The global smart power distribution systems market was valued around US$ 18,417 Mn in 2017 and is anticipated to expand at a stable CAGR of more than 14% during forecast period, according to a new report published by Transparency Market Research (TMR) titled “Smart Power Distribution Systems Market” – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026”. Increasing developments in grid infrastructure, rising demand for integration of renewable energy sources, improved grid reliability and efficient outage response have increased the penetration of smart power distribution systems globally.
Adoption of smart power distribution solution by utilities is increasing due to the rising need for savings in capital expenditure (CapEx) and operational expenditure (OpEx). The smart power distribution systems market in North America is expanding at a significant CAGR of more than 15% owing to numerous technological advancements, the presence of a large number of grid automation solution providers, and increasing investments in grid automation for reliable and efficient power supply.
Growing modernization of power distribution system to drive market
Growing grid modernization for reliable and efficient power supply has increased the demand for smart power distribution solutions worldwide. Rising electricity consumption, reduction in production cost, and the potential to lower carbon emissions are some of the key factors driving massive global investment in the modernization of electricity infrastructure and the development of smart grid technologies. Consistent rise in the consumption of power is the primary factor responsible for modernization of electric systems.
Several countries across the globe are focusing on developing and refining grid architectures, including advanced metering, distribute on automation, substation automation, ubiquitous communications networks, micro grids, and DER integration, which is expected to boost the smart power distribution systems market. The U.S. is focusing on upgrading its power network infrastructure significantly.
The office of Electricity Delivery and Energy Reliability (OE), in the U.S., is working with private partners to improve and strengthen the power infrastructure. Numerous market players are launching various smart power distribution solutions to amplify the efficiency of the generation and distribution of the power supply. The key trends prevalent in the smart power distribution systems market are increasing installation of smart meters, investments in smart grid technology, strategic partnerships, and implementation of AI.
Benefits provided by AMI meters to boost hardware segment
The hardware segment is further sub-segmented into sensors, AMI meters, programmable logic controller (PLC), protection and control relays, and others. The AMI meters segment is expected to continue to be the leading segment globally during the forecast period due to rising installation of smart meters in order to increase their operational efficiencies and customer service. Furthermore, a large number of utilities are rapidly installing AMI meters to generate more accurate bills and automatically and wirelessly send actual energy usage to the consumer.
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Rise in the adoption of smart power distribution solutions by various enterprises to fuel the commercial segment
In terms of application, the global smart power distribution systems market is divided into industrial, commercial, and residential. The commercial segment dominated the smart power distribution systems market in 2017. The trend is expected to continue during the forecast period. Expansion of the segment is attributed to the presence of a large number of enterprises.
Advanced Metering Infrastructure Segment to Remain Most Lucrative
The advanced metering infrastructure segment is expected to hold a major share of the global market, during the forecast period due to the rising adoption of AMI meters in order to increase operational efficiencies and customer service.
Furthermore, a large number of utilities are rapidly installing AMI meters in order to generate more accurate bills and automatically and wirelessly send actual energy usage to the consumer, which in turn has boosted the advanced metering infrastructure segment across different regions of the world. Consumers are rapidly adopting various smart grid solutions, as smart grid solutions allow electrical appliances to be automatically controlled and also reduce the overall cost of electricity.
The key players profiled in the global smart power distribution systems market include Cisco Systems Inc., General Electric Company, ABB Ltd., Siemens AG, Schneider Electric SE, Landis+Gyr AG, Itron Inc., Oracle Corporation, Eaton Corporation, Aclara Technologies LLC. Various players are establishing partnerships to provide various smart grid solutions on a large scale in order to reduce power outages across the world.