Future of Energy Lies in Hands of Smart Grids
From the desk of Muzaffar Sayyed
Rapidly surging need for energy around the world is driving the demand for efficient energy management solutions. Deployment of smart technologies to improve energy efficiency is projected to drive smart grid market growth. Right from generation to distribution, smart grids are forecasted to revolutionize the energy industry in the long run.
As per Skyquest analysis, the smart grid market is forecasted to expand at a stellar CAGR of 19.9% from 2024 to 2031 and end up with a valuation of USD 207.82 billion by the end of the study period. Smart meters and advanced analytics are the backbone of any smart grid around the world. High investments in the development of electric vehicle charging infrastructure will also augment the demand for smart grids over the coming years.
The Push for Renewable Energy Generation
Growing emphasis on sustainability around the world has resulted in increased adoption of renewable energy sources. Energy companies are continually focusing on integrating renewable energy sources with existing energy infrastructure to create smart grids. Deployment of smart technologies also addresses the issues of fluctuating current in existing grids thereby creating an immutable connection between renewable energy and smart grids. High demand for decentralized energy systems is also forecasted to promote the use of smart grids to integrate renewable and conventional energy generation.
Smart Meters – The First Step in a Smart Grid World
Smart meter deployment is the first step in the modernization of existing power grids. Smart meters can control energy output, address fluctuations, automate accurate billing for energy consumption, and offer better problem detection for huge grids. Governments and energy companies around the world are launching new pilot programs to replace traditional meters with smart meters as part of their grid modernization efforts. Consumers as well as energy providers can benefit from the adoption of smart meters. Rising demand and use of microgrids is also estimated to promote sales of smart meters going forward.
View more info and detailed Table of Contents here: https://www.skyquestt.com/report/smart-grid-market
High Installation Costs Causing Failure of Smart Grid Adoption
Replacing conventional grid infrastructure requires substantial capital and human resource investments. This transition toward smart grid is especially an expensive one as smart meters and other components of smart grids are high in costs as compared to their traditional counterparts. Coordination of smart grid transformation initiatives is another feat that would be very hard to achieve and add up to the costs of deployment of smart grid technology.
Smart Cities Take the Charge of Smart Grid Adoption
Smart infrastructure development is a prime focus of many governments and companies around the world. This has led to high investments in the development of smart cities that integrate seamlessly with multiple smart technologies. The need for a completely holistic urban ecosystem in smart cities will also create new opportunities for smart grid companies in the long run. Integration of artificial intelligence and Internet of Things (IoT) will also offer lucrative business scope for market players going forward. Data analytics can also be used in conjunction with smart grids to maximize efficiency and predict consumption patterns as well.
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