Smart Power Distribution System Market Growth, Price, Revenue, Share and Analysis by 2030
Overview:
Globally, the size of the Smart Power-Distribution System Market is projected to reach USD 43.58 billion and grow by 14% by 2027 driven by the development of the smart grid many industries benefit from its services. Among major factors to support the market, ease of operation, seamless flow, better integration with other technological advancements, and reduction in cost would play crucial roles in taking the market forward.
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Regional Analysis:
In North America, tendency to adopt advanced technologies to support production and service would create huge scope for the market to expand its reach. In Asia Pacific, developing countries would spend more on this to boost the infrastructure.
Competitive Landscape:
The global smart power distribution architecture depends on the strategic modes initiated by companies like Siemens AG (Germany), General Electric Company (U.S.), ABB Ltd. (Switzerland), Honeywell International Inc. (U.S.), Schneider Electric SE (France), Aclara Technologies LLC (U.S.), Oracle Corporation (U.S.), Tech Mahindra (India), Itron, Inc. (U.S.), Eaton Corporation (Ireland), and others. These companies ensure a robust implementation of their plans to ensure they benefit from the changes and the market records a holistic growth. MRFR’s analysis includes all the latest changes implemented in the market to gauge the direction of the flow.
Industry News:
In August 2020, ADD GRUP, in association with its partners Intrarom S.A. and Adrem SRL, have successfully managed to finalize the contract for delivery and deployment of 10,000 ADDAX smart meters, with an intent to modernize the regional power distribution system, to Distributie Energie Oltenia S.A. (DEO), Romania.
The Distributie Energie Oltenia S.A. (DEO) revealed that they have signed an official acceptance statement that encompasses the installation, delivery, and integration into HES/MDMS of 10,000 smart single-phase and also inclusion of three-phase meters in Craiova municipality in 2020. The project is getting financed by European funds, which is a part of general DEO strategy that aims at modernizing electricity network.
In August 2020, Adani Electric Mumbai Limited (AEML) revealed that they have issued a tender saying their intent to implement a smart metering solution in areas that come under their service and for almost 700,000 consumers in the east division in Mumbai. Interested bidders should make an earnest money deposit (EMD) $0.33 million. Bids can only be submitted using the electronic format.
The intent behind this endeavor is to implement an automatic metering infrastructure (AMI) solution that would cater to the needs of 700,000 meters and use a smart group metering process by setting up RF (radio frequency) communication canopy network across its distribution area.
The global market report on the smart power distribution system market reveals that the market may find substantial scope for growth after the COVID-19 crisis.
Segmentation:
The global report on the smart power distribution system market has been segmented into component and application for a better understanding of the market. These segments reveal various information regarding the market to make the knowledge of the market comprehensive and all-encompassing.
By component, the market includes hardware, software, and services. The hardware segment comprises AMI meters, protection and control relays, programmable logic controller (PLC), sensors, and others. The software segment has smart grid communication, advanced metering infrastructure, billing information system, substation automation, smart grid distribution and management, and others. The services segment includes maintenance, deployment & integration, and consultant.
By application, the market studies segments like industrial, commercial, and residential
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