The annual revenue for energy distribution automation technologies is forecast to increase by 7.5% between 2019 and 2028.
Navigant Research predicts the annual revenue for the technologies will increase from $10.9 billion to $20.9 billion during the forecast period.
The growth in revenue is a result of utilities increasing their investments and focus in automating energy distribution systems over the next decade.
Utilities are aiming to increase grid reliability, visibility, resiliency, and flexibility by deploying automation solutions.
The energy distribution is the most critical, dynamic and fastest changing pieces of the 2019 electric grid, according to the research firm.
North America and Europe are witnessing high growth and significant distribution automation deployments, while the pure size and rate of development of the distribution grid in Asia Pacific bolsters the market and its growth rate there.
Developing regions such as Latin America, the Middle East and Africa include higher levels of automation for new construction, but existing are left unimproved.
Michael Hartnack, research analyst with Navigant Research, said: “The importance of distribution automation is consistent across all types of utilities.
“Ratepayer, regulator, and stakeholder demand for improved grid performance is driving much of this investment, with increasingly widespread deployments of distributed energy resources (DER) also growing the market.”
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