Digital innovations are driving changes worldwide, including in global power networks. Smart grids are multi-directional networks that allow the exchange of real-time information between suppliers and users. Their implementation – through the deployment of technologies such as smart meters and energy storage – will be an important factor in guaranteeing an efficient and stable supply of increasingly green electricity.
is forecast to increase in all regions between 2024 and 2050, with the largest amount coming in the Asia Pacific region. Alone in 2023, 87 billion U.S. dollars was spent on power grid technology in the U.S., with over 300 billion U.S. dollars' worth of
Power grids and storage
In smart power grids, electricity transmission can be made more efficient, reliable, and capable through flexible alternating current transmission (AC). High-voltage direct current (DC) allows electricity transmission over long distances and with reduced energy losses compared to alternating-current, making it suitable for renewable energy. The capacity of
global AC and DC transmission is forecast change in the coming years, with DC transmission increasing from a share of 12 percent of the current global grid capacity in 2023 to 14 percent in 2050, and AC transmission decreasing from 88 percent to 86 percent over the same period.
Energy storage projects for solar, wind, or battery energy storage with a capacity of up to five gigawatts were planned in different regions of the world as of 2022. In 2021, investments in grid battery storage worldwide added up to roughly five billion U.S. dollars.
Electric vehicle infrastructure
The past years have seen an increase in the number of electric vehicles in circulation, as has
charging infrastructure globally, particularly in China. With these figures set to continue increasing, so too will the strain on the global power grid. EV infrastructure is a perfect example of the importance of smart grids in facilitating and securing the future of electricity supply. Through the monitoring and controlling of consumption, combined with pricing incentives for
EV charging during off-peak hours, smart grids can help prevent the overload of transmission and distribution lines, while guaranteeing that growing demand is met.
This text provides general information. Statista assumes no
liability for the information given being complete or correct.
Due to varying update cycles, statistics can display more up-to-date
data than referenced in the text.
