The advent of smart grid technologies has emerged as the key solution to the operational challenges that utilities face in everyday life. The smart grid technology is just an advanced and a more expensive version of a conventional grid system. It is an electricity grid that uses two way technologies to deliver electricity and enable communication between utility and consumers. The communications networks and automation and sensing devices make the smart grid functional and possible.
The conventional electricity grids installed in many countries across the globe are now aging and causing large scale electrical blackouts. Thus, every nation has a growing need to reduce the cost of blackouts and power outages. A smart grid technology gives the consumers and suppliers the liberty to manage and protect the distribution network, save energy and reduce such extravagant costs. Even the governments in most of the countries are incurring massive losses due to conventional electrical grids, and hence, they are now focusing on investing in the smart grid technologies.
The global smart grid technologies remain a colossal market, experiencing a steady growth of approximately 7% for the forecast period 2012 – 2018. According to this research report, the distributed energy generation and storage is the major chunk of the smart grid technology market accounting 76% of the total market. On the other hand, although the sensing, measurement, and control segment have a small standing in the global market, these segments are expected to be the fastest growing markets with a CAGR of over 85% during the forecast period of 2012 to 2018.
This research report contains the global scenario of Smart Grid Technologies Market that provides a detailed overview and market figures including the analyses, industry growth rate, industry capacity, and industry structure. It also particularizes the historical data and forecasts of the Smart Grid market size, production forecasts and other key factors driving and restraining the market. In the United States, annually USD 80 billion is wasted in power outages and blackout costs, and therefore, governments are constantly seeking for more efficient and advanced technologies to overcome these challenges.
Smart grid technology manages electricity in an efficient, reliable, and sustainable manner. This system involves a network of transformers, sub-stations, and electric lines that deliver electricity from power hubs to various verticals across residential and commercial corners of the area.
The smart grid is very similar to the internet. It involves the use of automation, computers, new technologies, and controls working in conjunction with each other.
The most remarkable factor of smart grid technology is its capacity to strike a balance between the electricity demand and supply.
Earlier, smart metering was the primary focus into developing smart grids; however, most of the smart grids available today are hardware focused, especially for the installation of smart meters. The meters and advanced sensors are small aspects of the entire smart grid market.
Some of the leading companies fully functional in the field of smart grid technologies include American Superconductor Corp, Alvarion Inc, Ambient Corp, 3 M Company,
Comverge Inc, and more. A number of technologies such as Dynamic Volt-Ampere Reactive (D-VAR), Flexible Alternating Current Transmission Systems (FACTS), Static Compensators (STATCOMs), High Voltage Direct Current (HVDC), and Outage Management Systems (OMS) help to decrease the distribution and transmission losses and maintain the grid strength.
Some of the major trends in smart grid technologies are witnessed in the geographic areas such as India, China, Japan South Africa, Brazil and Mexico. With the increase in globalization, these are the major places that signify a growth market for smart grid technologies. Some of the key players of the smart grid market include eMeter, Echelon, Itron, Cisco System Inc., Landys+Gyr, and Telvent.
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