As the global transition to renewable energy continues, capacity rebalancing solutions are needed to supplement intermittent sources and to accommodate new green-power generation.
Today, grids consist of a system of substations, transmission lines, transformers and other components that carry electricity from power plants to residences or places of business. Digital technology can allow electrical grids to adapt to rapidly fluctuating electricity needs. Smart grids speed up the restoration of power after outages and improve power transmission efficiency. They can also decrease peak demand, ultimately leading to a drop in electricity prices.
COVID-19 had a negative impact on the industry, but there has recently been a bounce back to pre-pandemic levels. Through 2029, the U.S. will dominate the smart grid sector in North America. Government support and targeted policies will be key aids.