Worldwide revenue from smart grid technologies is expected to grow from $44.1 billion in 2014 to $70.2 billion in 2023.
The past two years have experienced increased technological advancements and changing priorities among utility industry stakeholders.
The benefits of smart grid technology are becoming increasingly quantifiable, in terms of improved grid reliability and in economic benefits.
Transmission system upgrades are necessary to interconnect offshore or remote wind and solar farms, as well as ongoing electrification across Asia Pacific and other developing regions, says Richelle Elberg, senior research analyst, Navigant Research.
Meanwhile, government mandates, particularly in Europe, are expected to continue to drive strong smart meter penetration gains over the next decade, he says.
Utility deregulation and high competition are other element to the market scenario helping transmission and distribution grids improvements.
Competitive pressures are creating higher commitment to smart grid technology, as utility management realizes the power of smarter grids to improve customer satisfaction and engagement.
Sabeena Wahid
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