NEW YORK, March 29, 2017 /PRNewswire/ -- The global electric power distribution automation systems market is expected to reach USD 23.7 billion by 2025, according to a new report conducted by Grand View Research, Inc. The rise in the adoption of smart grids & funding initiatives is projected to spur the demand for distribution automation systems. The growing investments in transmission & distribution are expected to remain a key driver.
The global electric power distribution automation systems market is anticipated to witness a high growth over the forecast period, owing to the replacement of aging infrastructure across the globe. The emergence of smart cities is expected to further catapult the automation products market growth over the next nine years.
Further key findings from the report suggest:
The implementation of automation systems in substation automation is projected to exhibit a significant growth at a CAGR exceeding 6% from 2016 to 2025 as the energy and power utilities are extremely focused on minimizing distribution and transmission losses, which has resulted in the increasing deployment of substation automation.
The industrial application segment is expected to gain prominence over the forecast period with an estimated CAGR exceeding 6%, which is accredited to the rising need of installing distribution automation systems by utilities across the globe.
Asia Pacific emerged as the fastest-growing market and is expected to witness a healthy CAGR of over 7%. The need to replace old transmission and distribution power infrastructure is driving the demand for electricity utilities across Asia Pacific to strengthen its power infrastructure.
The key purveyors in this industry comprise ABB Ltd., Eaton Corporation, General Electric, Itron, Inc., Schneider Electric, and Siemens AG, among others.
Read the full report: http://www.reportlinker.com/p04785475-summary/view-report.html
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