Smart grid is a digital technology that permits for two-way communication between the service and its customers and also helps in detecting along the transmission lines. Access for smart grid can be done through internet with controls, computers, automation, and original technologies with system apparatus working together, sometimes these technologies works with the electrical grid to respond digitally for quickly changing the electric demand.
The Smart Grid represents an extraordinary opportunity to shift the energy industry into a new period of consistency, accessibility, and efficiency that will contribute to our economic and environmental health. During the evolution era, it will be dangerous to bring out testing, technology improvements, basic education in consumer, development of principles and guidelines, and information sharing between projects to ensure that the benefits we visualize from the Smart Grid become a reality. Smart Grids are, more effective in transmission of electricity, have fast restoration of electricity after power disturbances and reduced operations and management costs for utilities, and ultimately lower power costs for consumers.
The global Smart Grid Market is expected to grow around USD 70 billion at a CAGR of 15.56% significant rate till period of 2018-2027. On the basis of region platform, global Smart Grid Market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America is expected to hold largest value share in terms of revenue in Global Smart Grid Market in the forecast period 2018-2027. Additionally, increased initiatives for strengthening of electrical infrastructure is expected to support the growth of Smart Grid market in future. Europe is also expected to showcase the promising growth in Smart Grid market owing to increased awareness for conserving the energy. Asia Pacific is also expected for constant growth in Smart Grid market on the heels of clean source of energy used in various households and industrial applications.CLICK TO DOWNLOAD FREE SAMPLE REPORT
Our-in depth analysis of the global Smart Grid Market includes the following segments:
Global Smart Grid Markets further classified on the basis of region as follows:
According to “International Energy Agency” renewables energy system is led by solar PV, wind, hydropower and bioenergy over 70% of global electricity generation. Hydropower is largest renewable source with 16% in wind, 6% in solar PV and 3% in bioenergy.
Energy from wind and solar energy can be utilized in smart grid through transmission line from house to power station. Energy can be directly utilized from solar and wind technologies without the need of energy storage system devices is one of factor that is driving the growth in the market.
Reliability of avoiding faulting and hauling problems in transmission line, which improved the fault detection mechanism and self-healing process in wire lines is driving the reason for successive growth of market in expected forecast period of 2018-2027. Additionally, increased efficiency on voltage reduction and electricity prices is also expected to drive the market.
Rising scope in energy sector attracted the key players to innovate and invest more in smart grid markets. Innovations for reliability and sustainability of transmission line is also expected to robust the growth of market in expected forecast period of 2018-2027.
One of the challenging factor that hampers the growth rate of global smart grid market is basic knowledge amongst the people for smart grid technologies and testing/ technological problems in smart grid transmission lines.
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