What Is smart grid
An adaptable, secure, and sustainable smart electric grid enabled by energy digitalization
Integrating smart grid technology into the existing electric grid is crucial for decarbonizing economies and managing renewable energy more efficiently. This technology reduces energy waste and costs for both distributors and consumers, while improving energy storage and distribution efficiency. Driven by urbanization, climate change, and governmental incentives, the increasing share of renewable energy like wind and solar is transforming the energy landscape. These intermittent energy sources present challenges to the traditional grid, but smart grid solutions are being developed to optimize grid performance, enhance stability, and address issues like aging infrastructure and fluctuating costs.
projected global smart grid market in 2023
compound annual growth rate (CAGR) of smart grid from 2023 - 2028
expected investment in digitalizing EU electric grid
to support the upgrade and expansion of US electric grids