Global smart grid market size by region 2017-2023

Around the world, smart grid technology is growing steadily; between 2017 and 2023, the global market was expected to triple in size reaching some 61 billion U.S. dollars. The key regions incorporating smart grid technology includes North America, Europe, and Asia Pacific. Asia Pacific was expected to see the fastest growth over that timeframe and was expected to become the largest market for smart grid technology. Smart grid technologies include electrical supply grids that use connectivity, demand response, and renewable energy sources to increase energy efficiency.

Smart everything

Grid technology is one aspect of a general trend towards smart technologies. The agriculture, manufacturing and pharmaceutical industries are also harnessing solutions provided by cutting edge technology, data collection and computer power to improve operations. Even cities are gradually becoming connected to the Internet of Things with various measurement devices. The number of connected devices to the Internet of Things is set to increase substantially, which includes wearable technology . Collecting such large volumes of data requires high speed internet networks. To update current infrastructure, large investments are required but are expected to pay off in the long term. Smart cities are necessary to facilitate the widespread connectivity that will allow self-driving cars and unmanned aerial vehicles (UAVs) to operate. However, smart technologies raise concerns over the harvesting of people’s data; health, locational and personal data could be mishandled by those with access to it. Programs such as the European Great Data Protection Act aims to reduce data abuse.