Smart Power Distribution System Market Size, Share, Analysis and Forecast 2023
Posted by sneha patil on February 27th, 2021
MRFR asserts that the global smart power distribution system market 2020 size is expected to rise up to USD 43.58 billion till 2023. Moreover, the global smart power distribution system market is expected to expand in size at 14% CAGR from 2018 to 2023 (forecast period), as predicted by Market Research Future (MRFR).
Other factors that can affect Smart Power Distribution System Market growth are improvements in grid infrastructure, inclination towards renewable energy sources and knowledge among consumers to take steps to reduce the carbon footprint. Rising customer support for smart meters instead of developing cities is likely to spur market size for the smart power delivery network. Advancements in automation coupled with temperate climatic conditions faced by countries like Japan and the US may open up opportunities for market expansion in the years ahead. Integrating automation into industrial sectors to tackle power outage and optimize machine control via remote-controlled switches can augur well for the global market . The market is driven by expansions in grid infrastructure and governments' inclination to renewable energy sources. Governing mandates and policies that support the movement may well augur for the Smart Power Distribution System market.
The smart power distribution system market is segmented on the basis of the component and application.
Based on the component, the Smart Power Distribution System market comprises hardware, software, and services. Further, hardware is segmented into sensors, AMI meters, programmable logic controller (PLC), relays for protection and control, and others. Technology is segmented into advanced metering technology , smart grid communication, delivery and maintenance of smart grids, automation of substations, information system for billing, among others. Similarly, the Deployment & Integration, Maintenance, and Consultant services segment. The software segment dominates because of the ease in controlling and transmitting resources it provides utilities. Different economies' grid upgrade strategies to meet the increasing customer energy demand are likely to encourage the segment 's growth by 2023. But the distribution segment is said to be the fastest growing segment due to the introduction of distributed energy resources ( DER) into grids to battle unexpected outages. In addition , the rapid industrialization and automation of systems are expected factors that will further the growth of this segment till the end of the forecast period.
Large applications to the industry include retail , commercial and residential applications. The industrial segment currently dominates the market for smart power distribution systems, and will continue to reign until 2023. Though commercial activity is known to rise the fastest due to the mushrooming of malls and restaurants that consume large-scale electricity.
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The smart power distribution system market geographically encompasses the current developments across four major regions – North America , Europe , Asia Pacific (APAC), and Rest of the World (RoW).
North America is predicted among regions to dominate the market until the end of the forecast period. Thanks to grid automation technologies and the presence of multiple suppliers, North America is currently leading the market. This can be attributed to countries that adopt the latest technologies for dealing with situations of power outages. In addition, the environmental challenges the countries in the region are facing are expected to boost market demand over the review period. Investments in renewable energy sources like water and wind will probably bode well over the assessment period for the market for smart power distribution systems.
On the other hand, Europe is promised to grow rapidly due to sustainability goals in order to reduce its carbon footprint on a mass scale. Policies detailing the replacement of legacy power grids and the need for smart systems to track electricity usage are expected to be competitive for the regional market for smart power delivery systems.
ABB Ltd. (Switzerland), General Electric Company (U.S.), Siemens AG (Germany), Schneider Electric SE (France), Honeywell International Inc. (U.S.), Aclara Technologies LLC (U.S.), Tech Mahindra (India), Oracle Corporation (U.S.), Itron, Inc. (U.S.), Eaton Corporation (Ireland),and others are the Prominent players profiled in a market report for the smart power distribution system. The report will highlight strategies they employ to stay ahead in the race coupled with the latest developments.
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About the Authorsneha patil
Joined: December 28th, 2020
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