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Smart Grid Market to register extensive growth from digital electricity infrastructure over 2018-2024

Author : Ronak Bora | Published Date : 2019-04-05 

Smart Grid Market in digital electricity infrastructure will be driven by increasing the reliability, security and resiliency of the grid during the forecast period. In addition, the growing government focus toward grid refurbishment to reduce overutilization, load mismatch and integration challenges. Favorable government initiatives toward grid advancement will drive the industry growth. The regulatory authorities across the nations have imposed stringent regulations and mandates as part of their initiatives to combine the grid installation and research & development activities.

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Smart grid market by communication & wireless infrastructure is predicted to grow over 20% by 2024. Growing requirement of IoT intervention for improving demand management, grid efficiency and customer services across power utilities will stimulate the business outlook. Digitalization of grid by using sensors and cloud computing technology provides real time data on electricity usage and helps in consumption pattern monitoring. The wide application of control systems across distribution & substation automation, demand-side management and advanced outage management will enhance the product penetration.

With the rising demand for energy and the subsequent need for efficient power supply, the smart grid market has established itself as a prime focal point for energy companies and government agencies. 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. A worldwide trend of adopting 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. Cumulative application of smart technologies in electric appliances, power transmission structures and electricity monitoring instruments propelled the smart grid industry valuation over USD 30 billion in 2017. 

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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UK smart grid market is set to witness strong growth owing to favorable regulatory norms toward environmental sustainability and energy conservation. The legislative directive and mandate rollout across the nation toward smart meters will augment the business landscape. As part of the smart grid plan, the Energy Networks Association has aimed to execute a local energy market, enabling the households and businesses to trade power thereby contributing to conservation of energy.

Citing the significance of initiatives towards optimizing the power delivered in homes, the Dutch government has revealed its plan to install electricity and gas smart meters in every home before the end of 2020. The broad enterprise has been introduced with a view to form a large IoT smart grid in the country, which is representative of the remarkable progress of the smart grid market in Europe.

With the growing necessity for better consumer-power system integration, renewable energy management solutions and a fear of undesirable consequences from blackout, the smart grid market is expected to attain a CAGR of 11% for the 2018-2024 period. Prominent industry contributors such as Siemens, ABB, Schneider Electric, Honeywell Elster and General Electric are the prominent names shaping the competitive hierarchy of smart grid industry.

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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