November 16, 2021 05:45 US Eastern Time | Source: Priority Research Priority Research
Ottawa, November 16, 2021 (GLOBE NEWSWIRE) - In 2020, the power distribution component market is valued at US$102.1 billion. Due to the surge in power demand, it is expected to grow at a compound annual growth rate of 6.1% during the forecast period. Power transmission and distribution control system on the market.
Power distribution components are electrical equipment that regulates the power distribution of different parts of electronic equipment. It has deep penetration in high-voltage utilities and industrial distribution networks.
It is expected that the government's interest in developing efficient energy distribution infrastructure will create huge opportunities for the growth of the power distribution component market.
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The key factors affecting market growth are:
Distribution component market scope
Due to the government's substantial investment in the development of domestic power infrastructure and the renovation of long-distance power distribution networks, North America will lead the power distribution component market in 2020, contributing US$xx, and will continue to grow significantly in the next few years. For example, on February 3, 2021, GE Power Conversion and BLP Industry.AI signed a memorandum of understanding (MOU), and both parties agreed to jointly provide next-generation artificial intelligence technology and asset performance management solutions to help wind farm operators maximize Maximize the availability and reliability of their assets. The technical expertise of GE Power Conversion's Engineering Design Center (EDC) in Chennai, India, will use software and analysis to support asset performance management solutions for specific applications in industries such as global marine, metals, and renewable energy.
Driving factors-The increasing demand for the development of effective transmission and distribution control systems is the main factor driving market growth. In addition, the government's interest in the development of a strong energy infrastructure is also contributing to market growth. For example, on April 8, 2021, Schneider Electric, a leader in the digital transformation of energy management and automation, announced the launch of EcoStruxureTM Rail in India. The company hopes to create a collaborative digital environment for safe, efficient, reliable and sustainable subway train operations nationwide through its end-to-end digital solutions.
Limitations-The main limiting factors that will have a negative impact on the growth of the power distribution component market include the high installation cost of electrical components and the large size of electrical components when space is limited.
Challenge-The large size of electronic components may hinder the ability of the components to operate, which is expected to be the main challenge facing the market.
Market segments covered by the report
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