Dubai, UAE, March 13, 2023 (GLOBE NEWSWIRE) -- As per the recent research report published by Extrapolate, the global Smart Power Distribution Systems Market is anticipated to grow to $96.2 billion by 2030, recording a burgeoning CAGR of 9.7%. The market was valued at $23.8 billion in 2021.
The smart power distribution system market is rapidly evolving and transforming the way electricity is generated, distributed, and consumed. With the advent of this technology, up to 30% of energy is saved. The market’s technology landscape is diverse, ranging from advanced metering infrastructure to cybersecurity, and is driving innovation and creating new opportunities for utilities, consumers, and technology providers.
As per the study, the installed capacity of smart grid-connected energy storage systems is expected to increase from 4.3 GW in 2019 to 22.3 GW by 2025. Moreover, governments around the globe, especially from European and North American countries, are making extra efforts to make the smart grid a mainstream technology in the power sector to reduce carbon emissions efficiently. For instance, adopting smart grid technologies can help reduce carbon dioxide emissions by up to 2.03 Gigatons per year by 2030, according to a report by the International Energy Agency.
As the market continues to grow and evolve, it has become imperative for industry players to stay updated with the latest technologies and trends to remain competitive and fully realize the potential of the smart power distribution systems market.
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Furthermore, the rising investments in energy storage start-ups that are yielding lucrative returns are encouraging venture capitalists and other stakeholders to invest in the market. In the recent Electric Power Summit, Zhou Haojie, COO of Huawei, announced the introduction of four solutions with a focus on smart and integrated power distribution systems.
Key Insights
- Based on components, the software segment is anticipated to dominate the market.
- According to Extrapolate, North America is expected to dominate the market as a result of prominent companies providing innovative solutions such as Huawei's newly introduced four electric power solutions to promote global energy transition for a sustainable future.
- Huawei BG to partner with more than 2500 global leaders, industry customers, and partners to build a smart world with improved digital technologies, adding immense value to businesses worldwide.
- Huawei recently announced the launch of four electric power solutions in 2023 aimed at fueling the global energy transition. The COO of the company revealed the plans for new solutions in the power grid sector by creating distributed IoT solutions, substation inspection that eliminates 70% of manual inspection minimizing network construction up to 50% by the integration of electric wireless campus solutions, and the introduction of intelligent wind power network solutions.
- Increasing expenditure in start-ups encourages stakeholders to invest in the market.
Competitive Landscape of Smart Power Distribution Systems Market
The global smart power distribution systems market is expected to remain competitive as most of the prominent players are focusing on designing minimal and cost-effective products to attract target consumers. In line with this, ABB Ltd. has been investing heavily in research and development to create innovative solutions, such as a digital substation with advanced sensors and software for real-time monitoring and control of power grids. Siemens AG has also expanded its market presence through strategic partnerships and acquisitions, such as acquiring C&S Electric in 2020 to strengthen its position in the Indian smart grid market.
Some of the top companies profiled are ABB, Aclara Technologies LLC, Cisco, Eaton, Fuji Electric Co., Ltd., GE, Oracle, Wipro Limited, Landis+Gyr, Honeywell International Inc., Itron Inc., ABB, and Siemens, among others.
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Market Segmentation by Component:
- Hardware
- Software
- Services
Software Segment to Retain Dominance in Smart Power Distribution Systems Market
The smart power distribution market is rapidly evolving, driven by the increasing demand for renewable energy sources and the need for more efficient and reliable power distribution systems. Wherein, the software segment is expected to remain the largest revenue contributor as utilities adopt advanced solutions to enhance their operations and improve their bottom line by enabling utilities to monitor and control their power grids more efficiently and effectively. In addition, with the rise of the Internet of Things and other technologies, the amount of data generated by power grids is set to increase exponentially, and software will be essential for analyzing and processing this data to extract valuable insights.
Leading software companies, including ABB, Siemens, Schneider Electric, General Electric, and Eaton Corporation, offer a range of software solutions, including grid management systems, energy management systems, demand response systems, and advanced analytics tools that enable utilities to manage their power grids more effectively.
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Market Segmentation by Application:
- Residential
- Commercial
- Industrial
Industrial Segment to Lead the Smart Power Distribution Systems Market
The industrial segment held the largest market share in 2021 as a result of the increasing demand for smart power distribution systems solutions. The segment is expected to continue leading the market due to several advancements in the networking sector and a number of advantages offered by automation technology. According to a report by the US Department of Energy, grid modernization technologies, including smart grid technologies, could reduce power outages by up to 50% and save businesses and consumers billions of dollars in lost income and damages each year.
A report by the World Economic Forum estimates that global investment in smart grid infrastructure will need to reach $2.4 trillion by 2035 to meet the demands of a more sustainable energy system for industrial users. Moreover, most of the large-scale industry users have started preferring smart grid technology to reduce energy costs and increase efficiency by optimizing energy usage and reducing energy waste. In addition to this, smart grid technology is enabling businesses to integrate renewable energy sources, such as solar and wind power, into the grid, which can help businesses reduce their carbon footprint and meet sustainability goals.
North America to Continue Dominating Global Smart Power Distribution Systems Market
According to Extrapolate, North America is projected to continue dominating the global smart power distribution market during the forecast period. This is majorly attributed to favorable policies, prompt initiatives taken by federal and state governments in the US and Canada, and excessive emphasis of power companies on modernizing their distribution network in the region. For instance, the US Department of Energy has started the “Smart Grid Investment Grant Program” that provides funding to modernize the electric grid and invest in smart grid technologies. Apart from this, Natural Resources Canada has floated a collection of programs and initiatives aimed at advancing clean energy innovation, including smart grid technologies.
Similarly, in December 2021, ABB introduced EcoStruxure Power, an IoT-enabled architecture and platform that provides "always-on" power for industrial and infrastructure as well as commercial buildings, data centers, and healthcare establishments.
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Major Points from Table of Content:
Chapter 1. Executive Summary
Chapter 2. Research Methodology
Chapter 3. Market Outlook
Chapter 4. COVID-19 Impact On Smart Power Distribution Systems Market
Chapter 5. Global Smart Power Distribution Systems Market Overview, By Component, 2017 - 2030 (USD Million)
Chapter 6. Global Smart Power Distribution Systems Market Overview, By Application, 2017 - 2030 (USD Million)
Chapter 7. Global Smart Power Distribution Systems Market Overview, By Geography, 2017 - 2030 (USD Million)
Chapter 8. North America Smart Power Distribution Systems Market Overview, By Countries, 2017 - 2030 (USD Million)
...TOC Continued
Part II: Transmission and Distribution Market Report 2023-2030:
Global Transmission and Distribution Market was previously valued at $200.7 billion in 2021 and is projected to reach $274.4 billion by 2030 at a CAGR of 4.11% during the forecast period.
In recent years, the transmission and distribution market has seen significant investment in modernization and infrastructure upgrades, driven in part by the need to integrate renewable energy sources into the grid. This has led to the development of smart grid technologies, which use advanced sensors and communication systems to improve grid efficiency and reliability.
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The equipment segment is anticipated to capture the dominant market share due to smart upgrades of distribution systems, improved power transmission, and the rapid development of smart grids. Cables, switchgear, wires, and various other equipment are vital to meet the growing demand for safe, secure, and reliable power transmission and distribution. Moreover, the rising adoption of high-end appliances with high-voltage requirements is also augmenting growth in the transmission and distribution market.
Regional Analysis
North America is the dominant market for transmission and distribution, primarily due to the high demand for oil and gas by-products. The electricity transmission sector in North America, particularly in the United States, has set ambitious goals for achieving carbon-free electricity and offshore wind energy, resulting in significant investments in expansion and modernization.
- As per a recent report, North America’s electricity transmission sector has set goals for achieving 100% carbon-free electricity by 2035 and 30 GW of offshore wind energy by 2030, resulting in heavy investments for robust expansion and modernization.
- New York has approved 62 local transmission upgrades to reduce congestion and generate 3.5 GW of capacity for clean energy, with completion anticipated between 2024 and 2030.
Europe is expected to become the second-largest market for transmission and distribution, thanks to favourable governmental initiatives and significant investments in grid modification. The European Commission has planned to invest over $50 billion annually to replace 140,000 miles of transition lines.
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Competitive Analysis
The transmission and distribution market is highly competitive and fragmented. Key players existing in the market are shifting their focus to modernize energy grids to meet zero carbon emissions by 2050. For instance, Siemens Energy announced the delivery of its highly efficient HL-class power plant technology to South Korea, which is expected to be utilized in the Eumseong Unit 1 combined cycle power plant (CCPP) built in the north-western Chungcheongbuk-do Province.
Key Players:
- EDF Group
- Enel Spa
- Iberdrola, S.A.
- Exelon Corporation
- Mitsubishi Electric Corporation
- ABB
- TBEA
- Eaton
- CG Power & Industrial Solutions Ltd.
- Bharat Heavy Electricals Limited
- Siemens AG
- General Electric
- LARSEN & TOUBRO LIMITED
- Kirloskar Electric Company
- Schneider Electric
About Us:
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