LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global power distribution automation components market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The growth in the global power distribution automation components market is predicted to be high in developed countries whereas developing countries will remain at the initial growth stage of the cycle during the forecast period. The US and Europe will be the major markets for the deployment of power distribution automation components during the forecast period. Countries such as China, India, and the Middle East countries, which are facing the challenge of increasing demand for electricity due to rapid growth in the economy, will initiate the installation of automated components during the forecast period.
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The top three emerging trends driving the global power distribution automation components market according to Technavio industrial automation research analysts are:
- Emergence of IoT
- Increasing demand for renewable energy
- Deployment of smart meters
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Emergence of IoT
“IoT is the next generation technology for all the end-user applications owing to its superior advantages in connectivity. In 2016, IoT already commercialized to a degree in the factory, thereby bringing an industrial revolution with the concept of Industry 4.0,” says Bharath Kanniappan, a lead analyst at Technavio for research on automation.
The accompanying global digitalization is growing rapidly across the world and involves components that can identify and transmit conditional information. In addition to this, IoT is further simplifying the connectivity techniques with the use of IPv6-based Protocol addressing systems. In addition, the interoperability and data readability issues find a better solution with the advent of IoT.
Increasing demand for renewable energy
“The power generation from renewable energy sources is increasing in various countries such as India, the US, and China due to rising concern about depleting natural resources such as coal and natural gas. In addition, the increasing government initiative on the wave of green energy production across the world further attracts new projects in the renewable energy sectors,” adds Bharath.
Renewable energy technologies like solar and wind have huge abilities to trim down greenhouse gas emissions and other adverse environmental impacts from electricity generation. Integration of these technologies into the electric power grid stands as a huge challenge.
Deployment of smart meters
Smart meters are used to provide real-time monitoring of the electricity usage to the customer as well as electricity providers. Deployment of smart meters is an inseparable part of power distribution automation components to extend the benefits for the customers. Thus, it is a big trend present in power distribution automation components.
Benefits offered by smart meters are not only restricted to customers and utility providers, rather, the government also benefitted as the real-time information of electricity usage makes the customers conscious about their energy utilization and thus reduces the power wastage and optimum utilization of power generating capacity.
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