According to this market study, ABB, Eaton, Emerson Electric, Schneider Electric, and Siemens will be the key vendors in the global electrical equipment market for the power distribution industry. It also segments the market by equipment (switchgear, power cables, transformers, and smart meters) and by geography (the Americas, APAC, and EMEA).
This market study anticipates the global electrical equipment market for the power distributionindustry to grow at a CAGR of almost 9% by 2020. Much of this market’s growth will be directly dependent on the implementation of the smart growth technology. The global electricity sector is shifting from centralized power generation to decentralized distributed power generation. This shift has resulted in the transformation of customers into prosumers. A prosumer consumes as well as generates power. In the recent years, rooftop PV has emerged as one of the fastest growing renewable energy technology in the world. As a result, the rise of net metering, smart meters, and targets for renewable energy installations have compelled policy makers to implement initiatives that will transform consumers to prosumers.
Another factor ameliorating this market’s growth prospects will be the augmented installation of self-healing networks. Self-healing networks are a part of the smart grid technology and are comprised of sensors, automated controls, and advanced software that utilizes real-time distribution data to detect and isolate faults and reconfigure distribution networks. A self-healing network improves the system reliability by reconfiguring the switches and re-closers installed on the distribution feeder. This reconfiguration helps to isolate faults in the feeder and re-establishes the service from alternate feeders or sources.
This market’s growth prospects will be facilitated by the integration of renewable energy, reforms in the distribution sector, and the presence of aging distribution infrastructures around the globe. Vendors see smart grid technologies as right opportunities to sustain in the market and to increase their market share by developing smart grid based solutions such as self-healing networks and smart meters.Source : http://www.technavio.com/report/global-unit-operations-global-electrical-equipment-market-power-distribution-industry-2016?utm_source=T3&utm_medium=BW&utm_campaign=Media
View all SMART GRID Bulletins click here