The global smart grid market is expected to reach $23.8 billion in 2018

Global market research institute Markets and Markets recently released a report that the global smart grid market size is expected to increase from $23.
8 billion in 2018 to $61.
3 billion in 2023, with a compound annual growth rate (CAGR) of 20.
9%
during the forecast period.

According to the report, the adoption of smart grid solutions is being driven by increased government policy support and statutory mandates, increased awareness of carbon footprint, modernization of aging grid infrastructure, and improved grid reliability and effective outage response
.
At the same time, the smart grid market is expected to witness rapid growth
during the forecast period, with the increasing number of smart city smart grid solutions.

The smart grid distribution management segment is expected to maintain the highest market share
during the forecast period.
Smart grid distribution management is a software platform that integrates supervisory control and data acquisition (SCADA), energy management system (EMS), distribution management system (DMS), demand response (DR) management and distributed energy management (DERM) real-time energy distribution management and optimization
.

The Deployment and Integration Services segment is expected to grow
at the highest CAGR during the forecast period.
Deployment and integration services help reduce deployment and integration time
.
These services are critical
to developing end-to-end smart grid solutions for the energy sector.
The increasing need to upgrade legacy smart grid systems to support various smart cities and smart grids is increasing the growth
of the deployment and integration services segment in the smart grid market.

Regionally, North America will contribute the highest market share, while the Middle East and Africa (MEA) will grow
at the highest CAGR during the forecast period.
North America is extremely sensitive to the adoption of the latest technological advancements, such as Advanced Metering Infrastructure (AMI), Smart Grid Distribution Management, Smart Grid, and Substation Automation
.
The major factors driving the development of the region are the massive investments in smart grid and smart city projects, as well as the need for
better smart grids and control mechanisms.

The Middle East and Africa region is in its early stages of growth
.
However, this region will be the fastest growing region
in the global smart grid market.
The region has a large repository
of conventional and renewable energy.
The high adoption of solutions to minimize outages and revenue losses, and provide better smart grid and control, has led to a broader demand
for smart grid solutions in the Middle East and Africa region.

From the perspective of enterprises, the main suppliers of global smart grids are General Electric (US), ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Itron (US), Landis + Gir (Switzerland), Aclara (US), Cisco (US), OSI (US), IBM (US), Wipro (India), Honeywell (US), Oracle (US), S&C Electric Company (US), Eaton (Ireland), Kamstrup (Denmark), Trilliant Holdings (USA), Globema (Poland), Tech Mahindra (India), Enel X North America (US), eSmart Systems (Norway), Tanatalus (US), EsyaSoft (India), Grid4C (US) and C3 Energy (US).