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.
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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.
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.
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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.