Global Power Distribution Automation Components Market 2017-2021
About Power Distribution Automation Components
Power distribution automation components are utilized in power distribution across the regions. These components increase the operational efficiency and are used for various applications such as relays, circuit breakers, fuses, automated switches, reclosers, communication enabling devices, SCADA, live monitoring systems, and smart meters.
Global power distribution automation components market discusses the application of power distribution automation components in the industrial, commercial and residential sectors. It includes switching and protecting components, monitoring devices, and measuring devices in EMEA, the Americas, and APAC.
Technavio’s analysts forecast the global power distribution automation components market to grow at a CAGR of 6.20% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global power distribution automation components market for 2017-2021. To calculate the market size, the report considers the new installations, sales, value and retrofit, replacement, aftermarket services market.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Power Distribution Automation Components Market 2017-2021
Technavio recognizes the following companies as the key players in the global power distribution automation components market: ABB, EATON, Schneider Electric, Siemens, and Grid Solutions
Other Prominent Vendors in the market are: Larsen & Toubro, G&W Electric, S&C Electric Company, and Kalkitech.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Emergence of IoT. IoT is the next generation technology for all the end-user applications owing to its superior advantages in the connectivity. In 2016, IoT already commercialized to a degree in the factory, thereby bringing an industrial revolution with the concept of Industry 4.0. The accompanying global digitalization is growing rapidly across the world and involves components that can identify and transmit conditional information. In addition to this, IoT is further simplifying the connectivity techniques with the use of IPv6-based Protocol addressing systems. In addition, the interoperability and data readability issues find a better solution with the advent of IoT.”
According to the report, one of the major drivers for this market is Increasing investment in smart grids. Rising population and urbanization increased the demand for electricity over the past years and is expected to increase further in the coming years. According to the US Energy Information Administration, electricity generation in the world is expected to increase 69% by 2040 from 25.8 trillion kWh in 2020 to 36.5 trillion kWh in 2040, electricity being the highest growing form of energy consumption.
Further, the report states that one of the major factors hindering the growth of this market is High upfront cost. Power distribution automation components involve many expensive components to be employed with smart grids. Thus, new or retrofit projects are required to be installed with expensive sensors, automated relays, automated circuit breakers, and other monitoring and measuring equipment that involve huge capital. Similarly, modernization of switchgear further needs the plant devices to configure through highly expensive sensors and energy meters. Therefore, no electricity suppliers accept a major upgrade or new project without a long-term project scope and justified investment scenario.
ABB, EATON, Schneider Electric, Siemens, Grid Solutions, Larsen & Toubro, G&W Electric, S&C Electric Company, and Kalkitech.
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