TECHNOLOGY AND AI
As defined by the International Energy Agency ( IEA ), smart grids are electricity networks that use digital technologies , sensors and software to better match the supply and demand of electricity in real time , all while minimising costs and maintaining the stability and reliability of the grid .
In recent years , the need for smart grids has skyrocketed , with Statista estimating that the value of the smart grid technology market will grow from the US $ 50bn estimate in 2022 with a CAGR of more than 17 % until 2028 , where it will reach around US $ 130bn globally .
Due to the critical challenges and opportunities posed by the transition to renewable energy , driven by climate change policies , the world ’ s power grids must expand and evolve rapidly to keep up with demand and provide resilient infrastructure .
This is the belief of AspenTech ’ s Sally Jacquemin , Vice President and General Manager of its Power & Utilities Business Unit .
Power grids need to keep pace with change “ The United Nations Intergovernmental Panel on Climate Change ( IPCC ) and subsequent policy updates urge an aggressive shift towards renewable energy and a reduction in fossil fuel use to mitigate climate change ,” Sally begins . “ This transition necessitates a grid capable of integrating and managing intermittent renewable energy sources efficiently .
energydigital . com 91