With growing electricity consumption, the peak electricity demand is expected to increase manifold by 2050. It is believed that, owing to their intelligence features, smart grids have the potential to reduce the projected peak demand increases by up to 24% across some of the major regions of the world. This is because sensors in smart grids can detect peak load in advance and divert surplus supply from low demand areas to meet the peak requirements in a particular region. Moreover, with countries having ambitious renewable energy targets, it is important to ensure that a compatible infrastructure is put in place in parallel.
Smart Grids Will Play a Pivotal Role in Meeting the Future Energy Demand
The world is facing a pressing need for advanced electricity grid infrastructure; close to 170 companies are presently offering a variety of smart grid equipment.
Companies Across the Globe are Offering a Variety of Infrastructure Solutions
The current market landscape is fragmented and comprises a mix of small to mid-sized companies and large enterprises distributed across the globe
Large Enterprises are Setting Benchmarks for Small and Mid-Sized Stakeholders
Industry stakeholders are actively widening the scope of their offerings to gain a competitive edge, setting benchmarks for emerging players
Regulations and Standards Across the Countries Demonstrate the Pressing Need
There is a marked difference in smart grid related policies / legislations worldwide; this is evident across ongoing as well as recently announced projects
Investment Opportunity Varies Across Different Regions Worldwide …
Primarily driven by the current market state and available infrastructure, the opportunity for smart grids varies across different regions
… Developments in Emerging Economies, Though, Will Sustain the Long-Term Growth
Though the short term market is likely to be driven by developed economies, long term sustainability will be offered through the contributions of emerging economies