Smart Power Distribution System Industry - Trends, Region, Share, Growth and Industry Forecast to 2023
The worldwide energy crunch and power crises due to the depletion of fossil fuels is creating the necessity and thus, the market for the smart systems whose implementation to control the transmission and distribution of power. Market Research Future (MRFR) has published a research report about the global smart power distribution system market that enumerates hike for this market at 14% CAGR (Compound Annual Growth Rate) between 2018 and 2023. By value, the market has been figured to be worth the US $ 43.58 bn by the end of the forecast period.
The major factor enhancing the global smart power distribution system market growth is increasing demand for smart systems for better power distribution. Other factors supporting the market growth include awareness among consumers into adopting measures to reduce the carbon footprint, developments in grid infrastructure, inclination towards renewable energy sources, and increasing consumer approval for smart meters. Advances in automation and temperate climatic conditions experienced by countries like Japan and the USA can create opportunities for market growth.
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The global smart power distribution system market can be segmented on the basis of application, components, and lastly, region. The application-based segmentation segments this market into commercial areas, industrial areas, and residential areas. Commercial areas are places where businesses and retail stores are located. Industrial areas are areas where factories and manufacturing units are located. Residential areas are areas where residential premises are located.
Based on components, the market has been segmented into hardware, software, and services. Hardware has been sub-segmented into advanced metering infrastructure (AMI) meters, the programmable logic controller (PLC), protection & control relays, sensors, and others. The software has been sub-segmented into advanced metering infrastructure, billing information system, smart grid communication, smart grid distribution & management, substation automation, and others. Services have been sub-segmented into consultant, deployment & integration, and maintenance.
During the forecast period, Europe is expected to grow as a market due to government-endorsed sustainability goals by European countries to reduce their carbon footprint on a mass scale, demand for smart systems to monitor electricity usage, and policies outlining the replacement of legacy power grids. In this region, the priority country-specific markets are Germany, France, and the UK.
The regional segmentation of the global smart power distribution system market segments the market into the regional markets namely Asia Pacific, North America, Europe, and the rest of the world (RoW). North America is expected to dominate the global Smart Power Distribution System Industry throughout the forecast period due to technological advancement, availability of grid automation solutions, government initiatives to encourage the production as well as use of clean energy, investments in renewable energy sources, the presence of many key market players, and the rapid adoption of the latest technologies to tackle power outage situations. The North American market centers around the USA, Canada, and Mexico.
During the forecast period, the Asia Pacific region can be an important market due to growing industrialization, increasing urbanization, and steady technological advancement. In this region, the major country-specific markets are China, and Japan, followed by the remaining countries of the Asia Pacific region.
The RoW segment covers the Middle East & Africa (MEA) and many Latin countries. In the MEA region, the market is limited due to poor countries, lack of infrastructure, lack of awareness, lack of advanced facilities, lack of skilled professionals, and lack of education. The market comprising of Latin countries is small because the availability of advanced technology is limited in this region. Argentina and Brazil are two strong economies that have the potential to rise as lucrative markets in the future.
The key players in the global smart power distribution system market include ABB Ltd. (Switzerland), Aclara Technologies LLC (USA), Eaton Corporation (Ireland), General Electric Company (USA), Honeywell International Inc. (USA), Itron Inc. (USA), Oracle Corporation (USA), Schneider Electric SE (France), Siemens AG (Germany), and Tech Mahindra (India).
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