According to a new market research report ‘Distribution Automation Market by Component (Field Device (Smart Meters, Voltage Regulators, and Smart Sensors), Software & Services, Communication Technology (Wired, and Wireless)), Type of Utility (Public, Private), and Region – Global Forecast to 2023‘, published by MarketsandMarkets™, the market is expected to grow from an estimated market size of USD 11.82 billion in 2018 to USD 16.81 billion by 2023, at a CAGR of 7.29% from 2018 to 2023. The global market is set to witness significant growth because of the increasing renewable power generation and need for energy efficiency. Advancements in IoT and communication technologies present a significant opportunity for the Distribution Automation Market.
Browse 68 Tables and 29 Figures spread through 134 Pages and in-depth TOC on ‘Distribution Automation Market‘
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Field Device: The largest segment, by component, during the forecast period
The field device segment is expected to hold the major share of the Distribution Automation Market during the forecast period. Growing investments in refurbishing the ageing infrastructure and government initiatives to promote the use of energy-efficient power generation resources are the major factors driving the Distribution Automation Market in the European region. The European market players, such as ABB, Schneider Electric, and Eaton are involved in the manufacturing of field devices. These factors have resulted in the highest market share of the field device segment in the Distribution Automation Market.
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The public utility segment accounts for the largest share of the Distribution Automation Market, by type of utility, during the forecast period
The public utility segment is expected to be the largest market for distribution automation, by type of utility, from 2018 to 2023. The factors driving the market for distribution automation in the public utility include significant efforts made by the government to extend the services of public utilities. The grants offered by the government will help in modernizing the grid, which in turn will boost the market for distribution automation.
Asia Pacific: The fastest-growing market for distribution automation
In this report, the Distribution Automation Market has been analyzed on the basis of five regions, namely, Asia Pacific, North America, Europe, South America, and the Middle East & Africa.
The Distribution Automation Market in Asia Pacific is driven by countries such as China, India, Japan, and Australia. Rapid industrialization in India, China, and Australia is expected to drive the implementation of distribution automation systems. These countries are increasing renewable power generation to meet their growing energy demand. According to the Renewable Energy Policy Network (REN21), China accounted for 45% of the total global investment for renewable power generation in 2017. Increasing investments in renewable power would drive the market for distribution automation in Asia Pacific.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the key players in the Distribution Automation Market. These include Siemens (Germany), ABB (Switzerland), GE (US), Schneider Electric (France), and Eaton (Ireland). The leading players are trying to expand in developing economies and are adopting various strategies to increase their market shares.
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PUNE, India, June 29, 2018 /PRNewswire/ —