Smart meters and power grids
Smart electricity meters can transmit consumption information to utilities in real time. For users, this translates to more accurate energy billing and conscious energy use. For suppliers, it gives a better understanding of hours of peak load power, allowing for more efficient planning of supply. The market value of global smart electricity meters is forecast to grow by almost 45 percent between 2021 and 2027.In smart power grids, electricity transmission can be made more efficient, reliable, and capable through flexible alternating current transmission systems (FACTS), while high-voltage direct current (HVDC) systems allow electricity transmission over long distances and with reduced energy losses compared to alternating-current, making it suitable for renewable energy.