New York, US, Nov. 29, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Smart Power Distribution System Market information by Components, by Application and Region – forecast to 2027” market size to reach USD 40,525.36 billion, growing at a compound annual growth rate of 12.65% by 2027.
Smart power distribution systems are gaining traction due to rising adoption of automated systems and establishment of smart grids. Initiatives for smart cities and efforts to prevent energy theft can shape the industry. Market Research Future’s (MRFR) report on the smart power distribution system market covers a comprehensive analysis conducted with the help of primary and secondary market research methods. It covers prospects on the industry for the forecast period (2020-2027) while taking into consideration the effects of the COVID-19 pandemic.
Dominant Key Players on Smart Power Distribution System Market Covered are:
Itron Inc. (U.S.)
Tech Mahindra (India)
Schneider Electric SE (France)
ABB Ltd. (Switzerland)
General Electric Company (U.S.)
Honeywell International Inc. (U.S.)
Eaton Corporation (Ireland)
Oracle Corporation (U.S.)
Aclara Technologies LLC (U.S.)
Siemens AG (Germany)
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Market USP Exclusively Encompassed:
Development of Smart City Projects to Drive Market Demand
Initiatives taken by governments and property builders for developing smart cities can drive market demand significantly. Use of efficient lighting and sustaining growth in countries can augur favorably for the market. Rapid urbanization and transformation of cities to smart cities can spur demand for smart power distribution system solutions.
Huge need for infrastructure development and public safety can drive market demand. Moreover, adoption of internet of things (IoT), 5G, and analytics can create a bevy of opportunities in the coming years.
Smart Homes to Light up Market Growth
Smart homes can utilize smart power distribution system solutions for controlling heating, electrical, cooling, and light appliances. They can increase comfort and usability while managing the ambience of rooms through a centralized remote. Moreover, it can enhance the security of homes by enabling floodlights and security illuminations at breach points. The COVID-19 pandemic has propelled the demand for smart lights by providing a safe space for work in homes and workstations.
High Costs of Smart Equipment to Hamper Market Growth
The huge initial costs of installation owing to added costs of installation and equipment can hamper the smart power distribution system market growth. Use of expensive software, light sources, and control systems can deter potential clients. However, dipping prices of LEDs and energy savings of these lights can prove to be fruitful to the market in the coming years.
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Segmentation of Market Covered in the Research:
Software Component to Gain Market Share
By component, the market comprises hardware, software, and services. Hardware is further segmented into AMI meters, sensors, programmable logic controller (PLC), protection and control relays, and others. Software is similarly segmented into smart grid distribution and management, billing information system, advanced metering infrastructure, smart grid communication, substation automation, and others. Similarly, the services segment encompasses deployment & integration, maintenance, and consultant.
Industrial Applications to Dominate Market Share
Major market applications include industrial, commercial, and residential. The industrial application is set to lead in market share over the forecast period due to rapid pace of industrialization and efforts of governments to capitalize on their need for power.
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North America to Lead Global Smart Power Distribution System Market
North America is anticipated to dominate the demand share of the smart power distribution system market owing to investments in modernization of infrastructure and technological advances in lighting. Applications of smart lights in automobiles, commercial buildings, and public places coupled with presence of key players can drive regional market growth. Commercial facility owners are increasing embracing smart power distribution system solutions to conserve energy.
Europe to Display Highest CAGR
Europe is estimated to display a strong growth rate owing to adoption of connected lighting systems in smart offices and homes. Rise of government-driven infrastructural projects and development of residential homes can provide opportunities to players in the regional market. Undertaking of smart city projects and initiatives by governments to offer LED lights at subsidized prices can bode well for the market.
COVID-19 Impact on the Global Smart Power Distribution System Market
The COVID-19 pandemic has affected the smart power distribution system market growth owing to increasing dependence on energy. Rise of work from home and high use of internet for delivering work on time as well as expectations from enterprises can provide opportunities for the market. Companies are offering smart solutions capable of running on IoT systems and providing transparency in power flow for better management.
Mitsubishi Electric Corporation has acquired SGS Solutions, a leading provider of distributed energy resources management software.
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