Smart Grid Market: Industry Growth, Size, Share and Forecast 2019-2025
Posted by Orion Market Research on January 11th, 2020
The global smart grid market is growing at a CAGR of 22.0% during the forecast period. Smart grid market is increasing rapidly due to the uses of power-hungry devices which is boosting electricity consumption tremendously. A smart grid uses analog and digital information technology. Smart grids are useful for electricity transmission and can be used for electricity restoration at the time of power disturbance. The smart grid works on the principle of two-way digital communication based on electricity network on digital technology, it connects utility to the customer. This system is primarily used for controlling, analyzing and monitoring communications.
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Smart grid has a variety of connected devices which includes smart meters energy-efficient resources, smart load controls, and renewable energy sources. For a successful smart grid, the critical aspects are the distribution and production of electricity. The grid consists of automation, computers, controls, new equipment and technologies working together, these respond digitally depending on changing electricity demand across the globe. The rising demands across the globe for the preservation of energy has been the forefront of the development of smart grids. Salt River Project, Advanced Grid Intelligence and Security (AGIS) initiative, Entergy AMI, gridsmart Phase-2 are some of the prominent projects initiated by the government.
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In today’s digital world, where most of the existing things are directly/indirectly dependent on electricity, the demand for electricity has increased immensely. Additionally, renewable energy can be fused with the smart grid to provide better energy transmission and efficiencies, which is not possible with existing grids. Renewable energy itself is in huge demand at present and rapid researches are being done on it due to its availability, applicability, environmentally friendly nature depleting sources of coals and other fuels.
IoT has emerged as a factor which has a prominent need for modernization of traditional grids. Traditional Grids are not capable of withstanding humongous data and immense power requirement across the globe. IoT management solutions are absent in current grids which can be easily overcome by using smart grids. IoT smart grids have better two-way communication which can respond to users demand and can sense it too.
Benefits of adoption of IoT smart grid technology-
There is an increasing influx of people that are moving into the cities, this phenomenon is creating immense pressure on grids and will impact citizens. Smart grids are needed here due to its better infrastructure of transmission and distribution which is capable of handling bidirectional energy flows, this allows energy generation from multiple sources such as photovoltaic cells on the roof, using fuel cells, wind turbines, hydroelectric power and so on. Additionally, smart grid technology is required for a huge amount of energy on the grid due to its ability to sustain a large amount of fluctuations caused by weather conditions.
Current Market Trends in the Smart Grid Market
Global Smart Grid Market- Segmentation
Global Smart Grid Market- Region
Rest of the World
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