Smart Grid Market – Global Industry Analysis, Trends and Forecast | 2019
The introduction of smart grid has significantly transformed transmission and distribution system in electrical grid. Smart grid has been constantly instrumental in increasing the operational efficiencies of utility providers, reduce transmission and distribution losses, and improve interoperability of various components involved in the managing of an electric grid. The advent of distributed generation of energy and the increasing deployment on renewable power generation have boosted the smart grid market. Concerted efforts by utility providers to incorporate substation automation are offering a constant impetus to the adoption of smart grid technologies. An ageing grid infrastructure has led governments of several developing and developed countries to take sustained initiatives to modernize electric grid.