PUBLISHER: Inkwood Research | PRODUCT CODE: 1087419
PUBLISHER: Inkwood Research | PRODUCT CODE: 1087419
The Asia-Pacific electric power distribution automation systems market is estimated to develop with a CAGR of 8.34% over the forecasting years 2022 to 2030. Some of the main factors attributable to the regional market's growth are the rising electricity demand in emerging countries, the growing population, and rapid urbanization in China and India.
The Asia-Pacific electric power distribution automation systems market growth estimation constitutes the study of Japan, Singapore, Indonesia, Australia, India, South Korea, China, and Rest of Asia-Pacific. The Korea Electric Power Corporation (KEPCO), responsible for supplying electricity to the entire economy as a state monopolist, was created in 1961 through the consolidation of three state-owned as well as operated electricity supply companies in the country.
Since Korea relies heavily on imports of energy, equating to approximately 97%, the country must be able to secure energy stably. Besides, as the electric power system is geopolitically isolated, it is not possible to import and export energy from and to neighboring nations.
In addition, as the production of electric power is focused in southern provinces, with consumption concentrated in the metropolitan region, long-distance transportation of electricity is essential. While it is challenging to utilize market mechanisms for regulating demands, large investments are necessitated for the construction of electric power facilities to secure supply capabilities. As a result, these factors play an essential role in fueling the demand for electric power distribution automation systems in the region, thus facilitating the growth of the market.
Leading firms operating in the market entail Mitsubishi Electric Corp, Siemens AG, Hitachi Ltd, etc.