Press release
Smart Grid Market Size to Grow at CAGR of 14.70% with 108.238 billion by 2032
The Smart Grid refers to the modernization of the traditional electric grid, incorporating digital technology to enable two-way communication between the utility and its customers. It consists of controls, computers, automation, and new technologies and equipment working together to improve the efficiency, reliability, and sustainability of electricity delivery. The Smart Grid allows for real-time monitoring and management of electricity transport, matching supply and demand while minimizing costs and maintaining grid stability and reliability.
The Smart Grid market is projected to grow from USD 36.1305 Billion in 2023 to USD 108.238 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 14.70% during the forecast period (2023 - 2032).
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Key Companies in the smart grid market include,
Wipro Ltd (India)
IBM Corporations (US)
Schneider Electric SA (France)
Open Systems International Inc (US)
Oracle Corporations (US)
General Electric Company (US)
ABB Ltd (Switzerland)
Itron Inc (US)
Cisco Systems Inc (US)
Siemens AG (Germany)
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Key Features and Benefits
Two-Way Communication: The Smart Grid enables two-way communication between the utility provider and customers, allowing for more efficient management of electricity distribution and consumption.
Digital Technologies: Digital technologies such as power/current sensors, controls, data centers, and smart meters contribute to the smart grid, enabling real-time monitoring and management of electricity transport.
Grid Modernization: The Smart Grid supports the modernization of the electricity grid for the 21st century, incorporating advanced technologies and equipment to improve reliability and resilience, .
Energy Efficiency: Smart grids can monitor and control residential devices during periods of peak power consumption, optimizing energy usage and reducing overall demand.
Renewable Energy Integration: The Smart Grid facilitates the integration of renewable energy sources into the grid, enabling greater use of renewable energy and reducing reliance on traditional power sources.
Policy and Initiatives:
The development and implementation of smart grid technology are supported by various initiatives and policies, such as the Smart Grid European Technology Platform in Europe and legislative mandates in the United States, which reinforce the role of leading and coordinating national grid modernization efforts.
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Conclusion:
The Smart Grid represents a significant advancement in electricity distribution infrastructure, leveraging digital technologies to enhance efficiency, reliability, and sustainability. By enabling real-time monitoring and management of electricity transport, the Smart Grid plays a crucial role in modernizing the electricity grid for the 21st century and supporting the integration of renewable energy sources.
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