Smart grids to save over £227bn in global energy costs

Smart grids to save over £227bn in global energy costs

A new study from Juniper Research, an expert in smart cities markets, found that by 2029, the savings potential from smart grids will increase by 249% – up from $84 million (£66m) in 2024 –  benefitting utilities and consumers in the process.

This growth is driven by increasing investment in solutions from governments, including the US, China, and Europe, with BESS (Battery Energy Storage Systems) becoming a focal point for the market.

An extract from the new report, Global Smart Grid Market 2024-2029, is now available as a free download.

The research found the market shift to prioritising BESS efficiency and solutions is facilitated by the need to meet climate goals and reduce reliance on fossil fuels. Since renewable energies do not meet current demand, ensuring excess energy is not wasted is crucial for reducing carbon emissions.

Research Author, Matthew Purnell, remarks, “Not only is the demand for BESS at an all-time high from grids, institutions, and even consumers, but investment in battery research is accelerating at an unprecedented rate. Future market leaders will be those developing improved batteries capable of integrating numerous energy sources whilst mitigating energy decay; saving money for utilities and consumers.”

The report also identified that whilst AI is used extensively for grid automation processes, GenAI (Generative Artificial Intelligence) is providing additional features. Generative models trained on customer energy data can create scenarios for utilities to develop future grid strategies. For instance, calculating energy output requirements based on houses adopting solar technologies allows utilities to plan future grid investments. GenAI allows utilities to enhance grid efficiency, so technology companies must integrate solutions into their offerings before market saturation occurs.

The new market research suite offers the most comprehensive assessment of the smart grid market to date; providing analysis and forecasts of over 21,000 datapoints across 60 countries over five years. It includes a ‘Competitor Leaderboard’ and examination of current and future market opportunities.

For more from Juniper Research, click here.

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