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Recent innovations in the energy sector have resulted in the adoption of smart grids across many countries worldwide. As smart grids help in reducing transmission and distribution losses, they are being increasingly adopted, thus boosting the market. In addition to this, smart grids are being implemented to optimize the available energy resources and also improve the efficiency of power systems. Favorable policies and regulations are also encouraging the growth of smart grid market worldwide. However, the market is faced by a challenge in the form of absence of common interoperability standards.

It is estimated that Asia Pacific will offer lucrative opportunities for growth in the market in the coming years. The growing demand for reliable, secure, and quality power supply in the various countries of Asia Pacific will drive the market in the region. Some of the leading vendors operating in this market include: Schweitzer Engineering Laboratories, Inc., Itron, Landis+Gyr, Schneider Electric, GridPoint, Inc., Aclara, and Siemens.