The introduction of smart grid has significantly transformed transmission and distribution system in electrical grid. Smart grid has been constantly instrumental in increasing the operational efficiencies of utility providers, reduce transmission and distribution losses, and improve interoperability of various components involved in the managing of an electric grid. The advent of distributed generation of energy and the increasing deployment on renewable power generation have boosted the smart grid market. Concerted efforts by utility providers to incorporate substation automation are offering a constant impetus to the adoption of smart grid technologies. An ageing grid infrastructure has led governments of several developing and developed countries to take sustained initiatives to modernize electric grid.
Substantial investments by public and private players have further provided the needed push to the development of smart grid. The mounting concern of soaring carbon emissions has stimulated various governments to develop grid infrastructure for an increased access to clean, renewable sources of energy, especially through distributed sources of energy. The inclusion of smart meters and other proactive voltage monitoring devices by the end users has further increased the capability of smart grids. Witnessing ample opportunities due to the above factors, the market is expected to reach a valuation of US$118.1 bn by 2019. The global market for smart grids market is projected to expand at a CAGR of 18.20% during 2013–2019.
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