How is Increasing Demand for Energy Driving Demand for Smart Grid Technology?

 

The need for reducing carbon footprints is increasing day by day, as the pollution levels across the globe are on a rise. The excessive dependence on energy that is generated from fossil fuels has led to current energy crisis, which is why it is important to shift the focus towards energy conservation and resources that produce clean power. Due to these factors, research & development has been going on for coming up with solutions that can aid in conserving energy without compromising on its surging demand across the globe.

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These activities have resulted in the development of smart grid technology, which can be defined as the digital technology that enables two-way communication between customers and the utility. Smart grid has a number of benefits, including efficient transmission of power, decreased management and operational cost for utilities and customers, increased integration of renewable energy systems, enhanced security, decreased peak demand, and swift restoration of electricity after power disturbances. It is because of these advantages that the global smart grid technology market is predicted to advance at a significant pace in the years to come.

Smart Grid Technology Market Competitive Landscape

Some of the major players operating in the global smart grid technology market are General Electric Company (GE), Siemens AG, ABB, Schneider Electric SE, Itron Inc., Landis+Gyr AG, Hubbell Incorporated, Cisco Systems Inc., Honeywell International Inc., S&C Electric Company. GE is one of the prominent players in the market, which provides smart grid technologies and operations management systems for electric utilities and renewable energy.

The study provides the historical as well the forecast market size data for various countries, including the U.S., Canada, France, Germany, the U.K., Italy, Spain, Japan, China, India, Brazil, Saudi Arabia, and South Africa.

Among different types of service components, the need for deployment and integration is considerably high due to the increasing requirement for smart grids. Geographically, North America has been the largest smart grid technology market in the past, which can ascribed to the early adoption of smart projects. Developed nations including Canada and the U.S. are investing extensively in the market. Other than this, Middle East and Africa is also exhibiting great potential for this technology because of the high availability of renewable and traditional energy resources.

In conclusion, the demand for smart grid technology is growing due to the rising energy crisis and surging demand for energy across the globe.