New York, United States , Nov. 03, 2022 (GLOBE NEWSWIRE) -- Global Smart Power Distribution Systems Market Size is expected to be worth USD 72.13 Billion in 2021 and is estimated to reach up to USD 127.11 Billion by 2030, at a compound annual growth rate (CAGR) of 6.70% from 2022 to 2030. as per the latest research report by Spherical Insights & Consulting.
Global use of smart power distribution systems has increased due to the expansion and development of grid infrastructure, rising demand for the integration of renewable energy sources, high grid resilience, and effective outage response. The growth of the oil and gas sectors and ongoing technical improvements are two major drivers of the global market for smart power distribution systems. Consumers are quickly embracing various smart grid systems because they enable automatic control of electrical appliances and lower total electricity costs. The market expansion during the projection period is also being aided by the sizeable presence of market participants active in the market for smart power distribution systems.
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Smart cities are developed metropolitan regions that excel in a number of categories, including technology, mobility, the environment, living standards, and governmental laws. These urban areas produce sustained economic growth and high levels of quality of life. In the world, there are already more than 100 smart city projects underway, which offers enormous opportunity for technology businesses, utility service providers, and consulting service providers. When resources are used effectively and cutting-edge technologies like IoT and smart energy meters are adopted, vital services related to utilities, safety, transportation, and healthcare are managed more effectively and intelligently. Traditional power grid models struggle to fulfil the demands for energy monitoring, real-time data collection, and smart billing that modernization has developed. They are unable to serve citizens with the same level of efficiency.
The bidirectional data flow for smart power distribution is supported by the IoT platform. Plant operators can respond proactively to a variety of difficulties thanks to the usage of this data through cloud-based, automated telemonitoring systems and its accurate gathering, display, and analysis. To avoid mistakes and permanently lower design, building, and maintenance costs, the operators can best coordinate all systems and services. Through remote monitoring, IoT installation with cloud connectivity lessens the need for on-site maintenance of local equipment. By utilizing cheap third-party cloud-based services that provide constant data access, this lowers operational costs.
Rapid, secure, and low-cost connectivity to the cloud is made possible by the low-power, wide-area network (LPWAN) technology, a new smart power distribution system integrated with wireless IoT sensors, data transmission infrastructure, and cybersecurity. With this technique, low bit-rate long-distance wireless communication is possible. LPWAN offers a number of advantages, including native connectivity in power distribution system components, lower maintenance costs, and remote access to building electrical distribution assets.
Power theft, excessive domestic energy use, and imbalanced loads on three phases are just a few of the issues that currently plague distribution networks. IoT enables the provision of a dependable and high-quality power supply, which lowers losses for power distribution companies brought on by power theft. As a result, the market is driven by an increase in IoT use in the power distribution system.
Remote control capability (RCSs), which are increasingly being installed in field equipment, allows distribution operators to control these units from a distance in distribution systems. For intelligent power distribution systems, the ability to manage devices remotely is essential since more RCSs allow distribution operators to quickly restore service.
Browse key industry insights spread across 210 pages with 71 market data tables and figures & charts from the report “Global Smart Power Distribution Systems Market Size, Share & Trends, COVID-19 Impact Analysis Report, By Component (Hardware, Software, and Services), By Application (Residential, Commercial, Industrial, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030 in detail along with the table of contents
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In the event of a prolonged outage, remote-controlled switches (RCSs) have excellent communication capabilities and can restore the system more quickly. This enhances an existing distribution network's dependability. RCSs are frequently used to cut down on interruption frequency and duration. However, these remote-controlled switches are more expensive than manual protection systems, which prevents their widespread use.
Due to sophisticated automated software is being used to handle increased power consumption, power outages, defect detection, and power theft, the software segment is anticipated to dominate during the projection period. Software eliminates human mistake, allowing utilities to lower manufacturing costs overall. The development and improvement of grid infrastructure, including advanced metering, distribute on automation, substation automation, ubiquitous communications networks, micro grids, and DER integration, is a top priority for many nations throughout the world. During the projection period, the industrial segment is anticipated to grow at a considerable CAGR. The market for smart power distribution systems in North America and Asia Pacific is being driven by rising IT spending and grid infrastructure expansion in these regions.
The global smart power distribution systems market is competitive, with a number of global & regional players operating. Some of the key players in the market includes ABB, Aclara Technologies LLC, Cisco, Eaton, Fuji Electric Co., Ltd, GE, Oracle, Wipro Limited, Landis+Gyr, Honeywell International Inc., Itron Inc., Siemens, and Others.
In order to attract in more clients, major suppliers of smart power distribution systems like ABB Ltd., Aclara Technologies LLC., Cisco Systems Inc., Eaton Corporation, General Electric Company, and Siemens AG are concentrating on designing cost-effective smart power distribution systems products. The following are some further significant advancements in the market for smart power distribution systems worldwide: ABB (India Limited) and the Indian Institute of Technology Roorkee (IITR) signed a memorandum of understanding (MoU) in July 2018 to collaborate technically on the construction of an operational smart electricity distribution network and management system (SDNMS) on its campus. The Smart Cities Mission of the Indian government used this as a trial project. The construction of a Smart Grids Resource Center and joint R&D facilities in the areas of effective power generation and distribution, with a primary focus on clean energy over the following five years, were also included in this agreement.
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North America is predicted to hold the biggest market share of the global market for smart power distribution systems owing to technical improvements and the existence of multiple local suppliers of grid automation solutions, power grid solutions, and services. Due to the increasing demand for power in the region, providers in North America are working and focusing on providing consumers with a selection of cutting-edge technology solutions. The popularity of advanced factory automation systems is growing throughout the area, particularly in Japan, China, and Taiwan, and this is expected to lead to Asia Pacific seeing the highest growth rate during the forecasted period of the worldwide smart power distribution systems market.
Key Companies & Recent Developments: The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
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