Global Smart Grid Market Research and Analysis 2015-2022

Imagining a life without air conditioners or refrigerators and other similar home appliances will be equal to virtually traveling to stone-age. Modernization has brought more convenience to human lives and moreover to the lifestyle. Machines and electrical equipments have not only eased day to day operations but also saved our time that we rather chose to spend on increasing self productivity. As a result, the concept of smart grid came into existence. Smart grid can be defined as an improvisation of the conventional electricity supply chain that follows a complex path of coming from a major power plant to ultimately reach homes. A few decades back, normal lifestyle was not backed by high energy consuming electrical home appliances. Therefore, the electricity supply was sufficient and the voltage fluctuation was not at all a problem. But in the current scenario, problem of population explosion has already affected the electrical transmission system as it is being over exploited. Now wide use of high energy consumption electrical appliances (if compared to the old appliances, are more sensitive to fluctuation in electric voltage) are actually making the electrical grid more fragile. All such problems created the need for smart grid that gives more operational and energy measures, by way of smart appliances, smart meters, energy efficient resources, and renewable energy resources.

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Smart grid, smarter choice

Electricity consumption has significantly increased within past few decades. Simultaneously, consumers too have become more aware and are looking for advanced solutions that can not only show the exact energy consumption but also provide a strong base for energy saving. It has resulted in growing demand of advanced metering systems across the globe. This modern approach is aimed at computation of more accurate energy bills. Additionally, government has taken several initiatives to encourage this cleaner and smarter electricity system. For instance, Global Smart Grid Federation is one such supportive step that has encouraged the smart grid formation. Moreover, the government of United States passed the Energy Independence and Security Act of 2007 for the development and deployment of smart grid technologies. The motive was to ultimately increase the production of clean renewable fuels. Hence it is needless to mention, government’s support is one of the major driving factors augmenting the growth of global smart grid market. The other main benefits of smart grid as an effective transmission system cannot be ignored. Smart grid offers excellent inbuilt operational efficiency by providing consistent and cost-effective energy that can be measured and monitored in the real time. This in turn has improved grid reliability as the smart meters give a more precise and clearer picture of the real consumption. Moreover, the problem of random outage can be resolved with smart grids because of its efficient outage response as it can exactly locate both- the extent as well as the specific location of power shut down. Besides being more efficient and operational, the cost-effectiveness of the smart grid is what will further heat up its market.

Beginning of the next big thing

A mounting surge for integration of renewable energy sources is also estimated to be the major reason that is boosting the demand of the market. Smart grid fills the gap of disparity of natural resources across the globe. The distributed and automated network of energy delivery makes smart grid more capable in assimilating renewable energy sources. Another driving constituent in the global expansion of the market is the improvised urban planning through smart city development. With a high quest to reduce environmental footprints, smart city mission is the major calling for renewable energy sources and smart grid structures. The stakeholders will benefit the most out of smart grid projects, since in the coming years; smart cities will predominantly look for the establishment of smart grid. Proceeding in the same direction, in order to keep pace with the future demand- advancement of the grid infrastructure will be the next big thing. The future smart grid will turn out to be smarter with the help of modernized smart meters and other supporting equipment facilitated through smart grid technology. As a matter of fact, this technology will radically shift to a holistic approach from individual devices for modernization of the grid. This immense move will bring forth more room to maneuver for the smart grid market across the globe.

Wrapping up the entire gist, smart grid is a powerful attempt made to harness the alternative energy sources. Further, it is estimated that future energy systems will progressively be two-way, enabling every energy user not to be just confined to a customer, but an energy donor too. Though this practice has already took the plunge in a few countries, the concept still needs to be more familiarized across the globe. It is high time that we over exploited nature, now it’s time to pay back.

 

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