Cloud and Big data
Global Smart Grid Market Research and Analysis 2015-2022
Imagining a life without air conditioners
or refrigerators and other similar home appliances will be equal to virtually traveling
to stone-age. Modernization has brought more convenience to human lives and
moreover to the lifestyle. Machines and electrical equipments have not only
eased day to day operations but also saved our time that we rather chose to spend
on increasing self productivity. As a result, the concept of smart grid came
into existence. Smart grid can be defined as an improvisation of the conventional
electricity supply chain that follows a complex path of coming from a major
power plant to ultimately reach homes. A few decades back, normal lifestyle was
not backed by high energy consuming electrical home appliances. Therefore, the
electricity supply was sufficient and the voltage fluctuation was not at all a
problem. But in the current scenario, problem of population explosion has
already affected the electrical transmission system as it is being over
exploited. Now wide use of high energy consumption electrical appliances (if compared
to the old appliances, are more sensitive to fluctuation in electric voltage)
are actually making the electrical grid more fragile. All such problems created
the need for smart grid that gives more operational and energy measures, by way
of smart appliances, smart meters, energy efficient resources, and renewable
energy resources.
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Smart grid, smarter choice
Electricity consumption has significantly
increased within past few decades. Simultaneously, consumers too have become
more aware and are looking for advanced solutions that can not only show the
exact energy consumption but also provide a strong base for energy saving. It
has resulted in growing demand of advanced metering systems across the globe.
This modern approach is aimed at computation of more accurate energy bills.
Additionally, government has taken several initiatives to encourage this
cleaner and smarter electricity system. For instance, Global Smart Grid
Federation is one such supportive step that has encouraged the smart grid
formation. Moreover, the government of United States passed the Energy
Independence and Security Act of 2007 for the development and deployment of
smart grid technologies. The motive was to ultimately increase the production
of clean renewable fuels. Hence it is needless to mention, government’s support
is one of the major driving factors augmenting the growth of global smart grid
market. The other main benefits of smart
grid as an effective transmission system cannot be ignored. Smart grid offers excellent
inbuilt operational efficiency by providing consistent and cost-effective
energy that can be measured and monitored in the real time. This in turn has improved
grid reliability as the smart meters give a more precise and clearer picture of
the real consumption. Moreover, the problem of random outage can be resolved
with smart grids because of its efficient outage response as it can exactly locate
both- the extent as well as the specific location of power shut down. Besides
being more efficient and operational, the cost-effectiveness of the smart grid
is what will further heat up its market.
Beginning of the next big thing
A mounting surge for integration of
renewable energy sources is also estimated to be the major reason that is boosting
the demand of the market. Smart grid fills the gap of disparity of natural
resources across the globe. The distributed and automated network of energy
delivery makes smart grid more capable in assimilating renewable energy
sources. Another driving constituent in the global expansion of the market is
the improvised urban planning through smart city development. With a high quest
to reduce environmental footprints, smart city mission is the major calling for
renewable energy sources and smart grid structures. The stakeholders will benefit
the most out of smart grid projects, since in the coming years; smart cities will
predominantly look for the establishment of smart grid. Proceeding in the same direction,
in order to keep pace with the future demand- advancement of the grid
infrastructure will be the next big thing. The future smart grid will turn out
to be smarter with the help of modernized smart meters and other supporting
equipment facilitated through smart grid technology. As a matter of fact, this
technology will radically shift to a holistic approach from individual devices for
modernization of the grid. This immense move will bring forth more room to maneuver
for the smart grid market across the globe.
Wrapping up the entire gist, smart grid is
a powerful attempt made to harness the alternative energy sources. Further, it
is estimated that future energy systems will progressively be two-way, enabling
every energy user not to be just confined to a customer, but an energy donor too.
Though this practice has already took the plunge in a few countries, the
concept still needs to be more familiarized across the globe. It is high time
that we over exploited nature, now it’s time to pay back.
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