The global smart grid market is anticipated to grow at an exponential CAGR of 20.0% during the forecast period. 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 an electricity network on digital technology, it connects utility to the customer. This system is primarily used for controlling, analyzing, and monitoring communications.
The smart grid market includes 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 our changing electricity demand.
Browse the full report description of "Global Smart Grid Market Size, Share & Trends Analysis Report, By Product (Software (Advanced Metering Infrastructure, Smart Grid Distribution Management, Smart Grid Security, Grid Asset Management and Billing and Customer Information System), Hardware (Smart Meters, Sensors, Programmable Logic Controllers (PLC) and Others), and Service (Consulting, Support and Maintenance and Others)), Forecast (2022-2028)" at https://www.omrglobal.com/industry-reports/smart-grid-market-size
In today’s digital world, where most of the existing things are somehow depending upon electricity, electricity demand 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 right now and heavy research 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 driving factor for the smart grid market which has contributed to the prominent need for modernization of traditional grids. Traditional Grids are not capable of withstanding humongous data and immense power requirements 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 user's demand and can sense it too.
Benefits of adoption of IoT smart grid technology:
As more and more people are moving into the cities, the demand for energy is increasing rapidly. This will place 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 renewable energy on the grid due to its ability to sustain a large number of fluctuations caused by weather conditions.
Current market trends in the smart grid
• Smart meters have been deployed significantly in most of the regions. China is in the lead followed by Japan, Spain, and France. In the US and European Union smart meters are placed in half of the market.
• Usage of Microgrid, which can be used as power backup or on-site power generation system in hospitals, military bases, universities, research facilities and so on. Some of the smartest microgrids are being used in few universities of the US.
Global Smart Grid Market-Segmentation
By Software
By Hardware
By Service
Global Smart Grid Market-Region
North America
Europe
Rest of Asia-Pacific
Rest of the World