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.
The global smart power distribution system market can be segmented on the basis of application, components, and lastly, region. The application-based segmentation segments this market into commercial areas, industrial areas, and residential areas. Commercial areas are places where businesses and retail stores are located. Industrial areas are areas where factories and manufacturing units are located. Residential areas are areas where residential premises are located.
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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 2018 and 2023. By value, the market has been figured to be worth the US $ 43.58 bn by the end of the forecast period.
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).
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.
The regional segmentation of the global smart power distribution system market segments the market into the regional markets namely Asia Pacific, North America, Europe, and the rest of the world (RoW). North America is expected to dominate the global market throughout the forecast period due to technological advancement, availability of grid automation solutions, government initiatives to encourage the production as well as use of clean energy, investments in renewable energy sources, the presence of many key market players, and the rapid adoption of the latest technologies to tackle power outage situations. The North American market centers around the USA, Canada, and Mexico.
During the forecast period, Europe is expected to grow as a market due to government-endorsed sustainability goals by European countries to reduce their carbon footprint on a mass scale, demand for smart systems to monitor electricity usage, and policies outlining the replacement of legacy power grids. In this region, the priority country-specific markets are Germany, France, and the UK.
During the forecast period, the Asia Pacific region can be an important smart power distribution system market due to growing industrialization, increasing urbanization, and steady technological advancement. In this region, the major country-specific markets are China, and Japan, followed by the remaining countries of the Asia Pacific region.
The RoW segment covers the Middle East & Africa (MEA) and many Latin countries. In the MEA region, the market is limited due to poor countries, lack of infrastructure, lack of awareness, lack of advanced facilities, lack of skilled professionals, and lack of education. The market comprising of Latin countries is small because the availability of advanced technology is limited in this region. Argentina and Brazil are two strong economies that have the potential to rise as lucrative markets in the future.
Latest Industry News:
Zola Electric has introduced a new smart storage system called Infinity power system in order to reduce dependence on diesel generators and eliminate power outages. 14 MAR 2019
A utility called Georgia Power in the USA has partnered with Georgia Tech in regarding pilot integration of a microgrid with the main grid in order to not only test the cost-effectiveness as well as benefits of microgrids but also to ensure the reliability of the energy distribution system. 14 MAR 2019
Table of Content:
1. Executive Summary
2. Scope of The Report
2.1. Market Definition
2.2. Scope of The Study
2.2.1. Research Objectives
2.2.2. Assumptions & Limitations
2.3. Markets Structure
3. Market Research Methodology
3.1. Research Process
3.2. Secondary Research
3.3. Primary Research
3.4. Forecast Model
4. Market Landscape
Continued. . .
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List of Tables:
Table1 Global Smart Power Distribution Market, By Country, 2018-2023
Table2 North America: Smart Power Distribution Market, By Country, 2018–2023
Table3 Europe: Smart Power Distribution Market, By Country, 2018–2023
Table4 Asia-Pacific: Smart Power Distribution Market, By Country, 2018–2023
Table5 Latin America: Smart Power Distribution Market, By Country, 2018–2023
Continued. . .
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