The smart grid market has experienced rapid, double-digit growth over the last five years. Its robust momentum is expected to grow globally to approximately $57 billion by 2016 with a compound annual growth rate (CAGR) of 13 percent over the next five years, according to an analysis by Lucintel. Renewables and their integration into the grid is a major smart grid driver. Meter digitization, smart meter distribution, rising electricity generation costs, government incentives for green energy and transmission facility development also drive the market.