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Smart Power Distribution Systems Market Research Report – Segmented By Component (Hardware, Software and Services), By Application (Industrial, Commercial and Residential) and Region - Industry Forecast | 2023 to 2028

Published: March, 2023
ID: 11069
Pages: 150
Formats: report pdf report excel report power bi report ppt

Smart Power Distribution Systems Market Size (2023 - 2028):

The Global Smart Power Distribution Systems Market is set to reach a valuation of US$ 67.88 billion by 2028, up from US$30.89 billion in 2022, growing at a compound annual growth rate of (CAGR) 14.24% by 2023 - 2028.

The demand for intelligent power distribution systems is gaining momentum with the growing trend of automation around the world. Government initiatives for smart cities have resulted in the transformation of traditional distributed systems into smart electricity distribution systems. The deployment of remotely controlled switches and smart meters further fuels demand, driving the market growth. The adoption of smart devices and smart grids is expected to offer growth prospects for manufacturers in the near future. The market is driven by the evolving infrastructure network and the inclination of governments toward renewable energy sources. Government mandates and policies supporting the measure may bode well for the market from 2022 - 2027.

Market Trends:

Growing consumer demand for uninterrupted power supply and high internet connectivity can drive demand for smart power distribution systems. Integrating automation in industrial sectors to combat power outages and optimize machine control via remotely controlled switches may bode well for the global market. Smart city development can help the smart power distribution systems market grow at a CAGR of close to 14% during the forecast period.

Market Drivers:

The global smart power distribution systems market is expected to increase the need for savings in capital expenditures (CapEx) and operating expenses (OpEx) by adopting a smart power distribution solution. Growing consumer demand for high-speed data networks for reliable mobility and connectivity has driven the demand for smart power distribution system solutions. Many advancements in the grid industry and the various benefits provided by automation technologies are expected to drive the demand for smart power distribution system solutions. Growing consumer demand for uninterrupted power supply and high internet connectivity can drive demand for smart power distribution systems. Integrating automation in industrial sectors to combat power outages and optimize machine control via remotely controlled switches may bode well for the global market. Smart city development can help the smart power distribution systems market grow at a CAGR of close to 14% during the forecast period. The adoption of a smart power distribution solution by utilities is increasing due to the growing need for savings in capital expenditures (CapEx) and operating expenses (OpEx).

Market Restraints:

But high costs of installation can act as a market restraint, affecting the expansion in the following years.

Market Opportunities:

The smart power distribution systems market is expected to see massive growth during the forecast period due to drivers such as fossil fuel depletion and growing consumer awareness of carbon footprint reduction. Also, developments in the network infrastructure are expected to drive market growth. On the other hand, smart city initiatives in developing countries would present significant opportunities for the main active players in the smart power distribution systems market during the forecast period. Increasing consumer demand for high-speed data networks for reliable connectivity and mobility has driven the demand for smart power distribution system solutions. Many advancements in the grid industry and the various benefits provided by automation technologies are expected to drive the demand for smart power distribution system solutions.

SMART POWER DISTRIBUTION SYSTEMS MARKET REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2022 – 2028

Base Year

2022

Forecast Period

2022 - 2027

CAGR

14.24%

Segments Covered

By Component, Application, and Region.

 

Various Analyses Covered

Global, Regional and Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

 

 

Market Leaders Profiled

General Electric Company (U.S.), ABB Ltd. (Switzerland), Siemens AG (Germany), Schneider Electric SE (France), Aclara Technologies LLC (U.S.), Honeywell International Inc. (U.S.), Tech Mahindra (India), Oracle Corporation (U.S.), Eaton Corporation (Ireland), Itron, Inc. (U.S.) and Others.

 

Market Segmentation:

Smart Power Distribution Systems Market - By Component:

  • Hardware
  • Software
  • Services

The software segment dominates due to the ease with which it provides utilities to manage and distribute power. The grid upgrade strategies of various economies to meet growing consumer energy demand are likely to facilitate segment growth through 2023. However, the services segment is expected to experience the fastest growth due to resource integration Distributed Energy Systems (DER) to combat sudden blackouts. In addition, rapid industrialization and automation of systems are factors that can drive growth in this segment until the end of the forecast period. This can be attributed to software capable of detecting system failures and alerting management to upcoming maintenance checks.

Smart Power Distribution Systems Market - By Application:

  • Industrial
  • Commercial
  • Residential

In addition, the industry currently dominates the smart power distribution systems market and will continue its reign until 2023. While commerce is expected to grow faster due to the proliferation of shopping centres and restaurants that consume electricity on a large scale.

Market Regional Analysis:

The Smart Power Distribution Systems Market Report includes the segmentation of Regions:

  • North America 
  • Europe 
  • Asia Pacific
  • Latin America 
  • Middle East & Africa 

Geographically, North America had a large share of the global market in 2021 due to many technological advances and the presence of a large number of network automation solution providers in some regions. Power grid service and solution providers in North America collaborate with each other and aim to provide various advanced technology solutions to consumers due to the increase in energy use in these regions. In North America, a large number of utilities are increasingly investing in smart grid technologies to improve customer service and operational efficiency. North America is expected to dominate the market between regions until the end of the forecast period. With network automation technologies and the presence of multiple vendors, North America currently leads the market. This can be attributed to countries adopting the latest technology to deal with power outages. Furthermore, the environmental challenges facing the countries of the region are expected to drive market demand during the forecast period. Investments in renewable energy sources like water and wind are likely to bode well during the smart electricity distribution systems market assessment period.

On the other hand, Europe is promised rapid growth due to sustainability goals to reduce its carbon footprint on a large scale. Policies detailing the replacement of existing power grids and the need for smart systems to track electricity consumption are expected to be competitive in the regional market for smart power supply systems. North America currently dominates the market with network automation solutions and the presence of several vendors. In addition, the environmental challenges faced by the countries of the region are expected to support market demand during the forecast period. Investments in renewable energy sources such as water and wind are expected to bode well for the smart power distribution system market during the evaluation period.

Impact of COVID-19 on the Smart Power Distribution Systems Market:

India's electricity distribution sector is going through a period of turbulence due to large accumulated contributions payable to generators, liquidity problems due to restricted cash flow, uncertain revenues due to the closure of industrial and commercial operations, and low demand for energy in the area after the current blockade due to the coronavirus outbreak. However, the ongoing lockdown has had an impact on the financial health of the problems. India's daily electricity demand has decreased between 25% and 28% since the start of the national shutdown, mainly due to the closure of plants and offices in the commercial and industrial sectors. The uncovered price on the exchange during the foreclosure period has averaged around Rs 2.40 per unit, and the bargains on the exchange far exceed the demand.

Market Key Players:

Some of the key players operating in the global Smart Power Distribution System Market are

  1. General Electric Company (U.S.)
  2. ABB Ltd. (Switzerland)
  3. Siemens AG (Germany)
  4. Schneider Electric SE (France)
  5. Aclara Technologies LLC (U.S.)
  6. Honeywell International Inc. (U.S.)
  7. Tech Mahindra (India)
  8. Oracle Corporation (U.S.)
  9. Eaton Corporation (Ireland)
  10. Itron, Inc. (U.S.)

Market Recent Developments:

  • TPDDL launched an intelligent power distribution system and blackout management. The electricity distribution company TPDDL has launched an intelligent distribution and blackout management system in North and North West Delhi.
  • Innovation Center for smart grids launched by Iberdrola. Electrification in sectors such as transportation and the integration of more renewable energies require greater investments in distribution networks.

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