June 14, 2021 02:00 ET | Source: Market Research Future Market Research Future
Pune, June 14, 2021 (GLOBE NEWSWIRE) - By 2027, the global distribution automation market is expected to reach USD 22.8 billion, with a compound annual growth rate of 7.31% from 2020 to 2027.
The prospects of the distribution automation market are extremely promising. Factors such as increasing government demand for automated grid distribution processes and reliability improvement programs have driven the growth of the distribution automation market. In addition, the growth of global power demand and grid infrastructure has promoted the scale of the distribution automation market.
The massive investment in the renovation of the aging grid infrastructure has increased the distribution automation market share. The rapid deployment of smart grids to meet growing regulatory goals is expected to further increase market value. With the increase in the number of smart grids, the market is expected to grow rapidly during the forecast period.
According to a report by Market Research Future, by 2027, the global distribution automation market is expected to reach an exponential valuation, growing at an impressive compound annual growth rate during the review period (2020-2027). In addition, the increasing adoption of smart grid technology in developed regions has created huge market demand and witnessed a huge increase in expenditures for modernization of power infrastructure.
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The COVID-19 outbreak has severely hit the distribution automation industry and caused huge revenue losses. Automation technology suppliers and equipment manufacturers face various problems, such as obtaining the raw materials and components needed for production, attracting isolated workers, and delivering the final product to the market. Due to strict lockdown regulations, installation and replacement were delayed, which further affected production facilities and brought the market to a standstill.
In addition, lock-in interruptions have hindered component and equipment manufacturing, and product prices have soared, which subsequently reduced market demand. However, the distribution automation market is quickly returning to normal, and demand is steadily rising. As many countries lift the blockade, market demand may pick up.
The increasing automation of wired and wireless public utility types, connecting wind farms and power distribution grids are the main trends in the distribution automation market. In addition, the tremendous technological advancement and evolution of power grid technology has increased market sales. Increasing legislative measures to expand reliable grid infrastructure in developing regions will further complement the commercial landscape.
Some of the advantages of distribution automation systems include asset optimization, demand optimization, distribution optimization, and distribution control analysis. The rapid adoption of these systems in the commercial, industrial, and residential sectors to remotely monitor and control electrical loads on power distribution systems and equipment is a major trend in the power distribution automation market.
In recent years, the energy industry has undergone major changes, mainly due to the increasing deployment of digital grids. The increase in demand from the power industry is a major factor confirming the size of the market. In addition, technological advances in electric vehicle software, energy dashboards, automation, and energy consulting and protection equipment have driven market growth. The rapid industrialization of developing countries has created huge market demand.
Increasing smart city projects and raising awareness of energy efficiency are beneficial to the environment, and improving radio network communication technology promotes closer market demand. The increase in the number of global substation facilities is another factor driving the demand for the distribution automation market. In addition, the increasing emphasis on renewable energy will unlock value and promote electrification, automation and digitization.
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The distribution automation market analysis is divided into components, utility types and regions. The component market segment is segmented into equipment, software and services, and communication technology. Among them, the field equipment market segment occupies the largest market share, because these equipment are uniformly deployed in the power distribution network to ensure timely data transmission and system integrity.
The types of public utilities are subdivided into private and public market segments. Among them, the public sector accounts for the largest market share, because these public utilities are government-owned and subsidized by the government. By region, the analysis is divided into Asia Pacific, Americas, Europe and other regions of the world.
North America dominates the global distribution automation market. The largest market share is attributed to the increase in unconventional resources from the United States and Canada. In addition, the continuous advancement of smart grid technology for distribution automation and the demand from the power industry have increased market growth. Investment in smart grid technology directly promotes the growth of the distribution automation market, because these systems play a causal role in the entire distribution network.
As spending on smart grid deployment increases, the United States is leading the region in terms of the value of the distribution automation market. The power distribution unit operates independently and is programmed to trip and reset without connecting to the network. As a result, the increasing demand for connection and power distribution monitoring and control, as well as the latest satellite technology in the region, has affected market growth.
The Asia-Pacific region ranks second in terms of revenue in the global distribution automation market. Factors such as growing infrastructure development and power demand in the region confirm the market growth. In addition, the huge investment in the development and upgrade of grid infrastructure, renewable energy and infrastructure activities confirms the scale of the distribution automation market. The vigorous development of the power infrastructure in the region has promoted the growth of the distribution automation market.
Europe is a profitable market for global distribution automation technology. Factors such as the increase in automation and the upgrade of the power distribution system have created a huge market demand. Distribution automation equipment is essential to maintain maximum continuity of service. Add power system simulator programs for various power systems to minimize failure conditions and promote regional market growth.
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The distribution automation market is implementing a variety of strategies, such as collaboration, expansion, product launches, and mergers and acquisitions. Major industry players have made substantial strategic investments in R&D activities and promotion of expansion plans.
For example, recently, on May 20, 2021, Puppet, an industry leader in the field of infrastructure automation, announced that it had signed an Australia and New Zealand (ANZ) distribution agreement with Arrow Electronics, a value-added distributor. Puppet helps companies modernize, manage, and introduce a compliant hybrid infrastructure through continuous automation. The company works with some of the largest organizations in Australia and New Zealand, spanning verticals such as education, financial services, government, and telecommunications.
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