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Renewable Energy Integration with Smart Grid Market Trends, Regulations And Competitive Landscape Outlook to 2023
Renewable Energy Integration with Smart Grid Market
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Operational efficiency, optimized voltage and power quality has improved through the use smart grid systems in renewable energy integration. There are some technical, regulatory, policy, economic challenges related to smart grid usage for renewable energy integration. The main driver which favors renewable energy integration with smart grid is the rapid industrialization and population growth which demands more power without any breakdown or failure. Balancing supply and demand during surplus conditions are one of the technical challenges for this type of system. Economic challenges are returns on investments. More returns in such projects would favor more investments and vice-versa.
The basic classification is done based on the type of renewable energy used for integration with smart grid technology such as wind, hydroelectric, biomass, geothermal, solar. This system has very low efficiency when compare to fossil fuels generation. Technological improvement and research and development activities are being looked upon to enhance the overall efficiency of this system. Wind and solar energy delivers more efficiency when compared to other renewable energy sources. Wind and solar energy integration with smart grid would deliver more overall efficiency.
North America is the leader in this segment followed by Europe and Asia. U.S. and Canada holds the largest share for renewable energy integration technologies with smart grid. Over the last seven years, Sweden has added significant grid connected wind power systems. Korea is developing in terms of adding smart grids for renewable energy deployment. Various pilot projects in Austria is under process which has significant potential for wind, solar, hydro power deployment through smart grids. California and Canada are investing on better technologies for better network distribution planning and operations for growing demand for renewable energy sources. India is integrating solar and wind energy for smart grid platform. Rapid industrialization and population growth rate requires more power, China and India are the key markets for renewable energy integration system using smart grid.
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Companies involved in smart grid for renewable energy integration are Chevron Corporation, GE Energy Management, Echelon Corporation, Schneider Electric, Siemens AG, Viridity Energy, ZBB Corporation, ABB Limited, Power Analytics Corporation, Honeywell International, Inc., Toshiba Corporation, Pareto Energy Ltd. and others.
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