According to the US Energy Information Administration, the total net electricity generation in APAC countries increases by an average of 3.1 percent per year, led by countries like China and India, where annual increases average 3.6 percent from 2010 to 2040.
Consulting Smart Grid Experts
In preparation for the upcoming Renewable Energy India Expo next Wednesday, TechNavio analysts surveyed industry experts and professionals in the Smart Grid Market to get a better understanding of the pros and cons to consider when adopting smart grid technology.
What are the Main Concerns for Adopting Smart Grid Technology?
Power Theft
One major problem that smart grid technology can alleviate is power theft. This is quite common in the APAC region, where pirated lines cause major disruptions to power grids. 27 percent of respondents feel that this is where the Smart Grid Market stands to help the most because of sensors in the smart grid that detect energy lost and therefore identify these pirated lines.
High Grid Losses
In addition, 25 percent of respondents feel that high grid losses, which currently plague much of the power grid in the APAC region, can be better managed through a smart grid. Because much of the power grid in this region isn’t stable, a lot of energy is lost to resistance in transmission lines. Smart grid technology can help regulate the voltage at which electricity is transmitted, thereby reducing the amount of energy lost.
Poor Reliability of Power Supply
24 percent of respondents feel that this is a key problem in the APAC region that smart grid adoption will improve.
The majority of power utilities are in the process of achieving an end-to-end solution to better manage their energy distribution and utilization. Many power utilities have started adopting various smart grid technologies, such as smart energy meters, to achieve the overall goal of creating a smart grid system.
For instances, some countries like Japan are aiming to achieve this end-to-end solution by 2020. This is one of the major trends observed in the Smart Grid Technology Market that will drive the market growth during the forecast period.
Insufficient Power Consumption and Power Shortage
Currently, in countries like China and India, power outages can happen daily due to power shortages. Adopting smart grid technology will allow utilities companies to better manage the flow of electricity and stabilize the overall power supply.
30 percent of respondents rank power shortage as an important issue that smart grid technology can improve and 24 percent believe that it could improve the way power is consumed in the region.
