Smart grids worldwide - statistics & facts
The increased electrification of a variety of sectors, including transportation, heating, and cooking, is set to be a crucial part of the energy transition in the coming decades. Combined with a growing global population, electricity generation worldwide is expected to more than double by 2050. 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. The global smart grid market was estimated at 49.7 billion U.S. dollars in 2022.
In smart power grids, electricity transmission can be made more efficient, reliable, and capable through flexible alternating current transmission systems (FACTS), while high-voltage direct current (HVDC) systems allow electricity transmission over long distances and with reduced energy losses compared to alternating-current, making it suitable for renewable energy.
Smart meters and power grids
Smart electricity meters can transmit consumption information to utilities in real time. For users, this translates to more accurate energy billing and conscious energy use. For suppliers, it gives a better understanding of hours of peak load power, allowing for more efficient planning of supply. The market value of global smart electricity meters is forecast to grow by almost 45 percent between 2021 and 2027.In smart power grids, electricity transmission can be made more efficient, reliable, and capable through flexible alternating current transmission systems (FACTS), while high-voltage direct current (HVDC) systems allow electricity transmission over long distances and with reduced energy losses compared to alternating-current, making it suitable for renewable energy.
