Open Access

ARTICLE

Market Drivers in India’s Smart Grid: Responsibilities and Roles of Stakeholders

Abhay Sanatan Satapathy¹, Suresh Kumar Sahoo¹, Asit Mohanty^2,3, Yasser Fouad⁴, Manzoore Elahi Mohammad Soudagar^5,6,7, Erdem Cuce^8,9,10,*
1 Faculty of Management Studies, Sri Sri University, Cuttack, 754006, India
2 Institute of Power Engineering, National Energy University, Jalan Ikram-Uniten, Kajang, Selangor, 43000, Malaysia
3 Centre of Research Impact and Outcome, Chitkara University, Rajpura, 140417, Punjab, India
4 Department of Applied Mechanical Engineering, College of Applied Engineering, Muzahimiyah Branch, King Saud University, Riyadh, 11421, Saudi Arabia
5 College of Engineering, Lishui University, Lishui, 323000, China
6 Department of Mechanical Engineering, Graphic Era (Deemed to be University), Dehradun, 248002, Uttarakhand, India
7 Department of Mechanical Engineering, Faculty of Engineering, University of Malaya, Kuala Lumpur, 50603, Malaysia
8 Department of Mechanical Engineering, Faculty of Engineering and Architecture, Recep Tayyip Erdogan University, Zihni Derin Campus, Rize, 53100, Turkey
9 Center for Research Impact & Outcome, Chitkara University, Rajpura, 140401, Punjab, India
10 University Centre for Research and Development, Chandigarh University, Mohali, 140413, Punjab, India
* Corresponding Author: Erdem Cuce. Email:

Energy Engineering https://doi.org/10.32604/ee.2024.055105

Received 17 June 2024; Accepted 21 October 2024; Published online 07 November 2024

Abstract

The emergence of smart grids in India is propelled by an intricate interaction of market dynamics, regulatory structures, and stakeholder obligations. This study analyzes the primary factors that are driving the widespread use of smart grid technologies and outlines the specific roles and obligations of different stakeholders, such as government entities, utility companies, technology suppliers, and consumers. Government activities and regulations are crucial in facilitating the implementation of smart grid technology by offering financial incentives, regulatory assistance, and strategic guidance. Utility firms have the responsibility of implementing and integrating smart grid infrastructure, with an emphasis on improving the dependability of the grid, minimizing losses in transmission and distribution, and integrating renewable energy sources. Technology companies offer the essential hardware and software solutions, which stimulate creativity and enhance efficiency. Consumers actively engage in the energy ecosystem by participating in demand response, implementing energy saving measures, and adopting distributed energy resources like solar panels and electric vehicles. This study examines the difficulties and possibilities in India's smart grid industry, highlighting the importance of cooperation among stakeholders to build a strong, effective, and environmentally friendly energy future.

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Keywords

Smart grid; stakeholders; smart grid technology; market drivers

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