Published Date : Apr 13, 2016
Smart grid refers to a type of technology that energy companies and energy producers are using in order to upgrade electricity delivery systems to keep up with 21st century services, utilizing computer-based automation. For decades, two-way communication technology and computer processing that have been used in several industries are finding their way on electricity networks, right from power plants and wind farms to electricity consumers in homes and businesses. Smart grid offer several benefits to utility companies and consumers – this is mostly in the form of big improvements in the energy efficiency of electricity grid and also for energy users’ homes and offices.
Prior to installation of smart grids, for almost a century, electricity companies had to send out workers to collect most part of the data needed to supply electricity. As a regular practice, workers took meter readings, looked for broken devices, and measure voltage. In the current scenario, several options and products are available to electricity networks to modernize it.
Same as smart phones these days that mean phone with a computer, smart grid refer to computerizing electric utility grid. These consist of including two-way digital communication technology to equipment that are associated with the grid.
In smart grid networks, smart grid managed services involves synchronization of several smart grid software and their associated hardware components. It is expected that the global market for smart grid managed services will rise at a CAGR of 44.51% from 2016 to 2020. Smart grid deployments facilitate and improve a utility’s network, installing and strengthening functionality and customer services for next-generation solutions. Smart grids are also inclusive of installation of automated meter infrastructure (AMI) and large-scale smart meters. In present times, the utilization of these meters is exemplary of work in progress for the shift from existing utility provisions to smart grid capabilities. Smart grid services are extended to different end users such as electricity companies and independent power producers (IPPs).
Increasing investment in smart grid technologies is the primary reason fuelling growth of this market. This is mainly because smart grids are fabricated to connect and protect intelligent infrastructure for improved business outcomes.