Abstract
Abstract Against the backdrop of a global shift towards renewable energy sources (RES) and the increasing complexity of modern power grids, smart grids (SGs) emerge as a critical solution for enhancing efficiency, reliability, and sustainability. This paper reviews a total of 177 key references published between 2014 and 2024, providing a comprehensive analysis of the most recent advancements in SG technologies and their pivotal role in shaping the future of power systems. The research explores the multifaceted components of SGs, encompassing intelligent sensing, communication technologies, home energy management systems, demand-side management, smart metering, smart electric vehicle charging, smart lighting, the Internet of Things, and the integration of big data, while investigating their role in enhancing the power grid in a smart and digitally integrated manner. The paper also discusses the SG features that have developed and improved the transmission and distribution networks, as well as the ancillary services on a grid-scale introduced through digitization. In addition, the status of the investment in SG is highlighted. The electrification of the global economy, driven by the urgent need to integrate RES, prompted an 8% increase in electricity grid investment in 2022. Additionally, digital technology investments for the grid constituted 19% of the total grid investment in the same year. SGs stand at the forefront of this transformation, playing a central role in facilitating the integration of variable RES, implementing digital technologies, smart devices, and optimizing power systems for diverse sectors. Despite substantial progress, some challenges persist that need further attention to ensure the seamless integration of SG technologies. The findings underscore the pivotal role of SGs in enhancing energy efficiency, effectively managing distributed energy resources, and strengthening the resilience of power systems. In conclusion, the recent advancements in SGs mark a transformative era for the power sector. However, to fully unlock their potential, it is essential to address the key challenges that hinder their seamless integration. Accordingly, these challenges are outlined to guide future research in developing innovative solutions that further optimize and advance the capabilities of SGs.
Published Version
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