Smart Meter Technologies to Enhance the Smart Grid Market CompetencePosted On 2017-06-13
The smart grid has been frequently used in increasing the functioning competencies of utility providers, which reduce transmission and distribution losses and effectively improve interoperability of several constituents involved in managing of an electric grid. The introduction of smart grid has transformed distribution and transmission system in an electrical grid. The initiation of distributed generation of energy and the increasing deployment of renewable power generation have boosted the smart grid market. Determined efforts by utility providers to integrate substation automation are offering a persistent stimulus to the adoption of smart grid technologies. Also, investments by public and private players have provided the urgency to the development of smart grid. The presence of smart meters and other active voltage monitoring devices by the end users have additionally augmented the capability of smart grids. Perceiving abundant opportunities due to the above mentioned factors, the market is expected to reach a valuation of $__ bn during the forecast period. The global smart grids market is anticipated to expand at a CAGR of ___% during 2017-2025.
The technologies used in the smart grid infrastructure are software and hardware, advanced metering infrastructure, cyber security, distribution automation, transmission upgrades, and communication technologies. Among these, the transmission upgrades technology segment is the leading segment. The segment is driven by automation in substation infrastructure, advancements in distribution transformers, and improvements in electric energy conversion chain. Moreover, constant development in utility transmission and distribution networks are expected to fuel the market during the forecast period as these are vital factors in the dominance of this segment.
The adoption of smart metering and technology sensor are providing an interactive interface between consumers and utility providers. Furthermore, subscription services will streamline several technical characteristics of smart grid employment. It will also help smaller power providers with constrained IT budgets to realize the benefits of advanced metering infrastructure.
By regions, APAC is considered as the major market for smart grids. The growth can be attributed to the continuous grid modernization initiatives undertaken by governments in several developing and developed nations. Furthermore, it is anticipated to allege __% of the market share over the forecast period and a huge demand will come from China. In countries such as Australia, South Korea, New Zealand, Singapore, and India are further expected to assemble the Asia Pacific markets growth in order to curb carbon emissions. North America is expected to follow Asia Pacific as the second largest market. The impressive growth of the regional market is owing to the adoption of cutting-edge technologies in making electric grids more resilient and efficient.