Around the world, smart grid technology is growing steadily; between 2017 and 2023, the global market is expected to triple in size reaching some 61 billion U.S. dollars. The key regions incorporating smart grid technology includes North America, Europe and Asia Pacific. Asia Pacific will see the fastest growth and is expected to become the largest market for smart grid technology. Smart grid technologies include electrical supply grids that use connectivity, demand response, and renewable energy sources to increase energy efficiency.
Grid technology is one aspect of a general trend towards smart technologies. The agriculture, manufacturing and pharmaceutical industries are also harnessing solutions provided by cutting edge technology, data collection and computer power to improve operations. Even cities are gradually becoming connected to the Internet of Things with various measurement devices. The number of connected devices to the Internet of Things is set to increase substantially, which includes wearable technology . Collecting such large volumes of data requires high speed internet networks. To update current infrastructure, large investments are required but are expected to pay off in the long term. Smart cities are necessary to facilitate the widespread connectivity that will allow self-driving cars and unmanned aerial vehicles (UAVs) to operate. However, smart technologies raise concerns over the harvesting of people’s data; health, locational and personal data could be mishandled by those with access to it. Programs such as the European Great Data Protection Act aims to reduce data abuse.
Market value of smart grids worldwide from 2017 to 2023, by region
(in billion U.S. dollars)
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Statista. (March 12, 2019). Market value of smart grids worldwide from 2017 to 2023, by region (in billion U.S. dollars) [Graph]. In Statista. Retrieved July 06, 2022, from https://www.statista.com/statistics/246154/global-smart-grid-market-size-by-region/
Statista. "Market value of smart grids worldwide from 2017 to 2023, by region (in billion U.S. dollars)." Chart. March 12, 2019. Statista. Accessed July 06, 2022. https://www.statista.com/statistics/246154/global-smart-grid-market-size-by-region/
Statista. (2019). Market value of smart grids worldwide from 2017 to 2023, by region (in billion U.S. dollars). Statista. Statista Inc.. Accessed: July 06, 2022. https://www.statista.com/statistics/246154/global-smart-grid-market-size-by-region/
Statista. "Market Value of Smart Grids Worldwide from 2017 to 2023, by Region (in Billion U.S. Dollars)." Statista, Statista Inc., 12 Mar 2019, https://www.statista.com/statistics/246154/global-smart-grid-market-size-by-region/
Statista, Market value of smart grids worldwide from 2017 to 2023, by region (in billion U.S. dollars) Statista, https://www.statista.com/statistics/246154/global-smart-grid-market-size-by-region/ (last visited July 06, 2022)