Smart grid is expanding globally due to the growing demand for technology changes, electricity, emission reduction, and policies. After all, to help sustain the economy and improve business performance, some form of electricity is needed.
The government wants favorable conditions in the marketplace to improve power rates while having enough to support grid expansion.
Several smart grid initiatives aim to support global distribution transformer market growth. According to a recent report released by GlobalData, the national electricity grids market can reach $14.33 billion by 2022. Renewable energy sources are playing an important role in the adoption of grid assets, which can provide a reliable source of energy.
With its robust economy, increasing population, and the drive to become a global manufacturing hub and leader, China is a rising power in the global distribution transformer market. It is quickly becoming a powerhouse in the market as it invests in its industrial industry and electricity. But China is facing setbacks as it has a hard time distributing the energy it generates, resulting in losses as the grid becomes congested.
China plans to heavily invest in grid development to help solve these issues. In the meantime, the country can reach $3.83 billion in 2022 with its industrial base and rural electrification objective.
The United States is expected to hold 18.3% of the distribution transformer market value by 2022. Although an early pioneer in the development of the electric grid, the U.S. grid is showing signs of aging and, in some instances, is in need of replacement. The distributed transformer market is anticipated to reach $2.6 billion in the next 3 years. Increasing policy and research is making the smart grid global.
Mexico is assisting in the spread of smart grid development in Latin American countries with favorable regulatory and business incentives. Mexico’s president, Andres Manuel Lopez Obrador, may be closely analyzing recent energy reformations but the administration agrees that extending smart grid is on board with their goals for infrastructure. This is relevant as the country has increased the number of small generators, creating the need for a flexible grid. With the government ready to invest, more smart city projects can be advanced in Mexico. No plans hae been released yet, there has been an increase in investment plans that signals the potential for a long-term plan.
The Future Starts with the Smart Grid
The development and implementation of smart grid technology will drive electrical engineering into the future. Modernizing the Smart Grid is a four-course program coming soon from IEEE, designed to get you and your team up-to-date quickly on the latest smart grid technologies. Course titles in this program include Strong Grid Before Smart Grid, Smart Distribution Systems, the Digitized Grid, and Engaging Consumers in the Smart Grid marketplace.
Contact an IEEE Content Specialist today to learn more.
(25 Jan 2019). Expect electricity grid development to grow globally at 1.6% by 2022. Power-technology.com.
(31 Jan 2019). Mexico Smart Grid and Smart Cities Market Forecast Report 2018-2027 – ResearchAndMarkets.com. AP News.
Global Distribution Transformer Market Forecast 2018-2026. Inkwood Research.