Press Release

The Smart Power Distribution Systems Market was valued at US$ 23.8 Bn in 2021 and is projected to reach US$ 96.2 Bn by 2030.

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The development of 5G technology has wreaked havoc on the cloud computing industry. 5G's low latency connectivity allows for faster data transfers and smoother communications. 5G speeds up access to video analytics and artificial intelligence, making the city a safer place. This allows city managers, building owners, and facility managers to make better decisions and provide better public services. The evolution of 5G has yet to fully achieve its transformative promise, but it does present a significant growth opportunity for the smart city sector. The growing number of smart homes and buildings, smart infrastructures, smart residential, and Industry 4.0 projects is likely to result in significant business transformations, propelling market growth.

The rise of the worldwide smart power distribution systems market has been fueled by an increase in technology investments in developing nations, as well as the emergence of big data analytics. The key growth drivers include expanding urbanization, the need for effective resource management, public safety concerns, and an increasing demand for an environment with efficient energy consumption.

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Infrastructure monitoring and management services enable utility businesses to provide crucial services to thousands of customers in a secure and reliable manner, regardless of their location. Using the mobile workforce and surveillance systems, a utility business can keep an eye on all of its assets and protect them from theft or damage. Regardless of the weather, the service gives high-precision information on the whole infrastructure in real time.

The adoption of remote working practices in the aftermath of the COVID-19 pandemic has sparked a desire for operational openness. At this point, smart linked solutions are expected to play a critical role in acquiring organizational operational visibility. Businesses are looking forward to establishing resilience to ensure growth in the post-COVID age, as well as adjusting to remote working and automating their processes accordingly.

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he software segment accounted largest market share in 2020 due to the increasing adoption of solutions among the applications. Smart grid software solutions aid in the efficient administration of smart grid operations, the improvement of process efficiency, and the reduction of energy production costs, all of which will likely drive up demand for smart grid software solutions. The smart grid software aids in the efficient administration of smart grid activities, as well as the reduction of energy production costs. The industrial segment accounted largest market share in 2020 due to the need for smart power distribution systems solutions is predicted to rise as a result of several improvements in the networking industry and different benefits provided by automation technology.

North America is expected to dominate the market share of global smart power distribution systems market owing to developments in technology and the existence of a large number of grid automation solution providers in the area. Because of the increased use of power in the region, power grid solutions and services providers in North America are working and focused on supplying a variety of sophisticated technological solutions to consumers. In order to increase operational efficiency and customer service, a growing number of utilities in North America are investing in smart grid technologies.

KEY INDUSTRY DEVELOPMENTS:

December 2021- ABB launched EcoStruxure Power which is IoT-enabled architecture and platform designed to digitize and simplify electrical distribution infrastructure and delivers “always-on” power for commercial buildings, healthcare, data centres, industry and infrastructure.

September 2020- Siemens launched new Unified Power Flow Controller (UPFC) PLUS and expanded the options for grid stabilization.

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