The global smart power distribution systems market was valued around US$ 18,417 Mn in 2017 and is anticipated to expand at a stable CAGR of more than 14% during forecast period, according to a new report published by Transparency Market Research (TMR) titled “Smart Power Distribution Systems Market” – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026”. Increasing developments in grid infrastructure, rising demand for integration of renewable energy sources, improved grid reliability and efficient outage response have increased the penetration of smart power distribution systems globally.
Growing grid modernization for reliable and efficient power supply has increased the demand for smart power distribution solutions worldwide. Rising electricity consumption, reduction in production cost, and the potential to lower carbon emissions are some of the key factors driving massive global investment in the modernization of electricity infrastructure and the development of smart grid technologies. Consistent rise in the consumption of power is the primary factor responsible for modernization of electric systems.
The component segment is segmented into software, hardware, and service. The software segment of global smart power distribution systems market is further divided into advanced metering infrastructure, smart grid communication, smart grid distribution and management, substation automation, billing information system, and others. The smart metering infrastructure segment is anticipated to dominate the market owing to the rising deployment of smart meters around the globe.
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The advanced metering infrastructure segment is anticipated to expand at a significant CAGR of more than 15% during forecast period. The smart grid distribution and management segment is expected to expand at a high CAGR during the forecast period. Various utilities are installing smart power distribution software in order to offer customers with enhanced quality of service and improved operational efficiencies. The billing information system segment is projected to expand at a considerable CAGR during the forecast period owing to the increasing need to generate automated and more accurate energy estimation bills.