Global Electric Power Distribution Automation Systems Market 2022-2028
MARKET OUTLOOK
Triton Market Research’s report insinuates the global electric power distribution automation systems market to progress with a CAGR of 7.05% in the projected duration from 2022 to 2028.
The enhanced demand for energy efficiency & fault detection is primarily driving the growth of this market. The growing requirement of electricity at commercial sites and the high dependability of distribution automation systems are also adding to the electric power distribution automation systems market’s growth.
However, security concerns, the privation of global standards, and the lack of tools being used for operational planning are hampering this growth. On the positive side, the increasing investment in research & development activities and increased investments in smart grids present lucrative opportunities for market development.
REGIONAL OUTLOOK
The global market for electric power distribution automation systems covers Latin America, the Asia-Pacific, Europe, North America, and the Middle East and Africa.
The market in the Asia-Pacific is expected to observe the fastest growth in the coming years. In this region, Southeast Asia is one of the fastest-growing markets in the world in terms of electricity demand. This can be attributed to the increasing usage of power-consuming devices such as various household appliances. Thus, the governments across the region are working to meet the high electricity demand.
One such example of cross-border power trade in SE Asia is the Lao PDR-Thailand-Malaysia power integration project. Further, work is already underway to extend this project to include Singapore. Such developments are integrating the growing demand for electricity, distributing it with the help of DAS.
COMPETITIVE OUTLOOK
The dominant players profiled in the electric power distribution automation systems market include Siemens AG, Eaton Corporation plc, S&C Electric Company, Hitachi Ltd, ABB Ltd, Hubbell Power Systems, Honeywell International Inc, General Electric Company, Mitsubishi Electric Corporation, Schneider Electric, Schweitzer Engineering Laboratories Inc, Itron Inc, G&W Electric Company, and Oracle Corporation.
General Electric Company is an industrial corporation offering a wide range of products and services. The company offers power generation products, high voltage equipment, power electronics, automation & protection equipment, and software solutions. It serves numerous industries, such as oil & gas, telecommunication, water, generation, mining, transportation, transmission, aerospace, power, distribution, metals, and healthcare. General Electric has a customer base in more than 170 countries across Europe, North America, the Asia Pacific, Latin America, and the Middle East and Africa.
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