The Electric Power Distribution Automation Systems Market is anticipated to reach around USD 23.8 billion by 2027.
In 2021, the industrial segment dominated the global market, in terms of revenue. North America is expected to be the leading contributor to the global market revenue during the forecast period.
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The U.S. Bureau of Economic Analysis and the U.S. Census Bureau reports that the goods and services deficit rose from $68.7 billion in January 2023 to $70.5 billion in February, an increase of $1.9 billion. Due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion, the goods and services deficit increased in February. The goods and services deficit has decreased this year by $35.5 billion, or 20.3% when compared to the same period in 2022. $10.8% more, or $49.5 billion, was exported. Imports cost $2.2% more, or $14.0 billion, than exports.
The growing adoption of smart cities, along with high demand of smart grids has boosted the adoption of electric power distribution automation systems. The rising demand for electricity, and growing demand for efficient and low-cost solutions for efficient power distribution further support the growth of electric power distribution automation systems market. Increasing investments by vendors in technological advancements, growing need to update existing networks, and increasing ageing infrastructure would accelerate the adoption of electric power distribution automation systems during the forecast period. Growing demand from emerging economies, increasing adoption smart grid applications, and technological advancements are expected to provide numerous growth opportunities in the coming years.
North America generated the highest revenue in the market in 2017, and is expected to lead the global market throughout the forecast period. The presence of established telecom and cloud infrastructure in this region, and growing trend of smart cities drive the market growth in the region. The growing demand from energy sector, and technological advancements further support market growth in the region. The use of smart technologies in energy and utilities, investments in transmission and distribution infrastructure, and increasing ageing infrastructure is expected to support market growth in this region during the forecast period.
COVID-19 Impact
The COVID-19 pandemic in 2019 engulfed the world. It caused a worldwide halt. The entire global economy was affected. In addition, many people have also lost their lives. Around 252,297,094 cases and 5,091,465 deaths have been reported worldwide so far for COVID-19. The pandemic spread to almost every country in the world. In most industries, the pandemic resulted in some form of loss. As a result of the pandemic, the Electric Power Distribution Automation Systems Market also experienced a slowdown. Statista estimates that the Electric Power Distribution Automation Systems Market total worldwide revenue stood at approximately US$ 3.94 trillion in 2019. In 2014, the Electric Power Distribution Automation Systems Market generated revenues of US$ 5.4 trillion at a record high.
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The degree of competition among prominent global companies has been developed by analyzing several leading competitors operating globally. In addition, specialist analysts examine various aspects of the Electric Power Distribution Automation Systems Market, including market competition, market share, the most recent advancements in the industry, innovative product launches, partnerships, mergers, and acquisitions by leading companies.
The companies operating in the market include General Electric, Eaton Corporation Plc, Mitsubishi Electric Corp., ABB Ltd., G&W Electric Company, Schneider Electric, Elster Solutions, Schweitzer Engineering Laboratories, Siemens AG, and S&C Electric Company. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
What are the key findings of the report?
This report provides comprehensive information on factors expected to influence the market growth and market share in the future.
The report offers the current state of the market and future prospects for various geographical regions.
This report provides both qualitative and quantitative information about the competitive landscape of the market.
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