New Revenue Pockets:
The global distribution automation market is expected to reach USD 28.1 billion by 2027 from an estimated USD 15.8 billion in 2022, at a CAGR of 12.2% from 2022 to 2027. Increasing focus on the replacing the aging power grid infrastructures is one of the primary driver accelerating the growth of the market. The growth of the distribution automation market can be attributed by the increasing deployment of smart grid technologies and rapidly growing investments in smart grid infrastructure to provide a reliable and efficient power supply.
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The distribution automation market, by component, is segmented into field devices, software, and services. The field devices segment is estimated to lead the distribution automation market, by component, during the forecast period because of their major significance in distribution automation systems. The growth of this segment is attributed to the significance and reliability of field devices in outage management, voltage and reactive power management, and equipment health monitoring They are the key connectors between the power supply and the software systems.
The distribution automation market, based on communication technology, is segmented into wired communication technology and wireless communication technology. Wired communication technology segment, by communication technology, held the largest share of the distribution automation market. The growth of this segment is mainly driven due to its increased security, lack of interference, and high speed.
Private utility segment is expected to grow at the fastest CAGR in the Distribution automation market. The Distribution automation market has been segmented, based on utility, into public and private. Increasing investments in the grid modernisation supported by the government in funding is expected to fuel the growth of the private utility segment in distribution automation market.
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Asia Pacific is expected to have highest market during the forecast period. The demand for distribution automation in Asia Pacific is driven by the exponential increase in demand for the electricity especially from rural areas. Moreover, the increased foreign investments in the smart grid infrastructure is one of key factor accelerating the growth of the distribution automation market in the region. The ongoing urbanization and industrialization are few of the key growth drivers for the growth of the distribution automation market.
