Research and Markets announced the addition of a new report on Smart Grid, “Smart Grid: Promises and Challenges” to their offering.

Smart grid is an evolutionary step forward in the power distribution systems across the world. The conventional power grid, composed primarily of central generating stations and electromechanical power delivery systems operated from control centers, is transforming itself into a smart grid to manage and deliver power, the research agency said.

A smart grid facilitates two-way digital communication between the consumer and power supplier. The technology integrates a multitude of distributed energy resources, uses solid state electronics and employs automated control systems.

With these capabilities, the power industry will see that inexpensive computing power and low cost bandwidth infuse every element of the grid with digital intelligence in coming decades, Research and Markets said.

Smart grid enables companies to achieve greater throughput, thus lowering power costs. Grid upgrades that increase the throughput of the transmission grid and optimize power flows will reduce waste and maximize use of the lowest-cost generation resources, according to the report. 

Better harmonization of the distribution and local load servicing functions with interregional energy flows and transmission traffic will also improve utilization of the existing system assets, agency officials said.

A smart meter is an integral component in any smart grid infrastructure, and wireless applications are at the heart of advanced metering communications systems. 

According to the report, the wireless communications networks that will support advanced metering systems in the future will provide faster and more accurate use, load, and disruption information, which will help utility companies plan and manage their resources more efficiently and effectively.

The vision of the smart grid is to break down barriers between transmission and distribution, communications, and back office systems to create a fully integrated network that provides diagnosis and resolution of problems as they arise and enables real time exchange of information between the utility and its customers, the report said.

This report analyzes the concept of the smart grid and the impact of the technology on the U.S. power transmission industry. The report also analyzes the various technologies and the industry groups involved in the development process. 

Key focus areas of the report also include analysis of the utilities deploying smart grid as well as an analysis of the major technology providers of this technology. The major regulatory changes required in order to effectively sustain and carry on the development of the smart grid are also identified in this report, said Research and Markets.
ABI Research (News - Alert) recently published a new report Smart Meters for Smart Grids, which stated that the number of smart electric meters deployed worldwide will rise from a 2009 level of 76 million to reach about 212 million in 2014.