The rising energy crunch on account of the exhaustion of fossil fuels is likely to conclude in the incorporation of smart systems to regulate the distribution and transmission of power. The worldwide smart power distribution system market is estimated to develop in size at a CAGR of 14% from the estimation period 2018 to 2023, asserts Market Research Future (MRFR) in its research. This is further enabled by supportive government norms mandating the manufacturing of smart grids and other equipment.
Expansion in grid infrastructure, predisposition towards renewable energy sources, and cognizance among customers into adopting steps to curtail the carbon footprint are other aspects which can affect the market development. Recently, Siemens Limited entered into an MoU arrangement with NTPC Ltd., India’s renowned power utility firm, to evaluate, identify, and set up reference cases of hydrogen collaborating sectors for different downstream and upstream applications. The collaboration is directed at expanding innovative technologies, techniques, and solutions to curb the dependency on hydrocarbons in India. Boosting consumer endorsement for smart meters in lieu of improvement of cities is likely to propel the smart power distribution system market to attain USD 43.58 bn till 2023. Progressions in automation collectively with temperate climatic conditions faced by economies such as the U.S. and Japan can open up avenues for market growth in the forthcoming years.
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The smart power distribution system market is bifurcated on the basis of application and component. Based on component, the market is composed of software, services, and hardware. The software segment is ruling owing to the simplicity it extends to utilities in distributing and managing power. Grid innovation tactics by different economies to cater to the burgeoning energy demand of users is expected to enable the segment’s development by the conclusion of 2023. But the services segment is hyped to be the swiftest developing on account of the incorporation of distributed energy resources (DER) in grids to deal with sudden outage. Additionally, rapid automation and industrialization of systems are forces estimated to boost this segment’s development till the conclusion of the estimation period. This can be ascribed to the software being able to detect errors in systems as well as alert the administration on future maintenance checks. According to application, the smart power distribution system market consists of commercial, residential, and industrial. Likewise, industrial is presently leading the smart power distribution systems market and is projected to reign till 2023. Although commercial segment is portrayed to expand at the fastest pace on account of the bourgeoning construction of restaurants and malls which consume power at a large scale.
Region wise, Smart Power Distribution System Market Covid 19 has been studied across Asia Pacific (APAC), North America, Europe, and Rest-of-the-World (RoW). North America is presently ruling the market on account of the grid automation solutions and the prevalence of different providers. Moreover, the ecological threats faced by the economies in the region is estimated to boost market demand throughout the estimation period. Outlays in renewable energy sources such as wind and water are likely to boost the smart power distribution systems market throughout the estimation period. The Europe market is projected to be promising for the worldwide market owing to sustainable objectives by economies in the European Union as well as personal pledges to curb their carbon footprints. Policies defining the need for smart systems to track electricity application is estimated to be gainful for the smart power distribution system market region wise.
Renowned players in the smart power distribution system market encompass ABB Ltd. (Switzerland), Eaton Corporation (Ireland), Siemens AG (Germany), Oracle Corporation (U.S.), Schneider Electric SE (France), Itron, Inc. (U.S.), Tech Mahindra (India), Aclara Technologies LLC (U.S.), General Electric Company (U.S.), Honeywell International Inc. (U.S.), and others.
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