According to a new market report published by Credence Research, Inc. “Distribution Automation Market By Product Type (Hardware, Software, Service), By Hardware (Monitoring and Control Device, Power Quality Control Device, Power Switching Control Device), By End User (Industrial Sector, Commercial Sector, Residential Sector) – Growth, Share, Opportunities & Competitive Analysis, 2016 – 2024”, the global distribution automation market is expected to exhibit a CAGR of over 8% from 2016 to 2024.
Browse the Distribution Automation Market – Growth, Share, Opportunities & Competitive Analysis, 2016 – 2024 report at https://www.credenceresearch.com/report/distribution-automation-market
Government mandates to enhance grid efficiency is boosting the adoption of distribution automation technology across energy and utility sector. Transition of traditional grid to smart grid in emerging markets such as China, India and GCC countries is fueling growth of the market. Also, this technology enable end users to manage distributed renewable energy in an efficient manner, which is expected to support market growth over the forecast period. Reduction in long terms maintenance and operational cost and enhanced energy efficiency are the other major factors driving growth of the distribution automation market across the globe. However, lack of awareness in developing and underdeveloped regions such as parts of Latin America and Africa is hampering growth of the market to certain extent. Additionally, technical issues and high deployment cost associated with distribution automation technology is anticipated to hinder adoption of this technology.
Major vendors in the distribution automation market aims at introducing technologically advanced solutions and systems to cater increasing customer demand. This helps vendors to differentiate themselves from counterpart and sustain competition. Also, investment in research and development activities and strategic partnerships and collaborations are other major strategies followed by key players to enhance existing product portfolio and expand market footprints. Major players operating in the global Distribution Automation market are are ABB Ltd., Alstom Group, Duke Energy Corporation, Edison Electric Institute, General Electric Corporation, Schweitzer Engineering Laboratories, Inc., Schneider Electric SA, Siemens Automation Inc., Schneider Electric SA, Tennessee Valley Authority and Nissin Electric Company Ltd.
- Introduction of advanced distribution automation systems
- Growing integration of IoT technology in power distribution system
- Strategic partnership among major players