Albany, NY -- (SBWIRE) -- 06/13/2018 -- The vendor landscape of the global distribution automation market features a largely consolidated nature, with a handful of large vendors, such as Siemens AG and ABB Ltd. collectively accounting for a lion's share in the overall market, observes Transparency Market Research in its report.
Need for efficient research and development capabilities, requirement of vast funds for ploughing-in in the development of innovative products, and the need for expert technical experience to move ahead in tandem with the pace of technological advancements being seen in the field of automation have kept small players at a bay over the years. The trend remains strong till date.
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Some of the leading companies in the market are General Electric Corp., Tennessee Valley Authority, Schneider Electric SA, Cooper Power Systems, American Electric Power, S&C Electric Co., Electricite de France, Nissin Electric Co. Ltd., Pacific Gas and Electric Co., and Dominion Virginia Power.
According to the report, the global market for distribution automation will rise to a valuation of US$17,677.2 mn by 2019. If the numbers hold true, the market would have expanded at a promising 8.5% CAGR over the period between 2013 and 2019.
Europe and North America Continue to Present Lucrative Growth Opportunities
Of the key sectors employing distribution automation solutions, it has been noted that the industrial sector presently accounts for a massive chunk of global revenues. Sales across the industrial sector helped the global distribution automation market acquire over 51% of its overall revenue in 2012.
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The segment is also expected to remain the leading consumer of distribution automation solutions over the next few years owing to a vast set of applications in a number of industries that involve the usage of distribution automation solutions.
Distribution automation markets in Europe and North America are well developed and continue to present promising growth opportunities to new technologies and innovations associated with distribution automation. Over the forecast period as well, these regions are expected to remain the key contributors of revenue to the global market.
However, the market in Asia Pacific is expected to emerge as the most lucrative regional market owing to the strengthening industrial sector and a vast rise in infrastructure development activities in emerging economies such as India and China in the region.
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Rising Awareness Regarding Cost and Efficiency Benefits of DA Systems to Drive Market
It has been noted by users that DA systems enable a more efficient control and monitoring of assets, rapid restoration of services, and a proactive identification and isolation of faulty systems, early repairs of which help reestablish the working capability of larger systems.
Moreover, distribution automation setups foster the efficiency of distribution system by bringing down the rate of system and energy losses, make distribution systems more reliable by reducing the duration and frequency of power outages, and improve the flexibility of distribution systems by allowing the increased penetration of distributed power resources.
However, the market faces issues concerning operability across a number of regional markets due to the lack of standardization in communication technologies and infrastructure and the need for modernization of existing switchgear for the effective implementation of DA systems.