Smart grid market is increasing rapidly in the market, 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.
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.
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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 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 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 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:
Smart energy use
• Low cost
• Better transportation and parking
• Help in waste and water management
• Cleaner energy use
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.
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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
Advanced Metering Infrastructure
• Smart Grid Distribution Management
• Smart Grid Security
• Grid Asset Management
• Billing and Customer Information System
By Hardware
Smart Meters
• Sensors
• Programmable Logic Controllers (PLC)
• Others
By Service
- Consulting
• Support and Maintenance
• Others
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
