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

    The global smart grid market is expected to grow from $23.8 billion in 2018 to $61.3 billion in 2023, with a compound annual growth rate of 20.9% in the forecast period, according to a report released by the Global Market Research Institute.

    According to the report, the adoption of smart grid solutions is being promoted with increasing government policy support and statutory tasks, increasing awareness of carbon footprint, modernizing aging grid infrastructure, and improving grid reliability and effective outage response. At the same time, Smart City Smart Grid Solutions continue to increase, and the smart grid market is expected to usher in rapid growth in the forecast period.

    It is expected that the distribution management department of smart grid will maintain the highest market share during the forecast period. Distribution management of smart grid is a software platform, which integrates monitoring and data acquisition (SCAD), energy management system (EMS), distribution management system (DMS), demand response (DR) management and distributed energy management (DERM) for real-time energy distribution management and optimization.

    Deployment and integration services are expected to grow at the highest compound annual growth rate in the forecast period. Deployment and integration services help reduce deployment and integration time. These services are critical for developing end-to-end smart grid solutions for the energy sector. Upgrading traditional smart grid systems to support the growing demand for smart cities and smart grids has increased the growth of deployment and integrated services 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 compound annual growth rate in the forecast period. North America is extremely sensitive to the latest technological advances, such as advanced metering infrastructure (AMI), smart grid distribution management, smart grid and substation automation. The main factors driving the region's development are large-scale investment in smart grid and smart city projects, and the need for better smart grid and control mechanisms.

    The Middle East and Africa are at an early stage of growth. However, the region will be the fastest growing region in the global smart grid market. The region has a huge reservoir of conventional and renewable energy. Highly adopted solutions to minimize blackouts and revenue losses and to provide better smart grids and controls have led to wider demand for smart grid solutions in the Middle East and Africa.