Albany, NY -- (SBWire) -- 02/22/2019 --Increasing developments of grid infrastructure, rising demand for integration of renewable energy sources, improved grid reliability, and efficient outage response have increased the penetration of smart power distribution systems, globally. Adoption of smart power distribution solution by utilities is rising due to the increasing need for savings in capital expenditure (CapEx) and operational expenditure (OpEx). Increasing consumer demand for high speed data networks for reliable connectivity and mobility has fueled the demand for smart power distribution systems solutions. Numerous advancements in the networking industry and various benefits provided by automation technologies are expected to boost the demand for smart power distribution systems solutions.
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The advanced metering infrastructure segment is expected to hold a major share of the global market, during the forecast period due to the rising adoption of AMI meters in order to increase operational efficiencies and customer service. Furthermore, a large number of utilities are rapidly installing AMI meters in order to generate more accurate bills and automatically and wirelessly send actual energy usage to the consumer, which in turn has boosted the advanced metering infrastructure segment across different regions of the world. Consumers are rapidly adopting various smart grid solutions, as smart grid solutions allow electrical appliances to be automatically controlled and also reduce the overall cost of electricity.
The software segment is expected to dominate during the forecast period due to the increasing implementation of various advanced automated software in order to manage the rising power consumption, power outages, fault detection, and power theft. Software allows utilities to reduce the overall production costs by eliminating human errors. The software segment is projected to expand at a high CAGR of 14.9% during the forecast period, as several countries across the globe are focusing on developing and refining grid infrastructure, including advanced metering, distribute on automation, substation automation, ubiquitous communications networks, micro grids and DER integration. The industrial segment is expected to expand at a significant CAGR during the forecast period. Factors such as a large number of oil & gas industries and continuous technological advancements are boosting the industrial segment.
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Europe and North America to Continue to Hold Significant Share in Overall Market
In terms of revenue, North America held a major share of the global market in 2017 due to numerous technological advancements and presence of a large number of grid automation solution providers in the region. Power grid solutions and services providers in North America are collaborating with each other and focusing on offering various advanced technology solutions to the consumers owing to the rise in the usage of power in the region. In North America, a large number of utilities are increasingly investing in smart grid technologies in order to improve operational efficiency and customer service.
Smart Power Distribution Systems Market - North America to Continue to Hold Significant Share in Overall Market
Smart Power Distribution Systems Market is projected to expand at a stable CAGR of more than 14% during forecast period.