Smart Grid Market-Global Industry Analysis, Size and Share
(PRWEB) August 13, 2014
Smart grid market, particularly on distribution level holds great significance on the overall energy landscape. As digital-age economies grow, the need for smart meters and smart grid network infrastructure lays deep emphasis on the energy efficiency, transmission and distribution factors to the end-consumer. Also, with rising risks due to the use of overtaxed power grids grow in complexity, size, and scale, the dire need to switch to reliable and efficient smarter grid solutions has become a global priority.
Smart Grid – Overview
A smart grid refers to the concept of a modernized conventional power grid system that allows secure electrical service and more reliable power output. Smart grids constitute sensors, smart meters, and monitors equipped with wireless technology and software services that enable easy access for utilities and customers to closely monitor their energy power consumption and proactively act towards reducing it or repairing it before an outage occurs.
These systems are characterized by a two-way flow using analog or digital information and communications technology that helps to act on or gather some particular information in an automated manner. These are certain benefits that help in improving the economics, reliability, efficiency, and continuity of the production and distribution of electricity across a given region. Incorporated with all such benefits, smart grids are advanced electrical meters capable of managing grid connected appliances and monitoring the consumer preference and other activities of the grid connected electrical systems. They also provide the real-time information, restore the power on temporary basis, as well as balance the demand and supply at the grid connected device.
Title: Smart Grid Market-Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019
Published: June 2014
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Moreover, the application of the continuous communication system is likely to boost the existing grid and make it more efficient incorporating smarter grid technology. The communication systems is capable of gathering, storing, and processing volumes of data, and transform it into intelligent information within the components connected to the smart grid device.
Smart Grid Market: Opportunities and Challenges to Success
The smart grid market is mainly stirred by the rise in the global demand for power by transmission and distribution losses. The smart grid is a pivotal enabler of low carbon economic growth and energy security. These are some key policy objectives for most of the economies in the world, today. Economies furnished with energy resources have the potential to meet the present, as well as the future needs of the citizens and its industry.
Smart grid market integrates the distributed energy resources (DER) including renewable energy sources and de-centralized energy systems that forms sustainable, safe, and secure energy system of the future. Smart grid technology helps to empower and correspond to the local needs of the consumers in regional and well developed regions. This model is designed to eventually help consumers become aware of their consumption patterns so that it is easier for them to make intelligent decisions regarding their power consumption.
Nevertheless, the growing need for quality, secure power output, increased reliability and energy efficiency through grid optimization is likely to boost the global demand for the smart grid market.
Global Smart Grid Market: Technology Analysis
Considering the market analysis through technology, the study includes distribution automation, advanced metering infrastructure, transmission upgrades, software and hardware, communication technologies, and cyber security. Of all the markets, the transmission upgrades market consumed majority of the global market share in 2012, due to the demand for secure and reliable interstate transmission and distribution network. In the same year, this segment was later led by the distribution automation segment and advanced metering infrastructure technologies.
Smart grid technology is already a colossal market growing at a CAGR of 18.2% between 2013 and 2019. However, the market is all set to double its growth by the end of the forecast period. It was valued at $37.7 billion in 2012 and is expected to hit $118.1 billion by 2019.
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