Global Distribution Automation Market to Grow at 7% CAGR till 2024
Increasing demand for renewable power generation coupled with
favorable government initiatives to promote renewable power to bolster global
distribution automation market through 2024
According to TechSci Research
report, “Global Distribution Automation Market By Component, By Utility, By Region, Competition, Forecast &
Opportunities, 2024”, global distribution automation market is projected to
grow at a CAGR of over 7% during 2019-2024, on the back of increasing renewable
power generation. Anticipated growth in the market can also be attributed to rising
need for energy efficiency, protection and immediate fault detection in the
power distribution network. Moreover, to enhance grid efficiency,
several governments have introduced various mandates, which is boosting the
adoption of distribution automation technology across utility and energy sectors.
Increasing demand from commercial
sector which includes hospitals, hotels, offices and data centers is likely to
augment the global distribution automation market by increasing product sales.
By
utility, public utility category accounted for the largest share in global distribution
automation market in 2018 and is expected to remain as the largest category during
the forecast period as well. Leading position of the segment is being primarily
aided by noteworthy grants provided by governments to improve the distribution
system of public utilities. The grants offered by governments help in
modernizing the grid. Asia-Pacific distribution automation market is anticipated
to grow at the fastest rate in coming years, backed by increasing population, rising
urbanization and rapid industrialization. Among the Asia-Pacific countries,
Japan and China are likely to account for a significant market. Utilities in
these nations require the renewal of out-of-date obsolete distribution
management systems.
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“Global distribution
automation market is anticipated to witness growth over the course of next five
years, backed by advancements in IoT and communication technologies coupled
with the upgrade of aging distribution infrastructure across the globe.
Moreover, rising awareness regarding cost and efficiency benefits of distribution
automation systems is expected to drive market in the coming years.”, said Mr.
Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Global Distribution Automation Market By Component, By Utility, By
Region, Competition, Forecast & Opportunities, 2024” has evaluated the
future growth potential of global distribution automation market and provides
statistics and information on market size, structure and future market growth.
The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in global distribution automation market.
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