The report of Smart Power Distribution Systems market by Software (Advanced Metering Infrastructure, Smart Grid Communication, Smart Grid Distribution And Management, Substation Automation, Billing Information System), by Hardware (Sensors, AMI Meters, Programmable Logic Controller (PLC), Protection and Control Relays), by Service (Deployment and Integration, Consultant, and Maintenance), by Application (Industrial, Commercial, Residential), by Geography (North America, Europe, Asia Pacific, Middle East & Africa and South America) – is expected to reach us$ 65.11Bn by 2027, at a CAGR of 14.2% during a forecast period.
In recent year, developing lattice modernization for reliable and efficient power supply has increased the demand for smart power distribution solutions worldwide. Rising electricity consumption, decrease underway expense, and the potential to lower carbon emissions are some of the key factors driving massive global investment in the modernization of electricity infrastructure and the development of smart grid technologies. Reliable ascent in the utilization of power is the primary factor responsible for modernization of electric systems. Several countries across the globe are focusing on developing and refining grid architectures, including advanced metering, substation automation, distribute on automation, ubiquitous communications networks, micro grids, and DER integration, which is projected to boost the smart power distribution systems market.
The U.S. is focusing on upgrading its power network infrastructure significantly in upcoming years. The office of Electricity Delivery and Energy Reliability (OE), in the U.S., is working with private accomplices to enhance and strengthen the power infrastructure. Various market players are propelling different brilliant power conveyance answers for enhance the productivity of the generation and distribution of the power supply. The key trends prevalent in the smart power distribution systems market are investments in smart grid technology, increasing installation of smart meters, strategic partnerships, and implementation of AI.
North America and Europe dominates the largest market share during the forecast period.
North America is currently dominating the market owing to grid automation solutions and the presence of various providers in the market. Some environmental challenges faced by the countries in the region are expected to bolster market demand over the forecast period. Investments in renewable energy sources such as wind and water are likely to bode well for the smart power distribution systems market over the assessment period. In February 2017, the U.S. proposed grid infrastructure investment around US$ 1 trillion in order to improve the power distribution infrastructure and customer interaction such as home energy management systems and regular online interaction with their energy data. Thus market in North America is estimated to expand at a significant CAGR of around 15.2% during the forecast period. While European region is predicted to be lucrative for the global market owing to sustainable goals by countries in the European Union as well as personal pledges to reduce their carbon footprint. Policies outlining the replacement of legacy power grids and demand for smart systems to monitor electricity usage to boost profitable smart power distribution system market regionally. Also several utilities are collaborating with smart grid providers in order to deliver reliable, efficient, and affordable energy to consumers.
Adoption of smart power distribution solutions by various enterprises will fuel the commercial segment during the forecast period.
The advanced metering infrastructure segment is anticipated to expand at a significant CAGR of around 15% during forecast period. The smart grid distribution and management segment is anticipated to expand at a high CAGR during the forecast period. Various utilities are installing smart power distribution software in order to offer customers with enhanced quality of service and will improve operational efficiencies. The billing information system segment is projected to boost considerable CAGR during the forecast period owing to the increasing need to generate automated and more accurate energy estimation bills.
Software segment is dominated during forecasting period.
Among hardware, software, and services component, software segment is dominating owing to the ease that provides utilities in managing and distributing power. Grid Upgradation strategies by various economies to cater the growing energy demand for consumer is likely to facilitate the segment’s for growth forecasting period. While services segment is touted to be the fastest growing owing to the integration of distributed energy resources (DER) in grids to combat sudden outage. Furthermore, automation of systems and rapid industrialization are factors expected to further this segment’s growth till the end of the forecast period. This can be credited to the software able to detect faults in systems as well alert the management to grid the maintenance checks.
This report includes a study of marketing and development strategies, along with the Hardware portfolios of leading companies. It includes the profiles of leading manufacturers such as 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, and Honeywell International Inc.
Maximize market research, a global market research firm with a dedicated team of specialists and data has carried out extensive research about the Smart Power Distribution Systems market. Report encompasses the market by different segments and region, providing the in-depth analysis of the overall industry ecosystem, useful for making informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics, and future opportunities that might exist in the Smart Power Distribution Systems market. The driving forces, as well as considerable restraints, have been explained in depth. In addition to this, competitive landscape describing the strategic growth of the competitors have been taken into consideration for enhancing market know-how of our clients and at the same time explain Smart Power Distribution Systems market positioning of competitors.
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