Smart grid integrates and coordinates the flow of energy from generation, distribution, and transmission for the ease of utilities. It optimizes the energy daily, and also has facilities for managing power during incidents, events, and outages. Government policies and legislative mandates, and regional government initiatives for smart meter roll-outs under smart cities models are some of the driving factors for this market. The Smart Grid Market 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%.
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The smart grid software segment comprises Advance Metering Infrastructure (AMI), smart grid distribution management, smart grid communication, grid asset management, substation automation, and billing and customer information system. Smart grid communication software is expected to have the highest growth rate during the forecast period. The software enables networking abilities in electricity distribution system for improving operations, maintenance, and planning by enabling two-way communication between different components of the utility grid. Smart grid communication is an effective way to build intelligent utility grids, enabling two-way communication between different components involved in generation, transmission, and distribution. The networking hardware and software work together to form a mesh network, enabling a utility grid with intelligent features, such as substation automation, distribution automation, energy management, real-time control, self-healing, and increased reliability and security.

Smart grid sensors are expected to gain the highest traction in the smart grid market during the forecast period. Smart grid sensors are small, lightweight nodes that serve as a detection station in the network. Smart grid sensors enable the remote monitoring of equipment such as transformers and power lines and the management of energy resources in the smart grid. Smart grid sensors determine, monitor, and measure the voltage supply and return them into a readable format signal. These sensors also detect electric current (AC or DC) in a wire, and generate a signal proportional to it in a digital output. Smart grid sensors offer several advantages to utilities. They provide valuable data of energy transmission, which is maintained and utilized by the departments of utilities.
The deployment and integration services segment is 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-end AMI, smart grid distribution management, smart grid communication, grid asset management, and substation automation solutions for the smart grid market. 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.
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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, along with better smart grid and control, has led to a wider demand for smart grid solutions in the MEA region.
The major players in the smart grid market include General Electric Company (New York, US), ABB Ltd. (Zurich, Switzerland), Siemens AG (Munich, Germany), Schneider Electric SA (Rueil-Malmaison, France), Itron, Inc. (Washington, US), Landis+Gyr (Zug, Switzerland), Aclara Technologies LLC (Missouri, US), Cisco Systems, Inc. (California, US), Open Systems International, Inc. (Minnesota, US), IBM Corporation (New York, US), Wipro Ltd. (Karnataka, India), and Oracle Corporation (California, US). These players have adopted various growth strategies, such as new product launches, partnerships, agreements, mergers and acquisitions, and expansions. Product launches and acquisitions were the two major strategies adopted by these players to achieve a strong foothold in the smart grid market.