Smart grid cost savings to exceed US$125 bln by 2027 - Juniper Research

KUALA LUMPUR, Nov 29 (Bernama) -- Cost savings from smart grid deployments will exceed US$125 billion globally in 2027, increasing from just over US$33 billion in 2022, according to a new Juniper Research study. (US$1=RM4.50)

In a statement, Juniper Research said this 279 per cent growth will be driven by rising energy prices, with smart grid technologies playing a critical role in increasing network efficiency and optimising resource management.

Smart grids are electricity networks using advanced technologies to monitor and manage transport of electricity from all generation sources to meet varying electricity demands of end users.

The research identified smart grid deployments as key to decarbonisation 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.

“By leveraging artificial intelligent, electricity networks can ensure spikes in demand are predicted and mitigated. Smart grid vendors must focus on enhancing their models to more accurately predict usage patterns to maximise these benefits,” said research co-author Nick Maynard.

Juniper Research provides research and analytical services to the global hi-tech communications sector, providing consultancy, analyst reports and industry commentary.

-- BERNAMA