Smart Grid Growing: What You Need to Know

The demand for the smart grid is driven by government policies and legislative mandates, regional government initiatives for smart meter roll-outs, 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 market will gain major traction.

The smart-grid market is projected to grow from $20.83 billion in 2017 to $50.65 billion by 2022.

The smart-grid software segment is expected to hold the largest marketshare. There have been tremendous revenue losses due to energy loss and theft, resulting in power outages, which increased the need to manage and control energy generation, distribution, and transmission processes.

The deployment and integration services segment is expected to have the largest marketshare and projected to grow the most 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 market.

North America is expected to hold the largest market share and dominate the market. The region has been extremely responsive toward adopting the latest technological advancements.

As the hardware and construction solutions improve, along with the software for the smart grid, contractors will be able to help build smarter and more energy-efficient utilities.

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