Smart Power Distribution System Market 2018-2023 Key Findings, Regional Analysis, Key Players Profil
The global smart power distribution system market is poised to touch a valuation of USD 43.58 billion by 2023, according to Market Research Future (MRFR). It stood at USD 19.71 billion in 2017. The market is driven by developments in grid infrastructure and inclination of governments towards renewable sources of energy. Government mandates and policies supporting the movement can augur well for the market from 2018 to 2023 (forecast period).
Increasing consumer demand for uninterrupted power supply and high internet connectivity can spur the demand for smart power distribution systems. Integration of automation in industrial sectors to tackle power outage and optimize control of machines via remote-controlled switches can augur well for the global market. Development of smart cities can assist the smart power distribution system market to expand at a CAGR close to 14% over the forecast period. But high costs of installation can act as a market deterrent.
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Key Players
Prominent players in the smart power distribution system market include Eaton Corporation (Ireland), ABB Ltd. (Switzerland), Oracle Corporation (U.S.), Siemens AG (Germany), Itron, Inc. (U.S.), Schneider Electric SE (France), Aclara Technologies LLC (U.S.), Tech Mahindra (India), Honeywell International Inc. (U.S.), General Electric Company (U.S.), and others. These players are focusing on energy optimization technologies in light of depleting fossil fuels and the inclination towards smart energy management solutions by consumers. For instance, Siemens has introduced a bevy of offerings to manage energy supply in data centers, supermarkets, and shopping centers.
Segmentation
The smart power distribution system market can be segmented on the basis of component and application.
By component, the market is segmented into hardware, software, and services. The software segment is dominating owing to the ease it provides utilities in managing and distributing power. Grid upgradation strategies by various economies to cater to the growing energy demand of consumer is likely to facilitate the segment’s growth till 2023. But the 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, rapid industrialization and automation of systems 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 on upcoming maintenance checks.
By application, the smart power distribution system market comprises industrial, commercial, and residential. Similarly, industrial is currently dominating the smart power distribution systems market and will continue its reign till 2023. While commercial is touted to grow the fastest owing to the mushrooming of malls and restaurants which consume electricity at a large scale.
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Regional Analysis
Region-wise, the smart power distribution system market spans North America, Asia Pacific (APAC), Europe, and Rest-of-the-World (RoW).
North America is currently dominating the market owing to grid automation solutions and the presence of various providers. Furthermore, the environmental challenges faced by the countries in the region is expected to bolster market demand over the forecast period. Investments in renewable energy sources such as water and wind are likely to bode well for the smart power distribution systems market over the assessment period.
The 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 is expected to be profitable for the smart power distribution system market regionally.