The electric utility sector has evolved and the market has become increasingly complex. Concerns around how energy is created and utilized, coupled with climate change, nudged suppliers toward more renewable energy. Problems in the global energy supply chain have underlined the increasing necessity of renewables, such as solar and wind power, translating into the advent of alternative energy generation. However, renewables do not generate electricity continuously, and therefore these systems must be automated, plus the energy generated must be stored and distributed more efficiently. Smart Grid Market Development According to the latest worldwide market study by Juniper Research, cost savings from Smart Grid deployments will exceed $125 billion globally in 2027 -- that's increasing from just over $33 billion in 2022. This 279 percent growth will be driven by rising energy prices, with smart grid technologies playing a critical role in increasing electric network efficiency and opti...
TMT Market Research and Analysis