The thought piece by Azhar Fayyaz, Market Analyst at PTR Inc. signifies the worldwide efforts to increase renewable energy and electric vehicle charging. These initiatives are prompting substantial investments in electrical grid infrastructure. The digitalization of electricity grids is emerging as a solution to facilitate the widespread integration of renewables and EV charging in a reliable manner. The market for grid digitalization is expected to grow, driven by the global push for decarbonization in the power and transportation sectors. Key economies, including Germany, the UK, France, Italy, Spain, the Netherlands, Saudi Arabia, the US, Canada, Australia, India, and China, have set ambitious targets for renewable energy deployment and EV chargers, signaling a global commitment to clean energy. As per projections from PTR Inc., there is an anticipated 60% rise in global renewable capacity during the five-year span from 2018 to 2022, in contrast to the period from 2023 to 2027. Simultaneously, the worldwide electric vehicle market is poised for growth, with a projected Compound Annual Growth Rate (CAGR) of 20% from 2022 to 2030. Despite these efforts, challenges such as cybersecurity, workforce training, and costs pose barriers to the full adoption of digital technologies in electricity grids, emphasizing the need to address these bottlenecks for comprehensive digitalization.
Follow this link to learn more: Overcoming Bottlenecks in Digitalization for Renewable Energy and EV Charging Infrastructure
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