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Digitalization in Smart Grid Networks - Emerging Application and Impact Assessment

  • Report

  • 38 Pages
  • December 2019
  • Region: Global
  • Frost & Sullivan
  • ID: 4900515

Assessment on How Digital Technologies are Shaking Up Electricity Grid and the Power Industry

The global energy landscape in the United States is evolving every year with wide-scale adoption of distributed energy resources (DERs), developments in digital communication infrastructure, and transactive-based micro-grid initiatives that places utilities at the center. For utility customers to stay relevant, incorporating emerging technology solutions as part of their corporate strategy will be critical. Emerging technologies has the ability to empower smart grid applications and solutions to analyse large data sets, identify patterns, detect anomalies, and make precise predictions based on its learning experience.

A majority of utilities still follow a schedule for maintenance or will only react once the power goes out. Given the growing grid vulnerability caused by increasing presence of variable and unstable load, triggered by aging infrastructure, variable renewable power, and electric vehicles (EVs), utilities are realizing that relying on traditional solutions and systems is no longer a viable option.

In brief, this research service covers the following points:

  • Digital smart grid- An overview
  • Drivers and challenges for smart grid adoption
  • Digitized smart grid applications and impact areas
  • Innovations and use cases
  • Patent and funding scenarios

Table of Contents

Executive Summary
  • Research Scope
  • Research Methodology
  • Research Methodology Explained
  • Key Findings

Digital Smart Grid - Overview
  • Increasing Need for Reliable and Efficient Energy Demand is a Key Trend Driving Adoption of Smart Grids
  • Two-Way Communication is a Key USP of Smart Grids
  • Segmentation - Distribution, AMI, V2G, and Data Management are Integral Parts of Smart Grid
  • Smart Grid Components Contribute Toward Grid Efficiency and Power Output
  • Smart Grid Ecosystem Landscape Across the Value Chain

Drivers and Challenges
  • Smart Grid Faces Key Challenges that Include Lack of Quality Datasets, and Initial Knowledge and Skillsets

Digitized Smart Grid Emerging Applications Areas and Impact
  • Emerging ICT Technologies are the Fundamental Building Blocks of Smart Grids
  • Technology-based Mapping with Respect to Smart Grid Application Areas
  • Transitioning From Centralized to Decentralized Distributed Grid

Patent and Funding Landscape
  • Proliferation in the Number of Smart Grid Patents Filed will Have a Significant Impact on Innovations and Collaborations
  • Demand Side Management and Transmission and Distribution are Major Innovation Areas for Utility Stakeholders
  • 1H2019 Saw Slight Decline in Funding from Investors Across the Globe

Emerging Innovations, Use Cases, and Key Companies in Digitized Smart Grid Arena
  • Blockchain-based Energy Trading Platform Offers Flexible Marketplace with Transparency
  • Grid Optimization Enables Efficient Utilization of Distributed Energy Resources
  • Tech Companies in Collaboration with Utility Providers will Boost Adoption of Smart Grid
  • AI Plays a Vital Role in Grid Stability and Renewable Energy Generation Forecasting
  • Emerging Technology Would Provide Traceability and Transparency in Energy Business Transactions

Growth Opportunities and Strategic Recommendations
  • Enhanced Customer Management will be a Key Parameter to Smart Grid Solution Providers
  • Smart Grid to Enable New Revenue Streams for all the Energy and Power Stakeholders in Sharing Economy

Industry Contacts
  • Key Contacts
  • Legal Disclaimer