Global Electric Power Distribution Automation Systems Market Growth Overview For 2024-2033

The Business Research Company's Electric Power Distribution Automation Systems Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033

LONDON, GREATER LONDON, UK, June 24, 2024 /EINPresswire.com/ -- The electric power distribution automation systems market refers to advanced technologies and control systems designed to enhance the efficiency, reliability, and safety of electric power distribution networks. These systems utilize sensors, communication networks, and control devices to monitor, analyze, and manage electricity distribution in real-time, ensuring smooth operations and minimizing downtime.

Rising Demand for Efficiency and Reliability Drives Market Growth
The electric power distribution automation systems market size has shown robust growth, projected to increase from $24.95 billion in 2023 to $26.93 billion in 2024, at a compound annual growth rate (CAGR) of 7.9%. It will grow to $34.79 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%.This growth is driven by the increasing demand for electricity, the growing complexity of power distribution networks, rising concerns for reliability and resilience, regulatory mandates for grid modernization, and cost pressures on utilities.

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Key Players and Market Trends
Major players such as Hitachi Ltd., Siemens AG, and General Electric Company are focusing on developing advanced solutions to gain a competitive edge. For example, ABB Ltd. launched the REX610, an all-in-one protection relay, in May 2021, which enhances grid protection and efficiency.

Trends in the Forecast Period
In the forecast period leading up to 2028, the market is expected to witness trends such as the transition towards decentralized energy systems, the rise of microgrids and virtual power plants, growth in demand response programs, expansion of predictive maintenance strategies, and adoption of artificial intelligence and machine learning in grid operations.

Segments
• Component: Field Devices, Software, Services, Communication Technology
• Implementation: Substation Automation, Feeder Automation, Consumer Side Automation
• Application: Industrial, Commercial, Residential

Geographical Insights: Asia-Pacific Leading the Market
North America dominated the electric power distribution automation systems market in 2023, while Asia-Pacific is expected to be the fastest-growing region in the forecast period. The comprehensive report provides detailed insights into regional dynamics, market trends, and growth opportunities.

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Electric Power Distribution Automation Systems Global Market Report 2024 from TBRC covers the following information:
•Market size data for the forecast period: Historical and Future
•Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
•Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Electric Power Distribution Automation Systems Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on electric power distribution automation systems market size, electric power distribution automation systems market drivers and trends, electric power distribution automation systems market major players, competitors' revenues, market positioning, and market growth across geographies. The electric power distribution automation systems market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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