Smart Grid Market – Global Industry Analysis, Size, Share, Trends and Forecast 2018 – 2024
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The report covers market changing aspects including drivers, restraints, opportunities, and trends expected to encouragement the expansion of the Smart Grid Market during the said period. The report also provides market attractiveness analysis, by geography, and market share analysis, by key players respectively. Some of the prominent participants in the Global Smart Grid Market are Siemens, Schneider Electric, Sensus, Silver Spring Networks, Aclara, Alstom, Landis+Gyr and Itron.
The Benefits Offered by the Smart Grid Over the Conventional Power Supply System to Drive the Growth of Smart Grid Market
The conventional electricity system may blackout due to some electricity disturbances that can majorly affect banking, communications, traffic, and security systems. The smart grid system is able to handle the electricity conflicts caused by the storms, earthquakes, large solar flares, and terrorist attacks by allowing for automatic rerouting when equipment fails. For instance, The U.S. smart grid plant contains more than 9,200 electric generating units, having more than 1 million megawatts of generating capacity connected to more than 600,000 miles of transmission lines. The benefits offered by the smart grid over the conventional power supply system is the major factor facilitating the growth of the smart grids market worldwide. In addition, the smart grid technology allows customer-owned power generators to produce power when it is not available from utilities. The distribution generation facility provided by the smart grid technology helps hospitals, traffic light, police department, and many other systems to operate during the emergency situations.
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The Asia Pacific is the Largest and the Fastest Growing Region in the Smart Grid Market
The Asia Pacific is the largest and the fastest growing region in the smart grid market owing to the rapidly growing technological and infrastructure advancements in the energy sectors. The increasing adoption of a smart meter in the Asia Pacific region is likely to boost the growth of the smart grid market in this region.
JICA, TEPCO Pilot Rollout of Smart Grid Technology
In August 2018, The Japan International Cooperation Agency (JICA), in partnership with Tokyo Electric Power Corporation (TEPCO) Power Grid, is piloting the rollout of smart grid technology to help the Philippines improve its ability in preventing power interruptions or blackouts.
According to JICA, the said Japanese technologies can be adopted by Philippine electric cooperatives (ECs) to help improve their system reliability and resiliency to natural disasters. Despite disturbances from extreme weather and natural disasters, Japan is known for its advanced and resilient electricity distribution system.
Kennington Tube Station have implemented the UK’s largest silent hybrid smart grid
In August 2018, Kennington Tube Station have implemented the UK’s largest silent hybrid smart grid, manufactured by Off-Grid Energy. The portable hybrid battery storage installation, named gridtogo, possesses a power output of 195kVA and a storage capacity of 350kwhrs. Because of this, the solution’s running time will be reduced, resulting in minimized emissions, noise pollution, and CO2, as well as costs.
Off Grid Electric Ltd. offers and installs distributed-generation solar systems. Hybrid smart grid system’s standard use of smart monitoring will allow manufacturers Off-Grid to gauge power usage in real time.
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