While smart grid technology is not new, its use is increasing faster, and the smart grid market is expected to grow at a rapid pace.
FREMONT, CA: For any nation, the energy ecosystem is critical to its progress and development. Since the energy sector drives economic growth, the energy grid has always profoundly affected a nation's economic survival, security, and sustainability. As the technology transformation intensifies, the grid's advancements are on their way to both enabling energies to keep flowing where and when it is required and allowing all power sources to be used efficiently. Thanks to smart grids, real-time management of power demand, production, and storage are now possible.
Smart grids are lauded due to their potential to better use and distribute renewable energy, make energy usage more reliable and secure, mitigate power at peak times, and lessen electricity systems' environmental effects. A smart grid's sensing and measurement technologies allow unprecedented dual communication levels between end-users and power firms. A smart grid can automatically identify and respond to any issues, thus reducing outages and maintenance needs. Indeed extreme weather and natural catastrophes, like floods or hurricanes, are becoming more frequent due to global warming, increasing the chances of energy outages. In this context, smart grids will become vital to prevent outages by automatically variating and redirecting the power supply.
Smart grids empower consumers by offering them more control over their energy use and the price they pay. Indeed, consumers can pay based on their consumption. Furthermore, end users can sell any excess energy produced on their property by using renewable energy sources like solar panels on their roofs. So the trend is moving towards decentralization of power production, distribution, and storage thanks to this new type of infrastructure. Another vital benefit that cannot be ignored is how smart grids assist increase the efficiency of renewable power being created. They ensure that energy can be properly used, stocked, and distributed no matter how far a city may be to the wind and solar farms, thus mitigating waste.
As expected, many firms are using smart grids to power the ever-evolving concept of smart cities. The evolution of smart cities is an ongoing thing that businesses have been keen to contribute to the market is expected to grow by a CAGR of 18 percent between 2020 and 2025.