According to the 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.
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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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Deployment and integration services segment is expected to grow at the highest CAGR during the forecast period
The deployment and integration services segment is expected to have the largest market share and projected to grow at the highest CAGR during the forecast period. Deployment and integration services help in reducing the deployment and integration time. These services are crucial for developing end-to-smart grid solutions for the power and energy utilities. The increasing requirement for upgrading traditional smart grid systems to support various smart cities and smart grids drives the deployment and integration services segment in the smart grid market.
North America is expected to contribute the largest market share, whereas Middle East and Africa to grow at the highest CAGR during the forecast period
North America is expected to hold the largest market share and dominate the smart grid market from 2017 to 2022. The region has been extremely responsive toward adopting the latest technological advancements, such as AMI, smart grid distribution management, smart grid communication, and substation automation. The major growth drivers for this region are the large-scale investments in the smart grid and smart cities projects and the need for better smart grid and control mechanisms. The Middle East and Africa (MEA) region is in the initial growth phase; however, it is the fastest-growing region in the global smart grid market. The region has huge reservoirs of conventional and renewable energy sources. High adoption of solutions to minimize outages and revenue losses and better manage smart grids and controls has led to a wider demand for smart grid solutions in the MEA region.
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