318/factors-driving-demand-grid-modernization-worldwide/
Womble Bond Dickinson. (2023). What factors are driving demand for grid modernization?. Statista. Statista Inc.. Accessed: July 22, 2024. https://www.statista.com/statistics/1434318/factors-driving-demand-grid-modernization-worldwide/
Womble Bond Dickinson. "What Factors Are Driving Demand for Grid Modernization?." Statista, Statista Inc., 14 Nov 2023, https://www.statista.com/statistics/1434318/factors-driving-demand-grid-modernization-worldwide/
Womble Bond Dickinson, What factors are driving demand for grid modernization? Statista, https://www.statista.com/statistics/1434318/factors-driving-demand-grid-modernization-worldwide/ (last visited July 22, 2024)
What factors are driving demand for grid modernization? [Graph], Womble Bond Dickinson, November 14, 2023. [Online]. Available: https://www.statista.com/statistics/1434318/factors-driving-demand-grid-modernization-worldwide/