Smart Grids could be a Better Option to Satisfy Growing Power Needs than Generating Large Amounts of Extra Power.

The smart grid is, on paper, the perfect combination of energy distribution and energy measurement methods, which create a highly efficient energy supply chain. Two of the more important aspects of any smart grid involve the control of electricity generation and distribution and the conditioning of electronic power. To introduce a smart grid into the current state of affairs is not an easy task, as it involves modification and even complete changeovers of the current electrical grid at a fundamental level. That said, the benefits theoretically outweigh the efforts, causing many economies to consider a swift employment of the global smart grid market.

Smart Grids are Growing Faster and Faster

The global smart grid market is progressing at a CAGR of 18.20% between 2013 and 2019. This highly impressive growth rate will cause the market to rise to US$118.1 bn before the end of 2019. There are quite a few factors responsible for this high growth rate, most of which will continue to influence the growth rates and strategies employed by the key players in the global smart grid market. The key players are eMeter, Comverge, Landis+Gyr, Silver Spring Networks, Sensus, Itron, Schweitzer Engineering Lab Inc. (SEL), Siemens, GridPoint Inc., Aclara, Alstom, and Schneider Electric.

Modern Tech Makes the Smart Grid Market Tick

Coming in as easily the biggest reason why the global smart grid market is being considered as a feasible and approachable option for energy management is the recent advancements that have occurred in this field. Older tech is receiving consistent upgrades, while companies are being more open in adopting newer methods and tech. Research and development activities are also largely responsible for the implementation of new methods and electronics.

If we look at the global smart grid market from the perspective of the technology used, we will find that the market in 2012 was led by the segment of transmission upgrades, which are expected to remain the leader in the coming years as well. The second largest share in the global smart grid market went to advanced metering structure, while the next largest share was taken up by distribution automation technologies.

Even the geographical perspective sheds light on the rapid rate of growth that the global smart grid market is currently undergoing. More than 45% of the global smart grid market was taken up by the Asia Pacific region, which is currently in a massive phase of industrialization. With growing capabilities and increasing penetration of global players into this developing region, we can easily see the global smart grid market setting a firm ground here in the next decade.

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Smart Grids Sought by Major Telecom Names

In a recent event, Vodafone successfully secured a £75 mn deal to introduce smart grids to Scotland. Vodafone will be helping Scottish Power keep a watch on their minor faults as well as direct investments while the smart grid is being implemented. The deal, spanning four years, will have the communications giant provide improvements to the fault identification and monitoring systems that Scottish Power possesses.

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