Smart Grid Market Report - Market Analysis, Size, Share, Growth, Outlook, Industry Trends and Forecast to 2028

Drivers:

• Growing need to optimize asset utilization
• Rising demand for enabling customer choice and participation
• Accelerating demand for power quality and reliability improvement
• Need for enhanced power system resiliency against natural and human threats
• Adoption of the smart grid due to the advancement in smart technologies and appliances
• Rising investments for the smart grid infrastructure in Europe, China, and the United States.
• Rising growth in the electrification of the industry, buildings, and transport sectors
• Government policies, subsidies, grants, and other utilities' incentives promote the transition to smart grid technologies.

Smart Grid and its technologies:

Traditional power grids are undergoing significant changes due to the need to integrate renewable energy, enhance the energy efficiency, and provide customers more control over their energy usage.

The smart grid will integrate established power technology with advanced analytics, smart devices, and automation technologies to support the two-way interchange of energy and information. As a result, a smart grid can respond to consumer electrical demand and any potential incidents.

Due to their bidirectional nature, smart grids can integrate renewable installations of varying sizes. Users can be both consumers and producers, as they can produce energy and sell it to industrial or commercial customers. This results in a more dependable, versatile, secure, and efficient power system and has a smaller environmental impact.

Smart Grid helps to:

• Manage the grid remotely, which is a more efficient and convenient approach to manage all aspects of the supply point and services
• Determine the locations with the highest energy consumption and the highest number of faults
• Recognize various electrical network incidents by detecting faults before they occur and reducing the number and duration of incidents
• Detect fraud, decrease losses, and increase security for grid staff and suppliers
• Improve the quality of supply by offering energy demand and generation forecasts
• Recognize the networked assets' maintenance requirements
• Include the entire technological infrastructure, including energy generation, transmission, distribution, and energy storage and consumption
• Enable utilities to manage and moderate electricity usage with the cooperation of their customers, especially during their peak demand times. Utilities will also be able to lower their operating costs with the help of smart grids

How it works:

• Smart grid consists of digital technologies - hardware assets such as smart meters, digital substations, smart EV charging infrastructure, and software solutions like artificial intelligence, digital twins, dynamic line rating, and blockchain technology.
• Smart grids employ these technologies to monitor and regulate electricity distribution from all generation sources to meet end-users ' varying electrical demands
• Smart grids also help to enhance distribution by sending data from end users to generation units

Top 5 technologies of Smart Grid:

• Advanced Metering Infrastructure (AMI)
• Advanced demand forecasting and load monitoring
• Big data management
• Distributed Energy Resources (DER) integration
• Transportation electrification (Electric Vehicles)

Restraints:

• In developing economies, investments in electricity networks fell by 15% in 2020 due to the pandemic.
• High Capital Investment to update the smart grid network

Recent Developments:

• On October 13, 2021, Itron acquired Smart Efficient Lighting Control (SELC), a smart lighting controls industry. The acquisition combines a leading Networked Lighting Controller (NLC) supplier with a smart city and industrial IoT solutions provider.
• On August 23, 2021, Landis+Gyr Technology Inc., a subsidiary of Landis+Gyr Group AG, signed a five-year agreement with Louisville Gas and Electric Company (LG&E) and Kentucky Utilities Company (KU) to provide comprehensive, smart grid infrastructure and advanced metering solutions
• On July 30, 2021, Landis+Gyr announced the successful registration of the transfer of 75% of the shares of Etrel d.o.o., a provider of interactive charging hardware and software solutions for electric vehicles.
• On September 28, 2021, Landis+Gyr AG entered into a binding agreement to acquire 100% of the shares of Luna Elektrik Elektronik Sanayi ve Ticaret A.Åž., a provider of smart metering devices for electricity, water and heat, and associated software solutions
• On July 27, 2021, The European Investment Bank (EIB) and Iberdrola signed an agreement of €550 million green loans to contribute to the electrification of the Spanish economy. This agreement will help improve efficiency via better automation and control mechanisms through the digitization of electrical networks.
• On December 1, 2021, GE Digital announced the implementation of its Advanced Distribution Management System (ADMS) in DTEK Kyiv Grids - Distribution System Operator (DSO), part of DTEK Grids in Ukraine. The utility will be able to safely engage with its network, control work, and share information in real-time using a single platform
• On December 17, 2020, EDF International Networks and Capgemini signed a partnership agreement to combine their expertise and confirm their position for emerging smart grid projects worldwide

Opportunities:

• Smart meter rollouts- USA, Uk, Europe, and the Asia Pacific
• Advanced Metering Infrastructure (AMI) - Europe, North America, and Asia Pacific markets with growth potential to replace end-of-life infrastructure and modernize applications and architecture

Some Global Policies and schemes to benefit the smart grids:

• India, 2021- Revamped Distribution Sector Scheme
• Canada, 2021 - Smart Renewables and Electrification Pathways Program
• The United Kingdom, 2021 - Smart technologies and data to future proof UK energy
• Spain, 2021 - Recovery, transformation, and resilience plan / Inclusive and fair energy transition
• Italy, 2021 - National Recovery and Resilience Plan / M2C2: Renewable energy, hydrogen, grid, and sustainable mobility
• Hungary, 2021 - Recovery and adaptation plan / Energy / Network Development

Publisher's Global Smart Grid Market report provides insights into the current global and regional Global market demand scenario and its outlook.

This study offers a detailed analysis of various factors instrumental in affecting the Global Smart Grid market's growth. The study also comprehensively analyses the market based on technology (Hardware and Software) and geography (North America, Europe, Asia-Pacific, and the Rest of the world).

This report also includes the latest market trends, drivers and restraints, present and future opportunities, new projects, the global impact of Covid-19 on the Global Smart Grid market, and significant developments.

Further, the report will also provide Global Smart Grid market size, demand forecast, and key competitors in the market.


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