Connected Energy is a system in which electricity, gas, and heat grids are integrated with storage technologies and coordinated to identify synergies in order to provide the best solution for each sector as well as the entire energy system.
Connected energy has a high potential for lowering energy bills in businesses and homes, as well as helping to reduce rising oil and gas imports. Connected energy is a flexible and intelligent system that ensures energy supply, storage, and consumption while encouraging energy supply and demand cohesion.
The connected energy system is centred on three types of grid infrastructure: smart electricity grids, smart thermal grids, and smart gas grids.
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Impact of COVID-19 Pandemic Outbreak on Connected Energy Market
The COVID-19 pandemic in Q1, 2020 has resulted in a shutdown of commercial and industrial establishment and even stoppage of railways services globally. This has adverse effect on electricity demand. But there is slight increase in demand for electricity by residential sectors as more people are staying at home due to lockdown across the countries.
As Italy has become an epic centre for COVID-19 pandemic the Italian grid experienced a significant reduction in electric demand as high as 18-21% reduction in demand. Other European countries have also observed decreasing demand for electric including Spain observed a decrease in electric demand by 5.6%, and French grid experienced 15% decrease in electric demand.
In New York City the electric demand has dropped by 9 to 10% due to full lockdown in the city. However, according to estimates, if the COVID-19 pandemic situation gets controlled during Q3-Q4, 2020, the electric demand will increase after the lockdown is over.
Connected Energy Market: – Market Dynamics
Increasing Adoption of Smart Grid is spurring the growth of Connected Energy Market
Smart grid technology is made up of two-way communication technology, computer processing and control systems. These system includes advanced sensors known as Phasor Measurement Units that helps operators to assess grid stability, relays that sense and recover from fault in the substation automatically, smart meters that gives information to the consumer and automatically report outages automated feeder switches that re-route power around problems.
Adoption of smart grid is increasing as smart grid helps is reducing peak demand that helps to lower electricity rates, also helps the transmission of electricity efficiently. However, due to these features of smart grid the adoption of smart grid is increasing which is spurring the growth of connected energy market.
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Increasing demand of Smart Meters for Detail and Accurate Analytics
Smart meters are used to manage and record electricity and performance of electronic devices. The demand of smart meter is increasing as the smart meters has the ability to provide accurate and detailed information regarding electricity usage in real-time without a technician.
Smart meter helps to reduce the number of blackouts and system-wide electricity failures. However, the connected energy market is witnessing high demand due to adoption of smart meters.
Connected Energy Market: – Key Players
Key players in the Connected Energy market are focusing on and strategic partnerships and with the technology vendors to collaborate for offering digital transformation solution and services for sustained business growth. The major players offering Connected Energy solutions include –
- GE Energy
- Itron
- Sensus
- Siemens
- ABB
- S&T
- Wasion Group Holdings
- Elster Group GmbH, among others.
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Connected Energy Market: – Segmentation
By Application, Connected Energy Market is segmented into-
- Smart Grid
- Smart Solar
- Home Energy Management Systems
- Digital Oilfields
- Others
By End user, Connected Energy Market is segmented into-
- Commercial
- Residential
- Industrial
