Power Distribution Systems Market - Challenges, Opportunities, Statistics to 2023
Market Overview The rising energy crunch on account of the exhaustion of fossil fuels is likely to conclude in the incorporation of smart systems to regulate the distribution and transmission of power. The worldwide smart power distribution system market is estimated to develop in size at a CAGR of 14% from the estimation period 2018 to 2023, asserts Market Research Future (MRFR) in its research. This is further enabled by supportive government norms mandating the manufacturing of smart grids and other equipment. Expansion in grid infrastructure, predisposition towards renewable energy sources, and cognizance among customers into adopting steps to curtail the carbon footprint are other aspects which can affect the market development. Recently, Siemens Limited entered into an MoU arrangement with NTPC Ltd., India’s renowned power utility firm, to evaluate, identify, and set up reference cases of hydrogen collaborating sectors for different downstream and upstream applications. The coll...