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2024 Global Power Distribution Automation Market Report
October 9, 2019 | Globe NewswireEstimated reading time: 2 minutes
Global Power Distribution Automation market is anticipated to grow at a CAGR of over 7% until 2024, owing to the increasing demand for electricity and increasing focus on renewable power generation. Also, the need for energy efficiency, immediate fault detection and protection in the power distribution network is further expected to aid the growth of the market for power distribution automation.
Moreover, the increasing demand from commercial sector which includes hotels, hospitals, data centers and offices is expected to bolster the global Power Distribution Automation by increasing the sales of the product. The governments mandating to enhance grid efficiency is further boosting the adoption of Power Distribution Automation technology across the utility and the energy sector.
Global Power Distribution Automation Market Segment Insights
In terms of component, the Power Distribution Automation market is categorized into field device, software and services, and communication technology. Among the components, the field device category is projected to hold a significant portion of the global market for Power Distribution Automation during the forecast period.
The major factors driving the growth of the market for power distribution automation are the growing investments in refurbishing the ageing infrastructure and government initiatives to promote the use of energy-efficient power generation resources.
Global Power Distribution Automation Market Regional Insights
Regionally, the European market played a vital role in generating revenues in the global Power Distribution Automation market, with countries like France, Germany and UK being the key markets in the region. The market for power distribution automation in the European region is growing due to the increasing investments in replacement of ageing power distribution infrastructure and the increasing complexity in the region’s power distribution infrastructure.
Also, the Asia-Pacific Power Distribution Automation market is predicted to witness a steady growth during the forecast period. The growth of the Asia-Pacific market for Power Distribution Automation is due to the rapid industrialization in China, Australia and India.
Global Power Distribution Automation Market Competitive Landscape
In order to increase customer demand, the major vendors in the market for power distribution automation aims at introducing technologically advanced solutions and systems.This helps vendors to differentiate themselves from their counterparts and to sustain competition.
Moreover, strategic partnerships & collaborations and investment in R&D activities are some of the other major strategies adopted by major market players to enhance their existing product portfolio and expand their market footprints. Some of the leading players in the global Power Distribution Automation market are Schneider Electric SE, General Electric Company, Schweitzer Engineering Laboratories Inc., ABB Ltd. among others.
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