Smart Power Distribution System Market 2019 Leading Growth Drivers by 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 2019 and 2023. By value, the market has been figured to be worth the US $ 43.58 bn by the end of the forecast period.

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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.

Key Players

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).

Segmentation

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.

Regional Analysis

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.

Research Methodology

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.

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Global Smart Power Distribution System Market by Component

Hardware

• Sensors
• AMI Meters
• Programmable Logic Controller (PLC)
• Protection and Control Relays
• Others

Software

• Advanced Metering Infrastructure
• Smart Grid Communication
• Smart Grid Distribution and Management
• Substation Automation
• Billing Information System
• Others

Services

• Deployment and Integration
• Consultant
• Maintenance

Global Smart Power Distribution System Market by Application

• Industrial
• Commercial
• Residential

Global Smart Power Distribution System Market by Region

North America

• The U.S.
• Mexico
• Canada

Europe

• France
• Germany
• UK

Asia Pacific (APAC)

• China
• Japan
• Rest of APAC

Rest-of-the-World (RoW)

• Latin America
• The Middle East & Africa

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