Smart Grid Market size was valued at USD 43.1 billion in 2022 and is poised to grow from USD 51.33 billion in 2023 to USD 207.82 billion by 2031, growing at a CAGR of 19.9% in the forecast period (2024-2031).
Smart grid is witnessing great efficiency due to modernizations in artificial intelligence, renewables, and the Internet of Things. With improved technology to control and monitor electricity flow, smart grids are offering a reliable, sustainable, and efficient energy distribution. Smart grids are a superficially best answer to the industry emphasizing decentralization, de-carbonization, and digitalization. Moreover, smart grid market is poised to register substantial growth in the coming years owing to growing acceptance of smart grids due to increasing demand for energy and supportive initiatives by governments of different economies.
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The growing use of connectivity technologies like 5G and LoRaWAN (low-power wide area networks) offer the required infrastructure in the smart grid components. These technologies allow services to influence energy data and real-time assets vital for managing and monitoringthe distribution of electricity. Moreover, smart grids today speed up the integration of 5G to allow less lag interaction among devices, central management systems, and sensors. This supports better grid management and assures monitoring of power use, asset conditions, and mistakes in real time. Also,energy management solutions that allow utilities to monitor, enhance, and control powerdistribution, are another trend. It holds a key role in the integration of demand response and renewable energy. These systems manage extreme loads with proper balance of energy generation and demand. Data from energy management solutions also enable companies to foresee power production and demand.
Increased Adoption of ML, AI, and Advanced Analytics and DERs to Boost the Demand for Smart Grid
Expanded use of(DERs)Distributed Energy Resources like energy storage systems and rooftop solar panels is trending in the smart grid market. DERsareassociated with the grid and controlled by a smart grid, decreasing the need for expensive energy production and transmission infrastructure. With this, the grids are even stronger and highly adaptable. Also, the adoption of machine learning, advanced analytics, and AI will notably enhance the operations of the grid, impacting therise in its demand. These technologies can be used to study massive quantities of data and enhance grid efficiency. Growing emphasis on cybersecurity is also being targeted by providers. Since smart grids are majorly dependent on digital technology, they are also vulnerable to cyber risks. Hence, to protect smart grids against attacks and other threats, there is a higher focus on enhancing cybersecurity.
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- In April 2024, IBM introduced novel storage competencies for the customers to choose and control their data center to enhance performance. IBM Storage Assurance, a novel Information Technology life-cycle management choice offers access to IBM FlashSystem software and hardware modernizations to protect investments of customers from the first day.
- In February 2022, GE Digital and Amazon Web Services, Inc signed an agreement to help utilities speed up modernization of grid. This collaboration will help AWS and GE Digital to plan and supply smart grid orchestration services.
- In May 2024, Siemens recently launched Gridscale X LV Management service. This solution helps (DSOs) distribution system operators to handle low-voltage grids. The software prevents volatility and decreases nearly 30% outages. Also, the grid operators can operate the grid nearer its limits and more efficiently digitalize.
- In May 2024, Honeywell launched Honeywell ‘Forge Performance+ for Utilities’, an innovative solution specially designed for utilities to enhance performance and improve operations of current utility grid assets and Information Technology investments.
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Smart Grids to Emerge More Reliable, Sustainable, and Efficient with Integration of Improved Technologies
When discussing prospects for modernization, smart metering, and smart grid are the key focal areas in the years to come. The stage is ready for the upcoming innovative design with the integration of advanced analytics, IoT, cybersecurity, and renewable energy. Ultimately, smart grids will emerge as a key component of the transition for a highly reliable, sustainable, and efficient power future and their installation will be a decisive point for obtaining a more affordable, cleaner, and resilient power system.
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