The term “Smart Grid” was first heard in the article “Grids get smart protection and control” written by Damir Novosel, Khoi Vu and Miroslaw M. Begovic published in the journal “IEEE Computer Applications in Power”. This was in the late 1997 when the concept was entirely new and many could not understand what it was all about. In fact, most people around the world even today don’t have much know how about Smart Grids. To simplify the concept, Smart Grid is nothing but an updated version of the electric grids which makes use of digital and analog information and communication technologies in order to acquire and adapt to the fast changing behaviors of the suppliers and consumers regarding energy in an automated manner. This makes sure that the energy usage is made meaningful by taking care of the factors like reliability, efficiency and sustainability of power production and distribution. In a layman’s lingo, it means use of electricity in the best and most efficient manner possible.
Venturing further into the topic, this technology is widely in use in the western countries like UK and the US. There are various studies conducted on regular basis in order to discover ways of turning the Smart Grid Technology simpler. According to a recent report released by the UK Energy Research Center (UKERC) which presents a detailed study about the technology and displays the near future where the energy usage will be constantly monitored and utilization of the automated appliances will come in practice. For making this advance method a great success in a limited time frame, Britain has a widespread network of community run energy schemes.
Another report by the Navigant Research indicates that the global market for high voltage submarine electric cables will jump up to $5.3 bn by 2023 from the present value of $1.9 bn. The growing requirement for offshore renewable power generation particularly, the large wind power installations are figured to be the reason for the positive demand of the high voltage submarine electric cables.
With more numbers coming in from the report of the research and consulting firm Global Data, the Global Transmission Towers market will have a notable hike in its figures from $9.6 bn in 2006-2013 to $11.2 bn for the period from 2014 to 2020. Initiatives from the regulatory authorities to bring in the energy efficiency policy and ensure the installation of smart grids is ought to result in the growth of the business within the estimate time frame. Hence, the world market for smart meters is expected to peg up to $ 22.177 million by the year 2020, these forecasts are as per the new study findings by the Grand View Research Inc.
According to a market research by Frost and Sullivan, the cities which are developed as smart cities are predicted to open up massive business hubs and bring various business opportunities for industries from different sectors. This will more likely hike the total market value to be more than 1.565 trillion by the end of 2020.
The smart city concept is sure to have some super advanced smart products which will be specialized with smart intelligent sensing technology along with the periodical up-gradation which will come from the Internet.