“According to the research report published by Polaris Market Research, the The Electric Power Distribution Automation Systems Market Is Anticipated To Reach Around USD 23.8 Billion By 2026, at a CAGR of 5.8% during the forecast period.s”.
Electric Power Distribution Automation Systems Market Growth & Trends
The global Electric Power Distribution Automation Systems Market is expected to reach USD 23.8 billion by 2026, according to a new report conducted by Polaris Market Research, Inc. The rise in the adoption of smart grids & funding initiatives is projected to spur the demand for distribution automation systems. The growing investments in transmission & distribution are expected to remain a key driver. The global Electric Power Distribution Automation Systems Market is anticipated to witness high growth over the forecast period, owing to the replacement of aging infrastructure across the globe. The emergence of smart cities is expected to further catapult the automation products market growth over the next nine years.
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Top Global Market Players:
- Electric
- Eaton Corporation Plc
- Mitsubishi Electric Corp.
- ABB Ltd.
- G&W Electric Company
- Schneider Electric
- Elster Solutions
- Schweitzer Engineering Laboratories
- Siemens AG
- S&C Electric Company.
COVID-19 Impact:
The COVID-19 pandemic in 2020 engulfed the world. It caused a worldwide halt. The entire global economy was affected. In addition, many people have also lost their lives. Around 252,297,094 cases and 5,091,465 deaths have been reported worldwide so far for COVID-19. The pandemic spread to almost every country in the world. In most industries, the pandemic resulted in some form of loss. As a result of the pandemic, the Electric Power Distribution Automation Systems Market also experienced a slowdown.
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Electric Power Distribution Automation Systems Market Outlook:
The Electric Power System market is segmented into industrial, commercial, and residential, of which the industrial application segment held the maximum share in 2017. This is due to the growing need for installation of distribution automation systems in utilities across the globe to enhance grid efficiency. Apart from utilities, the industries such as marine, oil & gas, construction, and mining are projected to outgrow the distribution system market growth over the forecast period. The objective of this report is to provide participants with a basic understanding of power systems. The understanding will enable them to make the best decisions across the lifecycle of their plant and equipment.
Research Scope:
The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the electric power distribution automation systems market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period.
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FAQ About Electric Power Distribution Automation Systems Market
- Which region held dominant position in the market?
- What are the major applications for Electric Power Distribution Automation Systems?
- How is the upgrade of aging power distribution infrastructure augmenting the growth of the distribution automation industry?
- How much is the global market worth?
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