A smart grid is a digital electricity network connected using IOT devices which supplies electrical energy to buyers via a two-way communication. It features various advantages over traditions grids through advanced monitoring, control, analysis, and communication. Digital technology helps supply chains reduce cost, energy consumption, improve efficiency, and builds transparent mechanism to increase stability of the electrical supply.
The smart meters were introduced with the aim of replacing the limitations of age old electrical grids by controlling power peaks and distribute the energy cost burden fairly among consumers. Additionally, growing concerns of environmental damage due to fossil-fired power stations have led to increased support for renewable energy. But, its growing forms including wind power and solar power are highly variable. Hence, there is a growing need for more complex and mature control systems to replace the traditional ones.
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Large centralized power stations have also become inefficient and there is a growing move toward a more decentralized model of power distribution. Moreover, growing concern of security and vulnerable positions of power stations make them a high priority target.
Many governments globally have been boosting the deployment of smart meters and grids due to rising concerns of global warming. Smart grids are expected to control and deal with global warming through more responsive mechanisms and contributing heavily to an energy independent future.
Advanced smart grid systems integrate the following features:
- The technology has self-repairment mechanisms.
- It is more democratic in nature and provides space for consumer participation in grid operations.
- It ensures reliability and consistency in power supply through reduction in power leakages. The transparent nature and self-repairing mechanism allow smart grids to achieve this.
- It creates opportunities for electricity makers to grow and reach new consumers. The smart grid technology is expected to make new forays into various industries through cost-savings advantages.
- It is expected to provide a smooth and secure flow of electricity to industries in the near future.
Global Smart Water Grid Market: Overview
Smart Water Grid (SWG) is a two-way water distribution network, which involves intelligent monitoring and response systems relying on real time information, sensors and IOT technology driven devices. These devices include the likes of smart water meters, which are used for monitoring water pressure, quality, temperature, flow, etc. Smart water grid market is increasingly playing an important role in water management systems globally.
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Global Smart Water Grid Market: Key Trends
The decreasing water supply across the globe and increasing need for conservation, makes smart water grid an essential need for public entities such as municipalities. On the other hand, smart water grid are useful for private entities which have a large water distribution network and require maximum efficiency in managing these widespread resources. Management of water distribution networks can be complex and failure to do so actively, can result in various unintended disruptions and severe consequences. Hence, companies based in sectors such as agriculture find SWG systems an integral part of their water management systems.
Smart water grid market also faces considerable challenges during the forecast period. Currently, the SWG systems are often availed by large scale private and public entities, which find its use essential. However, the SWG system face considerable challenges while breaking into small-scale water distribution systems as the capital costs and initial funding is difficult ceiling to break. With the growing awareness of water conservation and increasing subsidies in the area, can prove to be a positive solution to the current challenge.
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Global Smart Water Grid Market: Regional Outlook
Smart water grid market in North America held the largest share of the total revenue due to widespread digitalization and continuous influx of various smart technologies. The market is expected to register steady growth as resources become scarce and environment regulations become more stringent. Smart water grid market in Europe is also expected to follow suit as advancement in IT technology enriches the current network. The advancement in Smart Water Grid can provide water safety, keep an eye on extremely weather changes, real time information on consumption and subsequent evaluation.
Smart water grid market in Asia Pacific is expected to grow at a robust pace as public and private smart infrastructure initiatives continue to rise. One of the major driving factors in Asia Pacific market is the advancement of metering infrastructure. These meters are experiencing high demand from consumers, provided they are distributed through an accessible network.
Global Smart Water Grid Market: Competitive Dynamics
Some of the prominent companies operating in the global smart water grid market are Itron Inc., Siemens AG, Badger Meter, Inc, and Neptune Technology. A highly competitive vendor landscape is depicted by this market to exist, owing to most players continuously trying to outgun their rivals. Many companies are focusing on introducing new devices and systems on a frequent basis, as well as improving their technological efficiency. Players are also determined to participate in important partnerships, mergers & acquisitions, and collaborations to gain impressive revenue figures in the global smart water grid market.
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