Press release
Smart Grid Market progress rapidly due to increasing need for energy efficiency | Key Players Name: GE Energy, Siemens AG, IBM
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A smart grid is a digital and interactive electricity network that is used to deliver electricity from suppliers to consumers. It is a system that enables two-way communication between the utility and the consumer, and allows for the monitoring and control of electricity usage in real-time.
A smart grid is designed to be more efficient than a traditional grid, and to allow for the integration of renewable energy sources such as solar and wind power. It also enables the use of smart meters, which can provide consumers with information about their electricity usage, and allow them to manage their consumption.
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Key Trends
There are a few key trends that are shaping the development of smart grid technology. One is the increasing penetration of renewable energy sources, such as solar and wind, onto the grid. This is causing a need for more flexible and resilient grid infrastructure that can accommodate the variability of these renewable resources. Another trend is the rise of electric vehicles, which are starting to place additional demands on the grid for charging. And finally, the increasing use of data and analytics is helping utilities to better understand and manage the grid.
Key Drivers
The key drivers of the smart grid market are:
Increasing need for energy efficiency: The smart grid enables two-way communication between utilities and customers. This helps utilities to provide energy-efficient services to customers and also helps customers to save on their energy bills.
Reduction in greenhouse gas emissions: Smart grid technologies help in reducing greenhouse gas emissions by decreasing the overall demand for electricity.
Improvement in grid reliability: Smart grid technologies help in improving the reliability of the electrical grid by providing real-time information about the grid conditions. This helps utilities to take preventive measures to avoid blackouts and other grid failures.
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Market Segments
By Component
-Solutions
-Services
By Solution
-Advance Metering Infrastructure
-Smart Grid Distribution Management
-Smart Grid Communication
-Smart Grid Network Management
-Substation Automation
-Smart Grid Security
-Others
By Application
-Generation
-Transmission
-Distribution
-Consumption/End Use
By End User
-Residential
-Commercial
-Industrial
Key Players
-GE Energy
-Siemens AG
-IBM
-Oracle
-Landis+Gyr
-Itron
-Aclara Technologies
-Schneider Electric
-Echelon Corporation
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