The emerging energy crunch owing to the depletion of fossil fuels is expected to culminate in the implementation of smart systems to control the transmission and distribution of power. The global smart power distribution system market is expected to expand in size at 14% CAGR from 2018 to 2023 (forecast period), predicts Market Research Future (MRFR). This is further facilitated by supportive government policies mandating the construction of smart grids and other devices.
Developments in grid infrastructure, inclination towards renewable energy sources, and awareness among consumers into adopting measures to reduce the carbon footprint are other factors which can influence the market growth. Increasing consumer approval for smart meters in lieu of betterment of cities is likely to spur the smart power distribution system market size to USD 43.58 billion till 2023. Advances in automation coupled with temperate climatic conditions faced by countries such as Japan and the U.S. can open up opportunities for market expansion in the forthcoming years.
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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 prominent players profiled in the smart power distribution system market report. Strategies employed by them to stay ahead in the race coupled with the latest developments will be highlighted in the report.
The Smart Power Distribution System Market is segmented by component and application. By component, the market comprises hardware, software, and services. Hardware is further segmented into sensors, AMI meters, programmable logic controller (PLC), protection and control relays, and others. Software is segmented into advanced metering infrastructure, smart grid communication, smart grid distribution and management, substation automation, billing information system, and others. Similarly, the services segment encompasses deployment & integration, maintenance, and consultant. Major market applications include industrial, commercial, and residential.
Geographically, the smart power distribution system market covers the latest trends across four major regions – North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW). Among the regions, North America is forecasted to dominate the market till the end of the forecast period. This can be attributed to countries adopting the latest technologies to tackle power outage situations. Europe, on the other hand, is touted to grow at a rapid clip owing to sustainability goals to reduce their carbon footprint on a mass scale.
Market Research Future offers a comprehensive coverage of the smart power distribution system market. Our research model includes the in-depth study of every parameter that affects the smart power distribution system market which allows insight into the nuances of the market. Primary & secondary methods of data collection have been extensively utilized and include primary interviews as well as data from various credible sources. This data has been used to categorize it accordingly to various segments with respect to region. Accuracy is at the forefront of our underpinnings, which means we use both a top-down and bottom-up approach towards predicting market estimations and validations.
Global Smart Power Distribution System Market by Component
- AMI Meters
- Programmable Logic Controller (PLC)
- Protection and Control Relays
- Advanced Metering Infrastructure
- Smart Grid Communication
- Smart Grid Distribution and Management
- Substation Automation
- Billing Information System
- Deployment and Integration
Global Smart Power Distribution System Market by Application
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Global Smart Power Distribution System Market by Region
- The U.S.
Asia Pacific (APAC)
- Rest of APAC
- Latin America
- The Middle East & Africa
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