The smart grid market size is projected 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%. Government policies and legislative mandates, regional government initiatives for smart meter roll-outs, increasing demand for integration of renewable energy sources, and improved grid reliability and efficient outage response are some of the factors driving the market.