Smart grid refers to the modernization of the conventional power grid, which allows for a reliable and secure electrical service. It incorporates the advantages of distributed computing and communication to provide real time information and enable momentary restoration of power. The Smart grid is expected to make the existing power grid smart more efficient by applying and linking seamless communication systems that, which can gather, process, and store large amounts of data. The data is then communicated to the components connected to the smart grid, allowing them to respond with an automated control. Smart grid is responsible for distribution of electricity, controlling the production of electricity, and electric power conditioning.
Smart grids has offer the benefit of swift restoration of power after power disturbances, enhanced security, and enhanced electricity transmission. A Smart grid is not just about utilities and technologies – it. Smart grid gives also provides pertinent information and tools to consumers enabling them to make choices about their energy use. Smart grid allows you consumers to have a clear and timely idea about how much electricity is used, when it is used, and the cost. The global smart grid market is expected to expand at an 18.20% CAGR from 2013 to 2019, and be worth US$118.1 bn by 2019, states a research report by Transparency Market Research (TMR).
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In this blog post, TMR answers three critical questions about the smart grid market:
What factors can be identified as core drivers of the smart grid market?
The rising demand for power due to increasing losses during distribution is one of the major drivers of the global smart grid market. This is especially true for Asia Pacific. The enhanced efficiency achieved due to the optimization of the grid is leading to the growing adoption of smart grids. The need for Rising better security, reliability, and quality of power supply is a key factor behind the growth of the smart grid market. The supportive regulations and policies regarding the adoption of smart grids in the Asia Pacific and North America, will boost the market in these regions.
Which region is expected to be the highest consumer of smart grids?
Asia Pacific is expected to witness the highest demand for smart grid, owing to the growing investment and rising need for secure and reliable power in the region. The high demand is expected majorly from countries such as India and China. The growing need for integrating renewable sources of energy is also expected to drive the global smart grid market in the region. The demand for advanced metering infrastructure in Asia Pacific will also boost the market.
Is the utilization of smart grid limited to monitoring energy consumption alone?
No. Although smart grids is are being adopted for the flexibility and power to control how and when energy is used at homes, companies like Nissan have integrated e-mobility with smart grid. The company intends to establish ties between electric driving and smart grid by tying up with Enel, a company that provides energy. Nissan’s concept is to provide 100 vehicles to grid-charging stations for both private and commercial users of Nissan’s eNV-200 electric vehicles. With innovative moves such as this, innovation is expected to remain a cornerstone of the global such use of smart grid is further expected to encourage and boost the global smart grid market.
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