World News: 15:21 GMT Wednesday 11th July 2018. [Research and Markets via Businesswire via SPi World News]
The "Distribution Automation Market by Component, Type of Utility and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The distribution automation market is projected to reach USD 16.81 billion by 2023, from an estimated USD 11.82 billion in 2018, at a CAGR of 7.29% during the forecast period.
The increasing renewable power generation has boosted the demand for distribution automation. Also, the need for energy efficiency, protection, and immediate fault detection in the power distribution network would further aid the growth of this market. However, the high initial cost of distribution automation system would act as a restraint for the distribution automation market.
The field device segment is expected to be the fastest-growing distribution automation market, by component, from 2018 to 2023. The increasing deployment of field devices in distribution automation will drive the field device segment. Increasing investments in field devices, particularly in Asian countries such as China, India, Japan, and South Korea, will result in the higher market share of field device segment in distribution automation market.
Europe is expected to be the largest market for distribution automation in 2018, followed by North America and Asia Pacific. Germany, UK, and France are expected to hold a significant share of the distribution automation market in the region because of increasing investments in smart grid projects.
The distribution automation market is growing at a rapid pace in countries such as Spain, Italy, and Denmark because of increasing smart grid investments with strong in-built T&D assets. These factors are expected to boost the growth of the distribution automation market in Europe.
The leading players in the distribution automation market are ABB (Switzerland), Siemens (Germany), Schneider Electric (France), GE (US), and Eaton (Ireland).
Key Topics Covered
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Distribution Automation Market, By Component
7 Distribution Automation Market, By Type of Utility
8 Distribution Automation, By Region
9 Competitive Landscape
10 Company Profiles
For more information about this report visit https://www.researchandmarkets.com/research/hrxz4z/global?w=4
Business Wire: 15:21 GMT Wednesday 11th July 2018
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