LONDON--(BUSINESS WIRE)--The global distribution automation solutions market 2019-2023 is expected to post a CAGR close to 12% during the forecast period, according to the latest market research report by Technavio.
With the growing need for detecting and reacting to the local changes in power consumption, there has been a surge in the implementation of smart grids in the utility sector. Furthermore, measures employed to supply electricity through the grid with automation solutions, such as smart meters, transformer and feeder monitoring systems, and smart power monitoring devices, have ensured the optimum utilization of power in the transmission and distribution sector. Globally, smart grid deployment increased drastically in 2018 and is expected to be deployed more rapidly to vertically integrated utilities during the forecast period. Thus, such initiatives and measures will improve the smart grid infrastructure, thereby increasing the adoption of automation solutions during the forecast period.
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As per Technavio, the increasing role of data analytics will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Distribution Automation Solutions Market: Increasing Role of Data Analytics
At present, the power utility sector, by its size and complexity, is exposed to a large amount of data. Also, with the utility sector operating in complex geographies, there is a huge requirement to collect data between different junctures in the distribution network. This has further elevated the need for adopting advanced data analytics solutions, which is incentivizing the power utility companies to adopt big data. Data analytics presents a whole new dimension for the utility sector, wherein the deployment of such innovative solutions can help in achieving a significant reduction in downtime and improve the overall services. Power outages are an area of concern for power utilities; however, by using data analytics, power utilities can predict any outage or power issue based on the historical data trend. RTUs can also facilitate the streamlined collection of data from sensors to the main control unit, thereby aiding effective data analysis. Therefore, with such advantages, the market for distribution automation solutions is expected to witness significant growth during the forecast period.
“Apart from the increasing role of data analytics, the shift from local control to model-based volt/VAR optimization and the rising number of microgrid networks are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
Global Distribution Automation Solutions Market: Segmentation Analysis
This market research report segments the global distribution automation solutions market by solution (field devices, communication systems, and software services), by deployment (system-level, and customer-level) and geographical regions (APAC, North America, Europe, South America, and MEA).
The APAC region led the market in 2018, followed by North America, Europe, South America, and MEA, respectively. However, during the forecast period, the European region is also expected to register significant growth due to the various government initiatives being taken up in the region.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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