Smart Power Distribution Systems Market Expands with Rising Adoption of Next-gen Metering Infrastructure Globally, States TMR Study
ALBANY, New York, April 18, 2022 /PRNewswire/ —
- The smart power distribution systems market is projected to gain the valuation of over US$ 96.1 Bn by 2031
- Rising demand for renewable energy sources is bolstering the smart power distribution systems market
- Surge in IT spending in North America and Asia Pacific is fueling sales prospects in the regional markets
Transparency Market Research: The global smart power distribution systems market is prognosticated to register growth at a CAGR of 13.9% during the forecast period, from 2021 to 2031, as per a study by Transparency Market Research (TMR). Moreover, the market is estimated to surpass a valuation of US$ 96.1 Bn by 2031.
Advanced automated software are gaining traction globally, owing to their ability to allow utilities decrease production cost by avoiding human errors, notes a study on the smart power distribution systems market. Furthermore, there has been increase in the adoption of such software, as they help in many activities, including management of power outages, rising power consumption, power theft, and fault detections. As a result, the software segment is a leading position in the global smart power distribution systems market.
Several nations around the world are increasing their focus on developing and refining grid infrastructure. Hence, they are concentrating on advanced metering, distribution on automation, universal communications networks, substation automation, DER integration, and micro grids. Such efforts are boosting the growth prospects in the global smart power distribution systems market.
The smart power distribution systems market is prognosticated to gain sizable business opportunities in North America and Asia Pacific during the forecast period, owing to rise in IT expenditure and grid infrastructure development in these regions.
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Smart Power Distribution Systems Market: Key Findings
- Adoption of different smart grid solutions is increasing across the globe as the use of these solutions can help in gaining automatic control of varied electrical appliances. Moreover, these solutions also help in decreasing the overall electricity costs. These factors are contributing to the sales growth in the global smart power distribution systems market.
- AMI meters are being increasingly adopted across the world, as they help in boosting operational efficiencies as well as customer service, according to the TMR report on the smart power distribution systems market. Besides, these meters are installed by numerous utilities globally so as to gain more precise bills. Moreover, this also assists in automatic and wireless distribution of actual energy usage to the end-users. Hence, rise in adoption of advanced metering infrastructure is propelling the smart power distribution systems market.
- Major enterprises operating in the smart power distribution systems market are focusing on the development of cost-effective products in order to attract their customers. Hence, they are seen increasing investments in R&Ds. These efforts are likely to boost the growth of the global smart power distribution systems market.
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Smart Power Distribution Systems Market: Growth Boosters
- Demand for smart power distribution systems is increasing across the globe due to rise in use of a combination of renewable energy sources and growth &development in the grid infrastructure
- Owing to the efficient outage response and high grid reliability, the demand for smart power distribution systems is estimated to increase in the upcoming years
- Surge in the number of oil & gas activities globally and continuous technological advancements in the oil & gas industry are favoring the expansion of the global smart power distribution systems market
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Smart Power Distribution Systems Market: Key Players
Some of the key players profiled in the report are:
· Aclara Technologies LLC.
· ABB Ltd.
· Fuji Electric Co., Ltd
· Cisco Systems Inc., Eaton Corporation
· Honeywell International Inc.
· General Electric Company
· Schneider Electric SE
· Siemens AG
· Itron Inc.
· Landis+Gyr AG
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Smart Power Distribution Systems Market Segmentation
· North America
· Asia Pacific
· Middle East & Africa
· South America
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