The increasing electricity wastage and the rising carbon footprint being produced during power production are becoming major issues in several countries with each passing day. Apart from over-burdening the public utilities sector, these factors are also responsible for the rapid environmental degradation across the world. Moreover, these factors are massively accelerating the depletion of fossil fuel reserves, on account of their overexploitation. Because of these reasons, smart grid technologies are increasingly being adopted in the utilities sector of many countries.
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Grid connectivity is normally a one-way communication between the end users and power transmission companies. However, the integration of smart grid technologies converts this one-way communication into two-way communication, which allows the transmission companies to take back extra power from the end users who are generating electricity at their commercial and residential installations. As per the estimates of the International Energy Agency, the U.S. government will invest $2.1 trillion in the development of smart grid technology infrastructure by 2035.
Due to the above-mentioned factors, the demand for smart grid technology will rise enormously in the coming years, which will, in turn, cause the surge of the global smart grid technology market in the upcoming years. The installation of smart grids is usually very expensive, but, in the long run, these grids will help reduce over expenditure and financial losses. Moreover, the installation of grids will drastically reduce the pollution levels over a significant period of time.
In addition to the aforementioned factor, the huge investments being made by Canada and the U.S. in smart grid technology will massively augment the sales of these systems in the North American region in the coming years. The industry will also grow explosively in the Middle East and Africa (MEA) region in the future, on account of the abundant availability of various renewable and conventional energy resources and the growing implementation of community-based micro smart grids in the rural areas.
Therefore, it can be said with surety that the requirement for smart grid technology will soar all over the world in the coming years, primarily because of the rising concerns being raised in several countries over the increasing electricity wastage and carbon footprints and the rapid depletion of fossil fuel reserves around the world.
Read more: https://www.psmarketresearch.com/market-analysis/smart-grid-technology-market
