The need for reducing carbon footprints is increasing day by day, as the pollution levels across the globe are on a rise. The excessive dependence on energy that is generated from fossil fuels has led to current energy crisis, which is why it is important to shift the focus towards energy conservation and resources that produce clean power.
Various types of individual components are included under the smart grid technology, namely smart power meters, intelligent appliances, super conducting cables, smart outstations, phasor management units, and integrated communication systems. These components are responsible for optimizing and monitoring peak loads, establishing two-way connection between end user and electricity provider for any problems regarding maintenance and automatic billing process, providing power outage history, and reliable and safe delivery of energy.
Due to these factors, research & development has been going on for coming up with solutions that can aid in conserving energy without compromising on its surging demand across the globe.
In addition to this, these components also aid in providing customer preferences on electricity consumption and identifying faults for the entire transmission line. While the installation of smart grids is a capital-intensive process, it is environmentally and financially viable, considering long-term situation.
Among different types of service components, the need for deployment and integration is considerably high due to the increasing requirement for smart grids.
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Geographically, North America has been the largest smart grid technology market in the past, which can ascribed to the early adoption of smart projects.
Developed nations including Canada and the U.S. are investing extensively in the market. Other than this, Middle East and Africa is also exhibiting great potential for this technology because of the high availability of renewable and traditional energy resources.
In conclusion, the demand for smart grid technology is growing due to the rising energy crisis and surging demand for energy across the globe.