Smart Power Distribution System Market Recent Trends, Industry Growth, Top Key Players Profiles 2027
Market Research Future published a research report on "Smart Power Distribution System Market Research Report - Global Forecast till 2027" – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2027.
Market Overview
MRFR asserts that the global smart power distribution system market 2020 size is expected to rise up to USD 43.58 billion till 2023. Moreover, the global smart power distribution system market is expected to expand in size at 14% CAGR from 2018 to 2023 (forecast period), as predicted by Market Research Future (MRFR).
Market Highlights
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.
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 Assessment
The smart power distribution system market geographically encompasses the current developments across four major regions – North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW).
North America is predicted among regions to dominate the market until the end of the forecast period. Thanks to grid automation technologies and the presence of multiple suppliers, North America is currently leading the market. This can be attributed to countries that adopt the latest technologies for dealing with situations of power outages. In addition, the environmental challenges the countries in the region are facing are expected to boost market demand over the review period. Investments in renewable energy sources like water and wind will probably bode well over the assessment period for the market for smart power distribution systems.
On the other hand, Europe is promised to grow rapidly due to sustainability goals in order to reduce its carbon footprint on a mass scale. Policies detailing the replacement of legacy power grids and the need for smart systems to track electricity usage are expected to be competitive for the regional market for smart power delivery systems.
Key Players
ABB Ltd. (Switzerland), General Electric Company (U.S.), Siemens AG (Germany), Schneider Electric SE (France), Honeywell International Inc. (U.S.), Aclara Technologies LLC (U.S.), Tech Mahindra (India), Oracle Corporation (U.S.), Itron, Inc. (U.S.), Eaton Corporation (Ireland),and others are the Prominent players profiled in a market report for the smart power distribution system. The report will highlight strategies they employ to stay ahead in the race coupled with the latest developments.
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