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Electric Power Distribution Automation Systems Market: Major Trends Reshaping the Future of the Industry
Electric Power Distribution Automation Systems
What Will the Electric Power Distribution Automation Systems Industry Market Size Be by 2025?
Over the past few years, the market size for electric power distribution automation systems has seen a significant increase. The market, which is expected to be valued at $26.93 billion by the end of 2024, will escalate to reach an estimated $28.72 billion in 2025. This means a Compound Annual Growth Rate (CAGR) of 6.7%. Factors like increasing electricity demand, growing intricacy in power distribution networks, and a rise in concerns about reliability and resilience are some of the reasons behind this growth. Additionally, mandates from regulators for grid modernization and cost pressure on utilities have also contributed to the market expansion during the historic period.
What's the Long-Term Growth Forecast for the Electric Power Distribution Automation Systems Market Size Through 2029?
The market for electric power distribution automation systems is projected to experience significant expansion in the forthcoming years, with an estimated value of $36.26 billion in 2029 at a compound annual growth rate (CAGR) of 6.0%. The predicted growth during this period can be linked to the integration of IoT (Internet of Things) in power distribution, the concentration on grid optimization and efficiency, the requirement for real-time monitoring and control, and the emergence of advanced metering infrastructure (AMI) along with the increase of smart grid technologies. The major trends anticipated during this period comprise the shift towards decentralized energy systems, the emergence of microgrids and virtual power plants, the expansion of demand response programs, the adoption of predictive maintenance strategies, as well as the integration of artificial intelligence and machine learning in grid operations.
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What Are the Key Growth Drivers Fueling the Electric Power Distribution Automation Systems Market Expansion?
The anticipated surge in the use of smart grid systems is forecasted to unearth the potential of the electric power distribution automation systems market. A sophisticated electrical network, a smart grid deploys contemporary communication, control, information technologies, and sensing to enhance processes related to electricity generation, transmission, distribution, and consumption. These smart grids aid in managing energy resources more efficiently by optimizing the various electricity-related processes. This also lessens energy wastage during transmission and distribution stages. Electric power distribution automation systems provide real-time tracking of smart grids, concentrating on the automation of numerous functions of the distribution grid such as detection of faults, isolation, and restoration thereby boosting grid efficiency in general. For example, based on data from the U.S. Energy Information Administration (EIA), a governmental agency in the U.S, during October 2023, American electric utilities accounted for around 119 million smart or advanced metering infrastructure (AMI) installations in 2022. This represented 72% of all electric meters, a slight increase from 118.7 million in 2021. Therefore, the uptake of smart grids is indeed fueling growth in the electric power distribution automation systems market.
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What Are the Key Trends Driving Electric Power Distribution Automation Systems Market Growth?
The primary players in the early warning radar market are focusing their efforts on the creation of multi-purpose protection and control relays specifically suited for medium-voltage power distribution networks, the goal being to increase system reliability, advance protection against glitches, enhance grid management, and provide effective supervision and operation of electrical systems. Human Machine Interface (HMI), which is a cutting-edge system or interface enabling humans to interface with machines via graphics, touchscreens, and user-friendly controls, is key here. For instance, Hitachi Energy Ltd., located in Switzerland, rolled out the Relion REF650 in August 2024. The REF650, with its singular, flexible, scalable, modular design, is apt for long-term application. It introduces a new Human Machine Interface (HMI) featuring a touchscreen, which portrays machine condition and live voltage/current specs, thus offering operators interactive regulation. This relay is certified per the most recent industry norms (IEC 61850 Ed 2.1) and is compatible with PCM600 3.1, thereby ensuring interoperability amongst various manufacturers.
How Is the Electric Power Distribution Automation Systems Market Segmented?
The electric power distribution automation systemsmarket 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
Subsegments:
1) By Field Devices: Remote Terminal Units (RTUs), Intelligent Electronic Devices (IEDs), Circuit Breakers, Voltage Regulators, Capacitor Banks, Transformers, Protection Relays, Sensors (Temperature, Pressure, Flow)
2) By Software: SCADA (Supervisory Control and Data Acquisition) Systems, Distribution Management Systems (DMS), Energy Management Systems (EMS), Asset Management Software, Fault Detection, Isolation, And Service Restoration (FDIR) Software, Advanced Metering Infrastructure (AMI) Software, Analytics And Optimization Software
3) By Services: System Integration Services, Consulting Services, Maintenance And Support Services, Training Services
4) By Communication Technology: Wired Communication (Fiber Optics, Power Line Communication), Wireless Communication (Cellular, Satellite, Wi-Fi, Zigbee), Fiber Optic Communication, Radio Frequency (RF) Communication, Ethernet-Based Communication
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Which Companies Are Leading the Charge in Electric Power Distribution Automation Systems Market Innovation?
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.
Which Regions Are Leading the Global Electric Power Distribution Automation Systems Market in Revenue?
North America was the largest region in the electric power distribution automation systems market in 2024. 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.
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