The collaboration is directed at expanding innovative technologies, techniques, and solutions to curb the dependency on hydrocarbons in India. Boosting consumer endorsement for smart meters in lieu of improvement of cities is likely to propel the smart power distribution system market to attain USD 43.58 bn till 2023. Progressions in automation collectively with temperate climatic conditions faced by economies such as the U.S. and Japan can open up avenues for market growth in the forthcoming years.

Market Segmentation

[FURL=https://www.marketresearchfuture.com/reports/smart-power-distribution-system-market-6682]Smart Power Distribution Systems Market[/FURL] is bifurcated on the basis of application and component. Based on component, the market is composed of software, services, and hardware. The software segment is ruling owing to the simplicity it extends to utilities in distributing and managing power. Grid innovation tactics by different economies to cater to the burgeoning energy demand of users is expected to enable the segment’s development by the conclusion of 2023. But the services segment is hyped to be the swiftest developing on account of the incorporation of distributed energy resources (DER) in grids to deal with sudden outage. Additionally, rapid automation and industrialization of systems are forces estimated to boost this segment’s development till the conclusion of the estimation period. This can be ascribed to the software being able to detect errors in systems as well as alert the administration on future maintenance checks. According to application, the smart power distribution system market consists of commercial, residential, and industrial. Likewise, industrial is presently leading the smart power distribution systems market and is projected to reign till 2023. Although commercial segment is portrayed to expand at the fastest pace on account of the bourgeoning construction of restaurants and malls which consume power at a large scale.

Key Players

Renowned players in the smart power distribution system market encompass ABB Ltd. (Switzerland), Eaton Corporation (Ireland), Siemens AG (Germany), Oracle Corporation (U.S.), Schneider Electric SE (France), Itron, Inc. (U.S.), Tech Mahindra (India), Aclara Technologies LLC (U.S.), General Electric Company (U.S.), Honeywell International Inc. (U.S.), and others.

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