A new study from Juniper Research has found cost savings from smart grid deployments will exceed $125 billion globally by 2027; increasing from just over $33 billion in 2022. This 279% growth will be driven by rising energy prices, with smart grid technologies playing a critical role in increasing network efficiency and optimizing resource management. The Smart Grid market report identified abilities of AI-based analytics as crucial to maximizing benefits of new renewable energy sources, by actively balancing load and optimizing energy transmission.
Smart Grid Key to Renewables-led Future
The research identified smart grid deployments as key to decarbonization of electricity production. Smart grids will enable energy sources that produce electricity based on external elements, such as solar and wind power, to meet energy requirements more effectively, by actively balancing load and predicting surges in demand and production.
Reducing Emissions Drives the Market
The research predicts smart grid deployments will result in an almost 700 million MMT (Million Metrics Tons) reduction in CO2e (Carbon Dioxide Equivalent) emissions globally in 2027; falling from 214 million in 2022. The report anticipates this will be central to meeting stringent climate change goals, alongside updating generation capabilities to feature more renewable sources, including wind and solar. The research recommends smart grid vendors develop data ingestion engines that can analyze and interpret structured and unstructured data from disparate sources, including smart meters, network data, and weather forecasts, to maximize emission reductions.