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%.

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.

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.

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