Global Smart Grid Market Driven by Increasing Incidences of Power Loss during Distribution

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 Ssmart 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 Ssmart 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. A Ssmart 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).

In this blog post, TMR answers three critical questions about the smart grid market:

Q1. 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. 

Q2. 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. 

Research Press Release: http://www.transparencymarketresearch.com/pressrelease/smart-grid-market.htm

Q3. 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.

India, EU Show the Way in Smart Grid Technology Market

Smart grids are a highly sophisticated way of achieving efficiency and reliability in power distribution. At present, the power distribution network in most regions has a significant supply-demand gap, due to the steadily rising demand for electricity. This gap is most prominent in Asia Pacific, where the combination of a rapidly rising population, rising standard of living, and inefficiency in power generation and distribution has led to the demand for supplementary power and the means to eliminate the wastage of power during distribution.

The high efficiency of power distribution achieved through smart grids is the major driver impacting the global smart grid market. According to a report released recently by Transparency Market Research, the global smart grid market is expected to exhibit an 18.2% CAGR from 2013 to 2019. The market’s value at the end of this forecast period is expected to be US$118.1 bn.

Developments in India Smart Grid Week Augur Promise for Asia Pacific Smart Grid Market

Due to its high population, rapid urbanization and industrialization, and increasing living standards, India is a crucial regional segment of the global smart grids market. Despite its dynamic economy, power distribution in India is far from perfect and blackouts are frequent in much of the country. To turn this situation around, the Indian power ministry initiated a consortium of electricity utilities companies, investors, smart grid and smart city experts, called the India Smart Grid Week (ISGW), in 2015. The second edition of the ISGW, conducted recently in New Delhi, saw several promising developments, with U.K.-based companies, in particular, making their presence felt.

The support given by Indian PM Narendra Modi to the development of smart cities is also favorable for the country’s smart grid market. The two-way information sharing in smart grids will allow for fair and well-regulated electricity distribution, resulting in fewer blackouts and lowering of the overall supply-demand gap in the same. Smart grids would also make power supply more cost-effective.

ERIGrid Looking to Ease Incorporation of Smart Grids into Conventional Power Distribution Infrastructure

One of the major restraints on the global smart grid market is the difficulty in incorporating smart grid infrastructure into existing power distribution means. The difficulty in incorporating electricity gained from renewable resources, the generation of which is rising at a rapid pace, has also constrained the modernization of power distribution infrastructure.

An all-European coalition of energy specialists and research institutes has recently come together to attempt to solve just this problem. Called ERIGrid, the project was announced in early March, despite having begun in November last year. This project is headed by the Austrian Institute of Technology and includes renowned research centers such as the University of Strathclyde, the European Distributed Energy Resources Laboratories, and the Centre for Renewable Energy Sources and Savings. ERIGrid will look into the various way to develop an overarching smart grid system that can also manage significant influx of renewable energy.

Browse Research Press Release: http://www.transparencymarketresearch.com/pressrelease/smart-grid-market.htm