Smart Power Distribution Systems Market – Global Industry Analysis and Forecast (2023-2029) by Type, Application and Region

Smart Power Distribution Systems Market reached a value of US$ 38.20 Bn. in 2022. Global Smart Power Distribution Systems Market size is estimated to grow at a CAGR of 13.95%.
Smart Power Distribution Systems Market Overview:
A safe, efficient, and sustainable Smart Power Distribution system is required in all sectors, which makes buildings, infrastructure facilities, and industrial companies functional in the first place optimizes their availability and asset use and ensures that they respond quickly to new demands. Smart power distribution utilizes cutting-edge methods and solutions to maintain operational transparency, monitoring, and optimization. Smart power distribution delivers regular and actual information for each PDC module in the system, allowing it to give the appropriate power for each function. It also provides an alarm about probable risk factors or system failures using feedback from its protective or supervisory circuitry. High-tech switchgear meets the most stringent requirements and expectations and is constructed from eco-friendly materials that emit minimal CO2.

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2022 is considered as a base year to forecast the market from 2023 to 2029. 2022’s market size is estimated on real numbers and outputs of the key players and major players across the globe. Past five years' trends are considered while forecasting the market through 2029. 2021 is a year of exception and analyzed especially with the impact of lockdown by region.
Smart Power Distribution Systems Market Dynamics:
Extreme weather, hacking, and power network variations can all affect the power supply system or lead it to fail completely. The Smart power distribution safeguards the flexibility and continuity of operations, by having smart, integrated, and edge power solutions that fit the particular requirements of each location. These factors are increasing product demand across the globe.

IoT-capable platform provides smart power distribution, which focuses on a bidirectional data flow. The accurate collecting, presentation, and analysis of data using cloud-based, automated telemonitoring systems allow plant operators to respond proactively to concerns. They may properly coordinate all systems and services with each other using digital twins of automation and power systems to prevent errors and reduce design, construction, and maintenance costs on a long-term basis.

Government initiatives to build smart cities have the potential to substantially increase market demand across the globe. The use of energy-efficient lighting and further growth in countries are expected to increase the need for the system. The rapid urbanization and the transformation of cities into smart cities are driving the smart power distribution systems market growth. In addition, the growing adoption of the internet of things (IoT), 5G, and analytics are expected to create new opportunities for the smart power distribution systems market.

The high costs of producing efficient power distribution systems are primarily expected to hamper smart power distribution systems market growth across the globe. New startups who lack the financial resources to invest in these systems are expected to opt for less expensive, lower-quality alternatives, which in turn restrain the smart power distribution systems market. The lack of raw materials across the developing countries is also expected to reduce the market growth. Nonetheless, numerous companies are expected to provide a variety of cost-effective distribution technologies, which is expected to fuel the smart power distribution systems market growth during the forecast period.
Smart Power Distribution Systems Market Segment Analysis:
Based on the Hardware, the Smart Power Distribution Systems Market is segmented into Sensors, AMI Meters, Programmable Logic Controller (PLC), and Protection and Control Relays. The AMI Meters segment held the largest market share, accounting for 34.7% in 2021. The segment growth is attributed to the growing adoption of AMI meters to increase operational efficacies and customer services. The growing installation of AMI meters among major companies to generate more progressively accurate bills and wirelessly convey actual energy usage to consumers is driving the smart power distribution systems market for this segment.

Based on the Software, the Smart Power Distribution Systems Market is segmented into Advanced Metering Infrastructure, Smart Grid Communication, Smart Grid Distribution and Management, Substation Automation, Billing Information System, and Others. The Advanced Metering Infrastructure segment held the largest market share, accounting for 32.9% in 2021. The increasing use of complex automated software to handle rising power consumption, power outages, fault detection, and power theft has increased the use of advanced metering infrastructure. Software aids to minimize total manufacturing costs by eliminating human errors. Several countries across the globe are focusing on emergent and refining grid infrastructure, including advanced metering, substation automation, distribution on automation, ubiquitous communications networks, microgrids, and DER integration, which are expected to fuel the smart power distribution systems market growth during the forecast period for this segment.
Smart Power Distribution Systems Market Regional Insights:
North America region held the largest market share accounted for 38% in 2021. The region’s growth is attributed to the growing investments in the transformation of infrastructure and technological advances in lighting in the region. Smart light applications in the automotive sector, commercial buildings, and public areas, along with the presence of important players, are expected to drive regional market growth during the forecast period. Europe region is expected to witness significant growth at a CAGR of xx% during the forecast period. The region's growth is attributed to the growing adoption of the connected lighting system in the region. Government initiatives to provide LED lights at subsidized costs, along with growing investment in smart city projects, are expected to fuel the smart power distribution systems market growth during the forecast period.

The objective of the report is to present a comprehensive analysis of the Smart Power Distribution Systems Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Smart Power Distribution Systems Market dynamic, structure by analyzing the market segments and projecting the Smart Power Distribution Systems Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Smart Power Distribution Systems Market make the report investor’s guide.
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Smart Power Distribution Systems Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US $ 38.20 Bn.


Forecast Period 2023 to 2029 CAGR:
13.95%
Market Size in 2029:
US $ 95.31 Bn.


 Segments Covered:
by Hardware
• Sensors
• AMI Meters
• Programmable Logic Controller (PLC)
• Protection and Control Relays


by Software
• Advanced Metering Infrastructure
• Smart Grid Communication
• Smart Grid Distribution And Management


by Application
• Industrial
• Commercial
• Residential


by Services
• Deployment and Integration
• Consultant
• Maintenance



Smart Power Distribution Systems Market, by Region
• North America (United States, Canada and Mexico)
• Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
• Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
• Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
• South America (Brazil, Argentina Rest of South America)
Smart Power Distribution Systems Market Key Players:
• Cisco Systems Inc
• General Electric Company
• ABB Ltd
• Schneider Electric SE
• Siemens AG
• Landis+Gyr AG
• Itron Inc
• Oracle Corporation
• Eaton Corporation
• Aclara Technologies LLC
• Tech Mahindra
• Honeywell International Inc.
• Eaton Corporation PLC
• Tech Mahindra (India)
• Firecomms

Frequently Asked Questions:

1. Which region has the largest share in Global Smart Power Distribution Systems Market?
Ans: North America region held the highest share in 2022.

2. What is the growth rate of Global Smart Power Distribution Systems Market?
Ans: The Global Smart Power Distribution Systems Market is expected to grow at a CAGR of 13.95% during forecasting period 2023-2029.

3. What is scope of the Global Smart Power Distribution Systems market report?
Ans: Global Smart Power Distribution Systems Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Smart Power Distribution Systems market?
Ans: The important key players in the Global Smart Power Distribution Systems Market are – Cisco Systems Inc, General Electric Company, ABB Ltd, Schneider Electric SE, Siemens AG, Landis+Gyr AG, Itron Inc, Oracle Corporation, Eaton Corporation, Aclara Technologies LLC, Tech Mahindra, Honeywell International Inc., Eaton Corporation PLC, Tech Mahindra (India), and Firecomms.

5. What is the study period of this market?
Ans: The Global Smart Power Distribution Systems Market is studied from 2022 to 2029.