PUBLISHER: Inkwood Research | PRODUCT CODE: 1087421
PUBLISHER: Inkwood Research | PRODUCT CODE: 1087421
The North America electric power distribution automation systems market is estimated to register a 5.89% CAGR across the forecasting period of 2022 to 2030. The regional market's growth is reinforced by the increasing energy consumption across the commercial and residential sectors, in addition to the rising production demand in terms of the formation of turbines as well as wind energy.
The North America electric power distribution automation systems market growth analysis entails the assessment of Canada and the United States. Canada's electric industry comprises establishments engaged in the distribution of electric power to individual users or consumers. However, the country faces tremendous costs for upgrading and expanding its electric transmission and distribution system. Although the need for integrating more renewable power into the grid, establishing a smarter grid, and exporting increased power offers the rationale for action, the capital will likely lag behind.
On the other hand, Ontario has engaged in a billion-dollar program for the installation of smart meters for 4.5 million electricity customers in the province. Distributors, often representing the link between customers and the utility, are at the front line of this development. Also, Powerstream, a municipally-owned Ontario-based distribution company, is responsible for over 300,000 customers in the Greater Toronto Area. Likewise, Hydro-Quebec is one of the leaders in smart grids. Over recent years, it has been involved in the automation of substations as well as high-voltage transmission. Hence, these factors are set to influence the North America electric power distribution automation systems market growth.
The top companies operating in the market include: General Electric Company, ABB Ltd, Siemens AG, etc.