Increasing demand for renewable power generation coupled with favorable government initiatives to promote renewable power to accelerate global power distribution automation market through 2024
According to a recent report published by TechSci research on “Global Power Distribution Automation System Market By Component, By Utility, By Region, By Company, Competition, Forecast & Opportunities, 2024”, global power distribution automation market is projected to grow at a CAGR of over 7% until 2024, on the back of increasing renewable power generation and increasing electricity demand. Moreover, the market for power distribution automation is further aided by the rising need for energy efficiency, protection and immediate fault detection in the power distribution network.
By utility, the public utility category accounted for the largest share of the power distribution automation market in 2018 and it is projected to remain as the largest category throughout the forecast period as well. The growth of this segment is majorly attributable to the noteworthy grants given by the government to improve the distribution system of public utilities. The grants offered by the government will help in modernizing the grid, which in turn, will boost the demand for distribution automation.
Browse 7 market data Tables and 126 Figures spread through 137 Pages and an in-depth TOC on "Global Power Distribution Automation System"
Among regions, Asia-Pacific power distribution automation market is predicted to grow at the fastest rate during the forecast period. The demand for power distribution automation system in Asia-Pacific is fueled by increasing populace, urbanization and rapid industrialization. Among the Asia-Pacific countries, Japan and China are anticipated to account for a significant share of the global power distribution automation in the coming years. Utilities in these nations require the renewal of an outdated obsolete distribution management system.
“Global power distribution automation market is anticipated to witness growth during the forecast period. The growth in the market can be attributed to the advancements in IoT & communication technologies and upgradation of ageing distribution infrastructure across the globe. Moreover, rising need for energy efficiency and increasing focus of governments on enhancing grid efficiency would further steer growth in the market.” said, Mr. Karan Chechi Research Director with TechSci Research, a research based global management consulting firm.
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“Global Power Distribution Automation System By Component, By Utility, By Region, By Company, Competition, Forecast & Opportunities, 2024,” has evaluated the future growth potential of the global Power Distribution Automation market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in the global Power Distribution Automation market.
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