iCrowd Newswire – Jul 23, 2020
The global market for smart power distribution system 2020 can expand at a rate of 14% CAGR from 2018 to 2023 (forecast period), asserts Market Research Future (MRFR). The market size is set to grow at USD 43.58 billion by 2023, adds MRFR.
Covid 19 Pandemic Outbreak on Smart Power Distribution System Market with Complete Table of Content and Free Sample at:
Top Drivers and Main Restraints:
Increasing grid modernization for efficient and reliable power supply has boosted the demand for smart power distribution solutions all over the world. Surging electricity consumption, decreasing production cost, and the ability to bring down carbon emissions are some factors that are leading to massive investment in the advancements in electricity infrastructure as well as the development of smart grid technologies.
A consistent increase in power consumption has led to growth in the modernization process of electric systems. Several countries are now highly focused on refining grid architectures, such as distribute on automation, advanced metering, ubiquitous communications networks, substation automation, DER integration, and microgrids, which can induce substantial market growth in the following years. At present, the United States (U.S.) is working on upgrading its power network infrastructure, which is bound to propel the market growth in the country during the review period.
A number of renowned players are coming up with several advanced smart power distribution solutions to elevate the efficiency of the generation as well as the distribution of the power supply. Some of the significant trends penetrating the smart power distribution systems market include the rising installation of smart meters, massive investments in smart grid technology, strategic marketing hacks, and the surging implementation of artificial intelligence (AI).
The worldwide market for smart power distribution systems has been segmented with respect to component and application.
The component-based market segments are software, services, and hardware. Hardware can be further segmented depending on AMI meters, sensors, protection, control relays, programmable logic controller (PLC), and others. Software can be considered for smart grid communication, billing information system, advanced metering infrastructure, substation automation, smart grid distribution and management, and others. Furthermore, the services segment comprises maintenance, consultant and deployment & integration.
Some of the major applications of the market are commercial, residential and industrial.
The latest trends across the smart power distribution system market have been studied across the regions of Europe, North America, Asia Pacific (APAC), and the Rest-of-the-World (RoW).
North America can expect to take the lead in the global market during the appraisal period, thanks to the increasing adoption of the latest technologies that help handle power outage situations. Numerous manufacturers are attempting to gain a better position in the market, by offering technologically advanced solutions, given the increasing use of smart power distribution systems. Various utilities in the U.S. are striving to balance the industry as well as residential power supply and demand.
Europe is believed to be expanding at a significant pace and can acquire a solid position in the global market over the coming years. Various collaborations between smart grid providers have been noted in the region, who are striving to offer reliable, affordable AND efficient energy to their consumers. The regional market can also benefit from the sustainability goals aimed at bringing down its carbon footprint on a large scale.
Increasing technological innovations along with the rising adoption of smart grid solutions to curb power outages as well as power theft can induce the growth of the smart power distribution architecture in APAC during the conjectured timeframe.
General Electric Company (U.S.), ABB Ltd. (Switzerland), Siemens AG (Germany), Schneider Electric SE (France), Aclara Technologies LLC (U.S.), Honeywell International Inc. (U.S.), Tech Mahindra (India), Oracle Corporation (U.S.), Eaton Corporation (Ireland), Itron, Inc. (U.S.), and others are the prominent companies profiled in the MRFR report.
These players are continually employing strategies to get ahead of their rivals, such as mergers and acquisitions, partnerships, and collaborations.
To illustrate, in January 2020, Aclara, a prominent supplier of smart infrastructure solutions (SIS) to gas, water, and electric utilities, launched a partnership ecosystem for distribution automation (DA). This rich ecosystem offers tightly integrated assets as well as systems that help utilities optimize technology, facilitates reduced operational costs and also support consumers who desire to curb energy use, bring down the costs and also decrease the impact on the environment.
Browse More Details on Report at:
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients.
+1 646 845 9312
Email: [email protected]
+1 628 258 0071
Keywords: Smart Power Distribution System Market, Smart Power Distribution System Market Size, Smart Power Distribution System Market Share, Smart Power Distribution System, Smart Power Distribution System Industry, Covid-19 Smart Power Distribution System Market