Optical Fiber Cable Expo 2024 News：Smart Grid IT Systems Market Size to Grow by $35.17 Billion
According to Technavio, the global smart grid IT systems market size is expected to grow by $35.17 billion from 2024 to 2028. Optical Fiber Cable Expo 2024 has learned that during the forecast period, the market is projected to grow at a compound annual growth rate (CAGR) of 22.07%. Demand for energy and cost efficiency is driving market growth, with utility service providers playing an increasing role in energy management.
Traditionally, utility operations focus on the generation, transmission, and distribution of electricity. However, under the dual pressures of reducing harmful emissions and the evolving demand for smart grids, the power industry is undergoing a transformation.
Smart grids enable bidirectional communication and can transmit surplus power back to the grid via smart meters. This facilitates real-time interaction between utility service providers and users, encouraging energy savings through demand response programs and real-time energy consumption information. This approach reduces peak demand and enhances the robustness of grid infrastructure, delaying the need for infrastructure upgrades.
The Fayetteville Public Works Commission (PWC) in the United States has implemented a home energy management program. Industry players such as security system providers, equipment manufacturers, and energy providers have collaborated to establish smart grid IT systems, saving consumers 15%-20% in energy use.
Utilities are investing in digital communication technologies to modernize aging grid infrastructure. Simultaneously, the development of low-carbon transport and automotive markets is fueling the growth of the smart grid industry. Optical Fiber Cable Expo 2024 believes that integrating renewable energy sources such as wind turbines and solar power systems with smart appliances and smart meters can considerably reduce energy costs.
With the emergence of superconducting cables and smart substations, transmission networks are becoming increasingly intelligent. In emergencies, wireless communications can ensure the quality of power supply and maintain normal grid operations. The future direction of smart grids will undoubtedly focus on integrated communications and more efficient, distributed energy power supply assurance.
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