The power distribution automation components market is projected to reach USD 12.2 billion in 2023, with sales anticipated to grow at a CAGR of 4.8% during the forecast period from 2023 to 2033. By the end of 2033, the market is expected to exceed USD 19.5 billion.
The distribution automation components market encompasses a variety of devices and solutions designed to automate and optimize distribution systems. These components are crucial for modernizing the power grid, enhancing efficiency, reliability, and operational control.
Key components in distribution automation include smart meters, remote terminal units (RTUs), communication networks, sensors, intelligent electronic devices (IEDs), distribution management systems (DMS), supervisory control and data acquisition systems (SCADA), switches, reclosers, and power quality monitoring devices.
The growth of the power distribution automation components industry can be attributed to several factors, including the increasing demand for reliable and efficient power distribution, the integration of renewable energy sources, the need for real-time monitoring and control, and the deployment of smart grid infrastructure.
Automation components for distribution offer numerous benefits, allowing utilities to monitor and control power distribution in real time, optimize power flow, reduce losses, enhance power quality, quickly detect and respond to faults, and improve overall system reliability.
This market is characterized by ongoing technological advancements, with innovations in advanced analytics, artificial intelligence, and Internet of Things (IoT) technologies significantly transforming the industry and enabling enhanced automation and optimization capabilities.
Key Takeaways from Power Distribution Automation Components Market Study
- Japan’s power distribution automation components industry is expected to be worth USD 691.1 million by 2033.
- The USA power distribution automation components industry value is set to reach USD 3.8 billion by 2033.
- China’s power distribution automation components industry is likely to cross a valuation of USD 4.2 billion with a CAGR of 7% in 2033.
- Based on components, switching & protecting components is anticipated to expand at a CAGR of 7% during the forecast period.
In terms of end-use, the industrial sector is projected to showcase a CAGR of 5% from 2023 to 2033.
Competitive Landscape: Power Distribution Automation Components Market
The power distribution automation components industry is a fiercely competitive market, with several companies competing for market dominance. ABB Group; Eaton Corporation PLC; G&W Electric Company; GE Grid Solutions; and Kalkitech are important market players.
These companies face fierce competition in advertising strategies, pricing, and product offerings. To gain a competitive edge, companies resort to aggressive advertising strategies and bring innovative products to market.
For example,
In June 2021, GE announced the addition of Proficy Operations Analytics to its industry-leading Proficy software solution suite to drive digital transformation by supporting modernization, continuous improvement, and business.
Key Companies Profiled
- ABB Group
- Eaton Corporation PLC
- G&W Electric Company
- GE Grid Solutions
- Kalkitech
Power Distribution Automation Components Market Segmentation
Component :
- Switching & Protecting Components
- Monitoring Devices
- Measuring Devices
End-Use :
- Industrial Sector
- Commercial Sector
- Residential Sector
Report Preview: https://www.futuremarketinsights.com/reports/power-distribution-automation-components-market
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