The smart power distribution systems market is driven by an increasing grid infrastructure development and efficient outrage response. Further, the improved grid reliability and increasing integration demand for renewable energy sources are also attracting consumers to the market. The increasing demand for capital savings in the operational expenditure (OpEx) and capital expenditure (CapEx) among utilities is boosting the adoption of products from the smart power distribution systems market.
Furthermore, there is a rapid increase in the customer demand for the network with high-speed trustworthy connectivity and mobility. It has further fueled the expansion of smart power distribution systems market. The automation technology profits and advancements in the networking industry are also boosting the smart power distribution systems market.
Advanced Metering Infrastructure Vertical to Serve Lucrative Opportunities in Smart Power Distribution Systems Market
The system resilience and reliability are transforming the manner of planning and operation of distribution systems. Presently, smart technologies and devices such as smart meters and RCSs (remote-controlled switches) are deployed in the industry. This smart distribution system may heal itself against any type of power outages. The traditional power distribution systems are transformed into smart distribution systems with higher automation levels. The smart power distribution systems market provides opportunities to distribution operators for optimization of system operation and control.
The AMI meters are adopted at a rising rate to increase consumer service and operational efficiencies in the industry. This adoption will further contribute as a major factor for advanced metering infrastructure vertical to hold a prominent share in the smart power distribution systems market globally. The utilities are installing AMI meters at an increased rate for the generation of more accurate bills. These meters wirelessly and automatically share actual energy consumption with the customers. It will boost the advanced metering segment in the smart power distribution systems market across different regions. Furthermore, the customers are also adopting different smart grid solutions from the smart power distribution systems market. These smart solutions enable automatic controlling of electrical appliances and help in the reduction of comprehensive electricity costs.
The software segment of the smart power distribution systems market is anticipated to dominate in the near future. The key reason for this dominance is the increasing implementation of different advanced automated software for the management of rising power consumption, power theft, fault detection, and power outages. This advanced software enables utilities for the reduction in comprehensive costs of production and eliminates chances of human errors. Different countries across the globe are putting efforts to develop and refine grid infrastructure, for example, DER integration, microgrids, ubiquitous communications networks, substation automation, automation distribution, and advanced metering. The industrial segment is also expecting significant growth with constant technological advancements and a large quantity of oil and gas industries in the market.
Some of the key players in the smart power distribution systems market include Cisco Systems Inc., Siemens AG, Itron Inc., Oracle Corporation, Schneider Electric SE, ABB Ltd., Aclara Technologies LLC, and Eaton Corporation. For the reduction of power outages in countries across the world, the companies are establishing partnerships to make these services accessible to individuals.
North America Anticipated to Continue to Share Major Portion in Market
The presence of many grid automation solution providers and increased technological advancements in North America are boosting the growth of regional smart power distribution systems market. Power grid services and solutions providers are collaborating with each other in the region. Further, regional utilities are investing a handsome amount in technological advancements for the improvement in smart power distribution services. These industry advancements contribute greatly to help North America secure a prominent position in the smart power distribution systems market. Further, Europe and Asia Pacific regions are also expected to show prominent expansion avenues in the smart power distribution systems market in the forthcoming years.
The smart power distribution systems market is segmented into the following sections:
- Smart Power Distribution Systems Market, by Component
- Advanced Metering Infrastructure
- Smart Grid Communication
- Smart Grid Distribution and Management
- Substation Automation
- Billing Information System
- AMI Meters
- Programmable Logic Controller (PLC)
- Protection and Control Relays
- Deployment and Integration
- Smart Power Distribution Systems Market, by Application
- Smart Power Distribution Systems Market, by Geography
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
- North America
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