BASINGSTOKE, England--(BUSINESS WIRE)--A new study from Juniper Research has found that global smart grid deployments will lead to annual energy savings of 1,060 terawatt-hours by 2026, from 316 terawatt-hours in 2021. This is the equivalent of powering over 42 million 90-minute football matches at Wembley stadium.
The research identified increased sustainability and energy security as critical to the appeal of smart grids, with analytics and demand-responsive networks able to have a dramatic impact in a renewables-heavy future. The report predicts vendors who can best combine analytics that deliver operational insights to energy companies, with low-cost sensors and connectivity, will achieve the greatest success.
For more insights, download the free whitepaper: Why Smart Grid is Critical to Energy Market Sustainability
Smart Grid Analytics Critical to Boosting Sustainability
The new research, Smart Grid: Industry Trends, Competitor Leaderboard and Market Forecasts 2021-2026, found that smart grid software, which analyses energy usage in real-time to enable responsive features for utility companies, will be critical to delivering energy and cost savings. The essential nature of these benefits will drive smart grid software spend to over $38 billion annually by 2026, from $12 billion in 2021; reflecting its dramatically increasing importance.
Research co-author Damla Sat explained: “To meet ambitious climate targets and lower spiralling operating costs for utility companies, the grid must evolve rapidly into a smart grid. Leveraging connectivity and deploying analytics at scale will be vital in achieving the truly demand-responsive grid that is needed today.”
Smart Metering Important to Smart Grid, but Deployments Uneven
The research found that smart metering roll-outs are growing, with global smart meters in service set to reach over 2 billion in 2026, from 1.1 billion in 2021. While this represents growth of just under 95%, adoption is very uneven worldwide, with markets including Latin America and Africa & Middle East lagging significantly behind the leaders in Western Europe and the Far East & China. The research recommends that vendors lobby governments urgently to support smart metering roll-outs, or they will rapidly fall further behind.
Smart Grid market research: https://www.juniperresearch.com/researchstore/key-vertical-markets/smart-grid-research-report
Juniper Research provides research and analytical services to the global hi-tech communications sector; providing consultancy, analyst reports and industry commentary.