The cumulative worldwide spending on smart grid technologies will total $594 billion from 2014 through 2023, reports Navigant research.
The market for smart grid technologies is evolving rapidly as the need for a more responsive, automated, and efficient power grid is rising worldwide.
The benefits of smart grid technology are increasing in terms of economic benefits as well as improved grid reliability.
The market trend proves that intelligence is applied in grid device development rather than in the operations and analytics is moving closer to the data. The “smart” is moving outward, to the edges of the grid.
Distributed intelligence offers benefits including improvement of the data flow to central control by placing less stress on communications networks. In addition, the distributed intelligence allows for faster response reducing the outage times.
Government mandates and growing challenges to grid stability like old infrastructure, electric vehicle charging and distributed generation promote the spending on smart metering systems as well as new IT systems, says, Richelle Elberg, senior research analyst, Navigant Research.