Press release
Electric Power Distribution Automation Systems Market 2024 - Share, Ongoing Trends, Size, Growth Rate And Key Players
Electric Power Distribution Automation Systems Market
Electric Power Distribution Automation Systems Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $34.79 Bn In 2028 At A CAGR Of 6.6% :
The electric power distribution automation systems market size has grown strongly in recent years. It will grow from $24.95 billion in 2023 to $26.93 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to increasing demand for electricity, growing complexity of power distribution networks, rising concern for reliability and resilience, regulatory mandates for grid modernization, cost pressures on utilities.
The electric power distribution automation systems market size is expected to see strong growth in the next few years. It will grow to $34.79 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to implementation of IoT (Internet of Things) in power distribution, focus on grid optimization and efficiency, demand for real-time monitoring and control, emergence of advanced metering infrastructure (AMI), rise of smart grid technologies. Major trends in the forecast period include transition towards decentralized energy systems, rise of microgrids and virtual power plants, growth of demand response programs, expansion of predictive maintenance strategies, adoption of artificial intelligence and machine learning in grid operations.
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Electric Power Distribution Automation Systems Market Major Segments
The electric power distribution automation systems market covered in this report is segmented -
1) By Component: Field Devices, Software, Services, Communication Technology
2) By Implementation: Substation Automation, Feeder Automation, Consumer Side Automation
3) By Application: Industrial, Commercial, Residential
Key Driver - Smart Grids Fueling Electric Power Distribution Automation Systems Market Growth
The rising adoption of smart grids is expected to propel the growth of the electric power distribution automation systems market going forward. A smart grid refers to an advanced electrical grid system that integrates modern communication, sensing, control, and information technologies to optimize the generation, transmission, distribution, and consumption of electricity. Smart grids facilitate better management of energy resources, optimizing the generation, distribution, and consumption of electricity. This leads to reduced energy losses during transmission and distribution. Electric power distribution automation systems enable real-time monitoring of smart grid that focuses on automating various distribution grid functions, such as fault detection, isolation, and restoration and improving the overall efficiency of the grid. For instance, in October 2023, according to data published by the U.S. Energy Information Administration (EIA), a US-based government agency, electric utilities in the United States had approximately 119 million smart or advanced metering infrastructure (AMI) installations in 2022, constituting 72% of total electric meters, compared to 118.7 million in 2021. Therefore, the rising adoption of smart grids is driving the growth of the electric power distribution automation systems market.
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Prominent Trend - Unveiling The Technological Advancements In Electric Power Distribution Automation Systems Market
Major companies operating in the electric power distribution automation systems market are increasing their focus on developing advanced solutions or products, such as new all-in-one protection relays, to gain a competitive edge in the market. The new comprehensive and integrated device is designed to monitor, control, and safeguard electrical systems with advanced features for enhanced efficiency and reliability. For instance, in May 2021, ABB Ltd., a Switzerland-based engineering company, launched the REX610, an all-in-one protection relay. This product, with its innovative simplicity and modular scalability, offers a unique solution for protecting grids, industrial processes, and personnel, boasting extensive default communication options and a withdrawal plug-in unit for swift installation and maintenance. This technological advancement significantly impacts the electric power distribution automation systems market by providing a future-proof, cost-effective choice for basic power distribution applications and meeting the increasing demand for reliable electricity amidst the transition towards smarter grids.
Electric Power Distribution Automation Systems Market Players
Major companies operating in the electric power distribution automation systems market are Hitachi Ltd., Siemens AG, General Electric Company, Oracle Corporation, Mitsubishi Electric Corporation, Schneider Electric SE, Honeywell International Inc., ABB Ltd., Eaton Corporation PLC, Infineon Technologies AG, Hubbell Power Systems Inc (Hubbell Incorporated), Itron Inc., Landis+Gyr, NARI Group Corporation, Integrated Electronic Systems, Ingeteam, Schweitzer Engineering Laboratories Inc., S&C Electric Company, Elster Solutions, Beijing SOJO Electric, Beijing Creative Distribution Automation, G&W Electric Company, Trilliant Holdings Inc., Kalki Communication Technologies Private Limited, Iskraemeco, Minsait ACS Inc., Gram Power, Xuji Electric (XJ Group Corporation), Qualus, ZIV Automation UK Ltd.
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Largest And Fastest Growing Region In The Market
North America was the largest region in the electric power distribution automation systems market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the electric power distribution automation systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Electric Power Distribution Automation Systems Market Report Structure
3. Electric Power Distribution Automation Systems Market Trends And Strategies
4. Electric Power Distribution Automation Systems Market - Macro Economic Scenario
5. Electric Power Distribution Automation Systems Market Size And Growth
…..
27. Electric Power Distribution Automation Systems Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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