According to new market research report "Smart Grid Market by Software (AMI, Smart Grid Distribution Management, Smart Grid Communication, Grid Asset Management, Substation Automation, and Billing and Customer Information System), Hardware, Service, and Region - Global Forecast to 2022", published by MarketsandMarkets™, the Smart Grid Market size is expected to grow from USD 20.83 Billion in 2017 to USD 50.65 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 19.4% during the forecast period.
The demand for Smart Grid Market is driven by government policies and legislative mandates, regional government initiatives for smart meter roll-outs, increasing demand for integration of renewable energy sources, and improved grid reliability and efficient outage response. With the increase in the deployment of smart grid solutions among the smart cities, the Smart Grid Market is expected to gain a major traction during the forecast period.
The smart grid software segment is expected to contribute the largest market share
The smart grid software segment is expected to hold the largest market share. The scope of the smart grid software covers Advance Metering Infrastructure (AMI), smart grid distribution management, smart grid communication, grid asset management, substation automation, and billing and customer information system. There have been tremendous revenue losses caused due to energy loss and theft, resulting in power outages, which has increased the need to manage and control energy generation, distribution, and transmission processes.
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