The global smart power distribution systems market share is estimated to reach a valuation of more than US$ 96.1 Bn by 2031, notes a study by Transparency Market Research (TMR). Furthermore, TMR’s survey on the demand response in smart power distribution systems highlights that the smart power distribution systems market is expected to expand at a CAGR of 13.9% during the forecast period, 2021-2031.
The TMR report on the global smart power distribution systems market provides in-depth analysis of major factors impacting overall development of the market. Hence, this study covers systematic assessment of factors such as the growth drivers, growth restraints, challenges, ongoing R&Ds, regional analysis, emerging trends, and competition landscape of the market for smart power distribution systems. Moreover, the study also offers important insights pertaining to the smart power distribution systems market size in historical period.
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Technological Advancements in Networking Industry Play Key Role in Market Expansion
Smart power distribution solution are being increasingly adopted by utilities in the recent years owing to the surge in the need for savings in operational expenditure (OpEx) and capital expenditure (CapEx), notes a TMR assessment on the smart power distribution systems market. Besides, the demand for smart power distribution systems solutions is estimated to increase in the forthcoming years owing to surge in the use of high speed data networks in order to gain dependable mobility and connectivity. These factors are expected to result into profitable prospects in the global smart power distribution systems market.
The demand for smart power distribution systems solutions is projected to increase in the forthcoming years owing to factors such as technological advancements in the networking industry and different advantages offered by automation technologies. This, in turn, is expected to result into revenue-generation opportunities in the global smart power distribution systems market in the near future.
Manufacturers Focus on Providing Cost-effective Smart Power Distribution Systems
Some of the leading companies operating in the global smart power distribution systems market include Aclara Technologies LLC., ABB Ltd., Eaton Corporation, Cisco Systems Inc., General Electric Company, Fuji Electric Co., Ltd, Itron Inc., Landis+Gyr AG, Honeywell International Inc., Siemens AG, and Schneider Electric SE.
The presence of many companies is leading to highly intense competition levels in the market for smart power distribution systems. Hence, players in the smart power distribution systems market are utilizing organic as well as inorganic strategies such as partnerships, collaborations, joint ventures, and new product launches in order to stay ahead of the competition.
Top power distribution companies are increasing concentration on the development of next-gen smart power distribution systems. As a result, they are seen increasing their investment budgets pertaining to R&Ds. This aside, players are focusing on the study of planning and operation of smart power distribution systems. Moreover, key enterprises operating in the global smart power distribution systems market are developing strategies that are focused on providing cost-effective products to their customer base, thereby boosting their sales numbers.
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North America: Lucrative Region for Smart Power Distribution Systems Providers
Europe, North America, Middle East & Africa, Asia Pacific, and South America are some of the key regions in the global smart power distribution systems market. Among all, North America is expected to maintain its dominating position in the upcoming years owing to several factors such as the presence of many grid automation solution providers and increase in the technological advancements in the region. Moreover, the smart power distribution systems market in North America is being driven by rise in collaboration activities among regional power grid solutions and services providers in order to offer a wide range of next-gen technology solutions to their consumers.