Westford USA, April 18, 2023 (GLOBE NEWSWIRE) -- SkyQuest projects that the Distribution Automation market will attain a value of USD 34.9 billion by 2030, with a CAGR of 7.4% over the forecast (2022-2030). New scientific advancements in IoT and communication devices are expected to drive demand for DAS technology during the forecast period. For Instance, Siemens (Germany) has introduced 'MindSphere,' a smart Internet of things (IoT) solution. MindSphere is a cloud-based open IoT operating system that connects products, installations, systems, and machines and allows the operator to work with advanced analytics. MindSphere offers a wide range of connectivity protocols for devices and enterprise applications, industrial applications, and advanced analytics applications.
According to the SkyQuest's, in June 2021, Snohomish County PUD improved their existing substations' electric systems. The PUD has scheduled work on several substations, including automation upgrades, equipment replacement and routine maintenance. Furthermore, the PUD intends to replace ageing poles, assess, treat thousands of poles, and replace miles of ageing underground cable.
Browse in-depth TOC on "Distribution Automation Market"
- Pages - 242
- Tables - 78
- Figures - 75
Distribution automation (DA) is comprised of technologies and protocols that monitor and control electric distribution systems without the involvement of humans. It can improve distribution system efficiency by saving systems and energy. Furthermore, it improves distribution system reliability by lowering the frequency and duration of power outages. It also increases flexibility by allowing for greater penetration of distributed energy sources. Aside from that, DA devices provide operational and maintenance benefits such as improved reliability by reducing outage duration using an auto restoration scheme.
Prominent Players in Distribution Automation Market
- GE
- ABB
- Siemens
- Schneider Electric
- Itron
- Landis & Gyr
- Hubbell
- CE Power Engineered Services
- S&C Electric Company
- Eaton
- Schweitzer Engineering Laboratories
- G&W Electric
- Xylem
- Beckwith Electric
- Toshiba
- Mitsubishi Electric
- Minsait ACS
- Ingeteam
- Kalkitech
- Trilliant Holdings
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Private utility Segment Is Expected to Grow the fastest Due to Increased Government Funding
The private utility segment is expected to grow at the fastest CAGR during the forecast period. The increase is attributed to an increase in government funding for these systems. Furthermore, increasing urbanization in countries such as India and China necessitate a high demand for electricity. This factor is attracting investors to invest in DA systems, which propels the segment's market growth.
North America is expected to grow significantly during the forecast period, owing to new technological advancements in IoT and communication systems. Furthermore, the presence of several significant players is expected to boost market growth in the region. Schweitzer Engineering Laboratories (SEL), for example, released the SEL-421 Protection, Automation and Control System with enhanced Time-Domain Link (TiDL) technology. TiDL technology is a security-focused digital secondary system that replaces copper connections with fiber to improve safety and lower costs. TiDL has data-sharing capabilities, purpose-built merging units and modern configuration software.
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Software Segment Lead the Market Due to Growing trend of IoT
The software segment is expected to grow significantly because of the growing trend of adapting new technological advancements in IoT and communication systems. Low maintenance costs, quick restoration times and improved efficiency are all factors driving market segment growth. These services collect track information and monitor switch status to remotely monitor and control the electric supply network. It also maintains an optimal distribution track by monitoring power quality, error and remote distribution track control.
Asia Pacific is expected to have the largest market share, valued at USD 4.44 billion. Due to increased investments in smart grid projects, the region is expected to see a high demand for DA solutions. Countries such as Japan, China and Australia are driving significant growth in the region. Furthermore, factors such as rapid industrialization and a growing shift towards clean energy to meet rising energy demands are expected to boost the region's market growth.
A comprehensive analysis of the major players in the Distribution Automation market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments in Distribution Automation Market
- In December 2021, ABB India collaborated with Indore Smart City Development Limited to deliver cutting-edge computerized innovations that enable continuous power supply to homes and institutions. Natural and inorganic expansion initiatives to increase the reach and spread of their goods across the globe are constantly enticing players from various industries, resulting in the rapid use of this type of appropriation framework.
- In June 2021, GE announced the addition of Proficy operations analytics to its industry-leading Proficy suite of software solutions to support modernization, continuous improvement, enterprise visibility and scalability through new cloud-based predictive analytics. Proficy operations analytics is a self-service, ready-to-deploy predictive operations centre for AI and industrial IoT.
Key Questions Answered in Distribution Automation Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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