Smart Power Distribution Systems Market to be Valued at USD 96.1 billion in 2031, with a 13.9% CAGR: TMR Report
Customers are progressively embracing numerous smart grid solutions because they allow electrical devices to be autonomously managed while also lowering total electricity costs.
Wilmington, Delaware, United States, Oct. 13, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The worldwide smart power distribution systems market is anticipated to develop at a CAGR of 13.9% between 2021 and 2031. The global smart power distribution systems market is estimated to exceed US$ 96.1 billion by the end of 2031.
The smart power distribution systems market is witnessing rapid evolution, transforming traditional grids into intelligent, efficient, and sustainable energy networks. These systems incorporate advanced technologies such as IoT sensors, automation, real-time data analytics, and smart meters, enabling utilities to monitor, control, and optimize power distribution more effectively.
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Key drivers of this market include the increasing demand for reliable and uninterrupted power supply, the integration of renewable energy sources, and the need to reduce carbon emissions.
Government initiatives promoting smart grid implementations and the global focus on clean energy are fueling market growth. Smart power distribution systems empower utilities and consumers alike by providing real-time insights into energy consumption patterns.
Artificial intelligence and predictive analytics enable utilities to predict and prevent grid failures, optimize energy distribution, and enhance overall grid stability. Integration of electric vehicle charging infrastructure and the rise of decentralized energy sources contribute to the market’s expansion.
As the world shifts toward sustainable energy solutions and smart cities, the smart power distribution systems market is expected to experience continuous growth, revolutionizing the way energy is generated, distributed, and consumed globally.
Key Takeaways from the Market Study
- The worldwide smart power distribution systems market was estimated to be worth US$ 23.8 billion in 2020.
- In 2020, Europe held a market share of 20%.
- The market in North America is estimated to rise at a CAGR of 14% until 2031.
- The market in Asia Pacific is assumed to expand at a CAGR of 12.8% until 2031.
- North America accounted for the highest share of 40% of the global smart power distribution systems market in 2020
Global Smart Power Distribution Systems Market- Key Drivers and Trends
- The global shift toward renewable energy sources, such as solar and wind, drives the adoption of smart power distribution systems. These systems enable efficient integration of intermittent renewable sources into the grid, ensuring stability and optimal energy utilization.
- Aging grid infrastructure in many regions necessitates modernization efforts. Smart power distribution systems, equipped with advanced sensors, automation, and real-time monitoring capabilities, are crucial for upgrading grids to handle increased loads, improve reliability, and reduce losses.
- Smart power distribution systems enable real-time monitoring of energy consumption patterns. Utilities and consumers can use this data to optimize energy usage, implement demand response strategies, and reduce overall electricity consumption, promoting energy efficiency and sustainability.
- Smart grids enhance grid resilience against natural disasters and cyber threats. The ability to isolate damaged sections, reroute power, and quickly identify and repair faults ensures a more resilient power distribution system. This capability is increasingly crucial in the face of climate change-related challenges.
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Regional Landscape of the Smart Power Distribution Systems Market
- North America, particularly the United States and Canada, is a significant market for smart power distribution systems. The region is characterized by a robust grid infrastructure, technological innovation, and a growing focus on renewable energy integration. Government incentives, environmental concerns, and the need for grid reliability drive the adoption of smart power distribution solutions.
- Europe is a leading market for smart power distribution systems due to the region’s strong emphasis on renewable energy sources and energy efficiency. Countries like Germany, the United Kingdom, and France have ambitious renewable energy targets, encouraging the adoption of smart grid technologies. European Union directives promoting clean energy and grid modernization further boost the market.
- The Asia-Pacific region, including China, Japan, India, and South Korea, is witnessing rapid urbanization and industrialization. Increasing energy demand, coupled with the need for efficient energy distribution, drives the adoption of smart power distribution systems. Countries like China invest heavily in upgrading their grid infrastructure and integrating renewable energy sources, fostering market growth.
The smart power distribution systems market is fiercely competitive, led by major players like ABB Ltd., Aclara Technologies LLC., Cisco Systems Inc., Eaton Corporation, General Electric Company, and Siemens AG. These global giants focus on cutting-edge technologies, IoT integration, and grid automation. Collaborations, strategic partnerships, and mergers are common strategies, fostering innovation and expanding market reach.
- Schneider Electric introduced the latest edition of its distribution system, EcoStruxure Power, in December 2021. This Internet of Things-enabled infrastructure and system was created to digitize and consolidate electrical distribution utilities while also providing “always-on” electricity for commercial buildings, hospitals, data centers, sectors, and infrastructure.
- ABB (India Limited) inked a memorandum of understanding (MoU) with the Indian Institute of Technology Roorkee (IITR) in July 2018 for technical collaboration in the development of a functional sophisticated electricity distribution systems and management system (SDNMS) on its premises. This was a trial initiative for the Indian government’s Smart Cities Mission.
Key Segments Covered
- Advanced Metering Infrastructure
- Smart Grid Communication
- Substation Automation
- Billing Information System
- Energy Management
- Cloud-based Applications
- AMI Meters
- Programmable Logic Controller (PLC)
- Intelligent Power Distribution Unit
- Others (Sensors, Protection and Control Relays, etc.)
- Deployment and Integration
- Food & Beverage
- Others (Healthcare, Marine, etc.)
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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