By 2027, Western Europe plans to invest $ 1337 billion in smart grid infrastructure to update its grid system to the 21st century standard while maintaining the world's top smart grid regional status.
According to a recent report from the Northeast Group, smart meter projects are now common, and information technology, battery storage and distribution automation will constitute a recent investment, as Western Europe is seeking these advanced technologies to modernize the grid.
Paul Gardener, president of the Northeast Group, said that Western Europe has been the leader in smart grid deployments, and now the deployment of smart meters in the UK and France is more advanced.
At the same time, the first countries to adopt smart meters, Sweden and Italy are now beginning to replace the first generation of smart meters with the new version, the process will be carried out in the next decade and launched in other regions.
According to the report, it is estimated that by 2020, 67% of Western European countries will deploy smart grid, of which 12 countries to reach the next three years, 80% of the EU region requires the establishment of residential smart grid goals. It is expected that by 2020 the global smart grid market will reach 120 billion US dollars.
The Northeast Group said that the EU's staunch climate policy, including reducing carbon emissions and increasing renewable energy, will require investment in smart grid to reduce man-made carbon footprint in the region and ensure a smooth transition to renewable energy.
Another factor contributing to the steady progress of the smart grid market in Western Europe is a better understanding of the Internet of Things. The Internet of Things complements the smart grid and clean technology infrastructure. US Gordner Consulting predicts that by 2020, the world estimates that a total of 20.4 billion Internet devices.
Many technologies use the Internet of Things to show the potential of smart grid technology. This includes smart meters, smart thermostats and mobile applications that can show the amount of renewable energy used at home. Western European countries now need to use the Internet of Things to strengthen smart grid investment, improve customer / resident satisfaction.
Benefit from the strong EU climate policy and innovation in the Internet of Things enterprises, the next 10 years, Western Europe will be in the smart grid development leader.