Smart grid is an electricity grid that is used to deliver electricity using two way technology to enable communication between consumers and utility.
Smart grid manages electricity demand in a reliable, efficient and sustainable manner. A smart grid involves a network of sub-stations, transformers, and electric lines that help in delivering electricity from power plant to business offices and homes. In a similar way as the internet, a smart grid also involves the use of computers, automation, controls, and new technologies working in conjunction with each other.
The major driving factor of this market is the rising demand for electricity in both residential and commercial applications. The key advantage of smart grid technology is its ability to create stability between electricity demand and supply. Most of the smart grids available worldwide is hardware focused, especially for installation of smart meters. Advanced sensors and meters are a small portion of the entire unexplored smart grid market. The major restraint of this market is that underlying smart grid technology is expensive. Some of the major trends in smart grid technologies involve intersection of distribution automation and AMI, less cyber security failure risks, adopting new technologies and upgrading old technologies, thereby leading to efficient use of electricity.
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Technologies such as Static Compensators (STATCOMs), Dynamic Volt-Ampere Reactive (D-VAR), Flexible Alternating Current Transmission Systems (FACTS), High Voltage Direct Current (HVDC), and Outage Management Systems (OMS) are required in order to decrease the distribution and transmission losses and maintain the grid strength. Developing countries such as India, China, Japan South Africa, Brazil and Mexico signify growth market for smart grid technologies. With increase in globalization these countries provide a huge potential. Some of the key players of smart grid market include Itron, eMeter, Echelon, Cisco System Inc., Landys+Gyr, and Telvent.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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