According to a research report “Distribution Automation Market by Component (Field Devices, Software, Services), Communication Technology (Wired Communication Technology, Wireless Communication Technology), Utility (Public, Private) and Region – Global Forecast to 2027″ published by MarketsandMarkets, the global distribution automation market is estimated to be valued at USD 15.8 billion in 2022 (estimated year) and is projected to reach USD 28.1 billion by 2027 (forecast year); growing at a CAGR of 12.2% during the forecast period.
The distribution automation market has promising growth potential due to the rising deployment of smart grid technologies and increasing demand for the electricity in remote areas.
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Field Devices segment expected to dominate distribution automation market, by component, during the forecast period
The field devices segment holds the largest share of the distribution automation market. The large market share can be attributed to the advantage it offers such as the remote monitoring of distribution power grids to reduce the duration of power outages in Asia Pacific and Africa.
Wireless communication technology to witness fastest growth rate in distribution automation market, by communication technology, during forecast period
The distribution automation market, by communication technology, is divided into wired communication technology and wireless communication technology, wherein wireless communication technology accounts for the fastest growing with a higher CAGR. The growth is attributed to increase in government initiatives and technological advancements pertaining to distribution automation to improve and maintain high levels of service reliability and operating efficiency.
Private utility to witness fastest growth rate in distribution automation market, by utility, during forecast period
The distribution automation market, by utility, is divided into private and public, wherein public segment accounts for the largest share. Private is fastest growing segment during the forecast period, the growth is attributed to increase in government support by funding towards private players.
Asia Pacific to be fastest-growing distribution automation market during forecast period
In this report, the distribution automation market has been analyzed for five regions, namely, Asia Pacific, North America, Europe, South America and Middle East & Europe. North America is a significant contributor to the distribution automation market in the current scenario owing to the rapidly increasing cost-competitiveness of electricity, which enable consumers to have access to clean fuel through distributed energy sources.
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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of a few of the top players in the distribution automation market.
A few of the key players include ABB (Switzerland), General Electric (US), Eaton (Ireland), Schneider Electric (France), and Siemens (Germany).
Other dominant players include Landis+Gyr (Switzerland), Itron Inc (US), Hubbell (US), Xylem (US), Schweitzer Engineering Laboratories, Inc. (US), G&W Electric (US), S&C Electric Company (US), and Toshiba (Japan).
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The post Distribution Automation Market Size to Hit $28.1 billion by 2027 first appeared on PressRelease.cc.
Distribution Automation Market Size to Hit $28.1 billion by 2027 first appeared on Web and IT News.