New York, Aug. 11, 2023 (GLOBE NEWSWIRE) -- According to the research report “Global Smart Power Distribution System Market” published by Consegic Business Intelligence, the market was sized at USD 29.58 billion in 2022 and is expected to reach over USD 84.02 billion by the year 2030, growing at a CAGR of 14.2%.
A smart power distribution system refers to an advanced and integrated network infrastructure that utilizes modern technologies, namely artificial intelligence and real-time data analytics, to efficiently manage and optimize the flow of electricity from generation sources to end-users. Additionally, a smart power distribution system enables real-time monitoring, control, and automation of electricity distribution, allowing for better load balancing, fault detection, and predictive maintenance. Furthermore, by leveraging smart sensors and smart meters, the smart power distribution system aims to enhance sustainability and cost-effectiveness while fostering a more resilient and adaptable energy grid to meet the evolving needs of consumers and the environment.
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The ability of smart power distribution systems to provide consumers with real-time information about energy consumption enables users to reduce energy waste, optimize energy usage, and lower the carbon footprint. In addition, smart meters enable demand response programs, allowing consumers to reduce or shift energy usage during peak demand periods. Moreover, by sending signals to consumers through smart meters, utilities incentivize load shifting and better manage electricity demand. Consequently, the ability of smart meters to avoid the need for additional power generation, reduce carbon emissions, and optimize the grid's efficiency is contributing significantly in driving the growth of the market. For instance, in August 2021, Siemens Limited and Tata Power Delhi Distribution Limited collaborated together for installing the smart metering technology in North Delhi. The implementation of smart metering infrastructure will help the users in real-time consumption monitoring and better energy usage management along with providing low power factor alerts.
Moreover, the development of smart cities is projected to create potential future opportunities for the growth of the smart power distribution system market. Smart cities aim to optimize energy consumption and reduce environmental impact and smart power distribution system plays a crucial role in monitoring and managing energy usage at the city level. However, the high initial deployment costs associated with smart power distribution system is restraining the market growth.
| Report Attributes | Report Details |
| Market Size By 2030 | USD 84.02 Billion |
| Forecast Period | 2023-2030 |
| CAGR (2023-2030) | 14.2% |
| Base Year | 2022 |
| Study Timeline | 2017-2030 |
| Key Players | ABB Ltd., Aclara Technologies, Eaton Corporation, Emerson Electric Co., General Electric Company, Honeywell International Inc., Itron Inc., Oracle Corporation, Schneider Electric SE, Siemens AG, Tech Mahindra, Trilliant Holdings Inc., ZTE Corporation, Duke Energy Corporation |
| By Component | Hardware, Software, and Service |
| By Application | Base Stations, Cellular Communication Systems, Electric Transformers, Military Equipment, and Power Generation Systems |
| By End-User | Residential, Commercial, and Industrial |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more |
| By Region | North America, Europe, Asia-Pacific, Latin America, Middle East & Africa |
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Smart Power Distribution System Market Growth Drivers:
- Increasing adoption of electric vehicles is driving the growth of the smart power distribution system market to enable better load and voltage balancing.
- Growing shift towards renewable energy sources is bolstering the growth of the smart power distribution system market.
- The ability of smart power distribution systems to enable utilities to implement demand response programs effectively to balance the grid and avoid power shortages is fueling market growth.
Restraints
- High initial deployment costs associated with smart power distribution system is restraining the market growth.
- Privacy and security concerns associated with smart power distribution system is hampering the market growth.
Opportunities
- Development of smart cities is projected to create potential future opportunities for the growth of the smart power distribution system market.
Global Smart Power Distribution System Market Segmentation Details:
Based on Component, the hardware segment contributed the largest shares to the market growth in 2022 and comprise sensors, switchgear, smart meters, smart transformer, programmable logic controllers, and others. Smart meters hold the maximum share as the meters play a crucial role in energy efficiency and grid optimization. Smart power meters provide accurate and real-time data on electricity consumption, enabling utilities to identify patterns, monitor peak demand, and optimize energy distribution. Additionally, smart meters enable utilities to implement demand response programs effectively, allowing customers to adjust electricity usage during peak demand periods, to balance the grid and avoid power shortages. Consequently, the ability of smart power meters to focus on energy efficiency and grid stability is contributing considerably in driving the growth of the hardware segment.
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Based on Application, the base station segment offered substantial shares to the market in the year 2022 as smart power distribution systems help to optimize energy usage in base stations. Additionally, advanced energy management algorithms and real-time monitoring enable base stations to adjust power consumption based on actual demand, minimizing energy waste and reducing operational costs. Moreover, smart power distribution systems incorporate battery energy storage solutions to store excess energy during periods of low demand and discharge during peak usage. The storage helps to stabilize the power supply and improve the efficiency and resilience of the base station's power system, further driving the growth of the base station segment.
Based on End-User, the residential segment offered substantial shares to the global smart power distribution system market in the year 2022 as smart power distribution systems provide precise measurements of electricity consumption in residential properties. The smart power distribution system ensures accurate billing based on actual usage, eliminating manual readings, thus benefitting the customers by providing more fair billing practices. Additionally, smart distribution systems also enable real-time monitoring of energy consumption in residential properties through online portals and mobile apps, allowing consumers to access energy usage data, view consumption patterns, and track costs. Moreover, the emergence of the Internet of Things (IoT) offers advanced grid-edge intelligence to support distribution system operators in maintaining an efficient and reliable grid, further increasing the adoption of smart power distribution systems in the residential sector.
Based on Region, North America has been a major contributor to the growth of the smart power distribution system market as the region is at the forefront of implementing regulatory policies that drive the adoption of smart power distribution systems. In particular, the United States is witnessing significant regulatory support at the federal and state levels, mandating utilities to deploy smart power distribution systems for improved energy efficiency, grid modernization, and consumer benefits. Moreover, the aging infrastructure in North America, particularly in the electricity sector, is creating a need for modernization and improved efficiency. Smart power distribution system offers a solution for utilities to upgrade the systems, enhance data collection, and optimize operations. Furthermore, the presence of key players in the region including Trilliant Holdings Inc., General Electric Company, and Emerson Electric Co. constantly applying innovations and strategic decisions to expand the market portfolio is also contributing to the market growth.
Recent Developments
- In October 2020, ZTE Corporation, China Southern Power Grid, and China Mobile completed the 5G R16 power distribution service based on an intelligent power distribution grid.
- In November 2022, Duke Energy Corporation collaborated with Amazon Web Services, Inc. (AWS) to expand the Intelligent Grid Services to withstand extreme weather, support green technologies, and handle the growing needs of electric vehicles.
Key Market Highlights
- Globally, the smart power distribution system market is divided based on the component into hardware, software, and service.
- In the context of application, the market is separated into base stations, cellular communication systems, electric transformers, military equipment, and power generation systems.
- The end-user segment is classified into residential, commercial, and industrial.
- The market is geographically divided into five regions: North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
- Asia Pacific and North America are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on technological advancements in smart power distribution systems.
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List of Major Global Smart Power Distribution System Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
- ABB Ltd.
- Aclara Technologies
- Eaton Corporation
- Emerson Electric Co.
- General Electric Company
- Honeywell International Inc.
- Itron Inc.
- Oracle Corporation
- Schneider Electric SE
- Siemens AG
- Tech Mahindra
- Trilliant Holdings Inc.
- ZTE Corporation
- Duke Energy Corporation
Global Smart Power Distribution System Market Segmentation:
- By Component
- Hardware
- Sensors
- Switchgear
- Smart Meters
- Smart Transformer
- Programmable Logic Controller (PLC)
- Others
- Software
- Advanced Metering Infrastructure
- Cloud-based Application
- Distribution Substation Automation
- Electrical Energy Consumption
- Smart Grid Management
- Others
- Service
- Deployment and Integration
- Maintenance
- Consultant
- By Application
- Base Stations
- Cellular Communication Systems
- Electric Transformers
- Military Equipment
- Power Generation Systems
- By End-User
- Residential
- Industrial
- Commercial
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Key Questions Covered in the Smart Power Distribution System Market Report
- What will be the potential market valuation for the smart power distribution system market by 2030?
- The market valuation for the smart power distribution system market is expected to be approximately USD 84.02 billion by 2030 owing to the increasing adoption of electric vehicles to enable better load and voltage balancing.
- Based on current market trends and future predictions, which geographical region will have the largest impact on the smart power distribution system market's growth in the coming years?
- Asia Pacific is expected to witness the fastest CAGR during the forecast period owing to the significant investments in the development of smart cities. Smart power distribution system is a critical component of smart city initiatives, enabling efficient energy management, demand response, and sustainability practices.
- What specific segmentation details are covered in the smart power distribution system market report, and how is the dominating segment impacting the market growth?
- Hardware component dominates the market in 2022 as hardware provide accurate and real-time data on electricity consumption, enabling utilities to identify patterns, monitor peak demand, and optimize energy distribution.
- What specific segmentation details are covered in the smart power distribution system market report, and how is the fastest segment anticipated to impact the market growth?
- Services will witness the fastest CAGR as the smart power distribution system requires ongoing maintenance, monitoring, and support to ensure optimal performance. Service providers offer maintenance services to address issues namely firmware updates, meter calibration, and fault detection, and also provide support services, including troubleshooting, meter replacements, and customer assistance.
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