Global Distribution Automation Market expected to generate around USD 22.02 billion by 2024, at a CAGR of around 4.34% between 2018 and 2024
NEW YORK, NEW YORK, UNITED STATES, February 19, 2020 /EINPresswire.com/ — Zion Market Research has published a new report titled “Distribution Automation Market by Component (Field Device, Software & Services, and Communication Technology) and by Utility (Public Utility and Private Utility): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018—2024”. According to the report, the global distribution automation market was valued at approximately USD 16.35 billion in 2017 and is expected to generate around USD 22.02 billion by 2024, at a CAGR of around 4.34% between 2018 and 2024.
Distribution automation is the method that involves collecting, analyzing, and automating of data, to implement the controls by the utilities. Distribution automation is slightly incongruous, as it is inferred or implemented in a closed loop.
The global distribution automation market is likely to be fuelled by the energy and power industry both in developed and emerging countries in the years ahead. As non-renewable energy sources are depleting rapidly, the usage of renewable energy increasing. This, in turn, is another major factor anticipated to boost this global market in the upcoming years. Additionally, with the technological advancements, the growing application of IoT and the development of communication technologies are projected to further drive the distribution automation market in the future. With distribution automation implemented, more effective monitoring and cost-effective maintenance can be witnessed across various industries. Distribution automation technologies provide progressive competences for network administrators or operators to easily detect, locate, and diagnose problems along with the issues and faults related to equipment or system modules. Thus, these are some factors likely to contribute notably to the distribution automation market over the forecast timeline.
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By component, the distribution automation market is segmented into field device, software and services, and communication technology. Field services are expected to dominate the distribution automation market over the forecast timeline, owing to the increasing deployment of field services as they help in minimizing the losses occurring from power outages and voltage oscillations. By utility, this market is bifurcated into private utility and public utility. Public utilities are expected to dominate the distribution automation market in the upcoming years, due to significant government grants to enhance the distribution network of public utilities for modernization.
North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa comprise the regional segment of the global distribution automation market. The Asia Pacific distribution automation market is likely to grow significantly in the future. This can be attributed to favorable government initiatives toward sustainability and a clean environment along with continuous industrial developments in the energy and power sector. The North American region is anticipated to provide significant growth opportunities in the distribution automation market in the upcoming years, owing to the huge investments made in the energy and power industry and the increasing acceptance of solar and wind energy as power supply sources among various industry verticals in North America.
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Some key industry players of the distribution automation market include Siemens AG, ABB, General Electric Company, Schneider Electric SE, Landis+Gyr, Power System Engineering, S&C Electric Company, Cisco Systems, Inc., and Xylem Inc.
This report segments the global Distribution Automation market into:
Global Distribution Automation Market: Component Analysis
Software and Services
Global Distribution Automation Market: Utility Analysis
Global Distribution Automation Market: Regional Analysis
The Middle East and Africa
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Source: EIN Presswire