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.
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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 Utilities in these nations require the renewal of out-of-date obsolete distribution management systems.
“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.
Browse 32 market data Figures and Tables spread through 89 Pages and an in-depth TOC on “ Global Distribution Automation Market”
“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.