What to know about a smart grid


The smart grid means computerising the electric utility grid – Navigant Research

  • The global annual revenue for smart grid Information Technology software and services is predicted to grow from $8.5 billion in 2014 to $17.1 billion in 2024.
  • The global annual revenue for the smart grid-as-a-service market to reach $6 billion in 2025.
  • The worldwide smart grid communications market is expected to grow by 12% between 2019 and 2023, to $1.67 billion – Technavio
  • Smart grids help utilities improve consumer services, customer energy efficiency, accurate customer billing for energy usage as well as optimised grid management
  • They help utility firms to integrate large numbers or capacity of distributed energy resources
  • Smart grids help utilities to reduce the occurrence and duration of power outages
  • They help energy providers to meet sustainability and carbon emissions goals and regulations
  • Smart grids help utilities to strengthen the resilience of grid networks against cyberattacks
  • Smart grids help reduce non-revenue electricity, they help to recover losses as well as open new revenue streams
  • Smart grids can cut the industry’s carbon emissions by 25% – US Department of Energy.
  • AI and the Internet of Things are the backbones of smart grids