Smart Grid Market is fueled by surging adoption of artificial intelligence (AI) and the influx of internet of things (IoT) in overall operations has carved a way into the electricity grid landscape, instigating the development of grid infrastructure. Smart Grid industry growth is driven by rising demand for energy and the subsequent need for efficient power supply Along with comprehending the long-term cost benefits of smart grids, global awareness pertaining to their value in environmental protection is being created, mostly from initiatives and the legislative support extended by countries.
Cumulative application of smart technologies in electric appliances, power transmission structures and electricity monitoring instruments propelled the smart grid market valuation over USD 30 billion in 2017. To elaborate on the potential of smart grids, a Finland-based power company Lempäälän Energia recently allotted a contract to Siemens to build a smart grid system as part of the LEMENE project, being developed in the industrial area of Marjamäki.
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Communication and wireless infrastructure smart grid market is anticipated to expand over 20% by 2024. Increasing need for IoT intervention to improve grid efficiency, customer services and demand management across power utilities will boost the product demand. Digitalizing the grid using advanced cloud computing technology and sensors aids in monitoring consumption patterns and provides real time information on electricity usage. The use of control systems for several applications including substation automation, distribution automation, advanced outage management, and demand-side management is further strengthening the product demand.
The smart grid ecosphere has the exact same purpose as any conventional grid system- to supply power when and where required. However, a shifting preference towards the generation and use of sustainable energy resources will gradually render the conventional grids obsolete, adding a renewed dynamism to the smart grid market trends.
UK smart grid market will witness growth on account of supportive regulatory frameworks pertaining to energy conservation and environmental sustainability. The mandated nationwide rollouts and legislative directives toward smart meters will further fuel the industry growth. The Energy Networks Association (ENA) plans to implement a local energy market as part of their smart grid plan that would allow business and households to trade electricity, thereby supporting energy conservation.
Owing to the aforementioned benefits, the smart grid market is experiencing accelerated investments in pilot projects and associated research & development activities which are aimed at enhancing the existing grid systems, by integrating digital capabilities. Smart meters, for instance, extend the sensing capability in transfer line, by providing real-time date to utility companies and effecting price changes based on demand.
Growing investments toward grid digitalization through the implementation of advanced communication technologies will foster the smart grid market growth. Growing focus toward renewable grid integration coupled with intensifying need to upgrade ageing electricity infrastructure will further facilitate the large-scale deployment of these grids.
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