According to Market Research Future (MRFR), the global substation automation market is expected to reach USD 51 billion, with a CAGR of 6% from 2016 to 2023 (forecast period). The report highlights the key factors that are likely to significantly boost or impede the growth of the global Substation Automation Market. The report also sheds light on the possible effect of Covid-19 on the development of the global substation automation industry.
Substation automation is a process for using data from Intelligent Electronic Devices. It refers to the control and automation of substation capabilities and the control of power system devices by remote user commands. Growing demand for better electricity services worldwide and growing demand for smart grids are the key drivers for the growth of the substation automation sector.
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Some of the significant participants identified by MRFR operating in the global substation automation market are Schneider Electric (France), General Electric (U.S.), Siemens AG (Germany), ABB Group (Switzerland), Tropos Network (U.S.), Cisco Systems, Inc. (U.S.), EATON Corp. (U.S.), Encore Networks (U.S.), Toshiba Corporation (Japan), Grid Net (U.S.), Cooper Industries (U.S.), Power System Engineering, Inc. (U.S.), Texas Instruments (U.S.), Larsen & Toubro Limited (India), Axiomtek Co. Ltd (Taiwan), Ametek (U.S.), SAE IT-systems GmbH & Co. KG (Germany), among others.
The global market for substation automation continues to be highly competitive. To target, segment, and position their sensors on the global market and drive business growth, companies need to come up with innovative technological solutions to stay competitive. Industry leaders are investing in research and development to evolve their products continually and pursue market growth through a combination of strategic mergers and acquisitions, developments, and cost-effective product portfolios.
Growing demand for the retrofit of conventional substations and smart grids are some of the key drivers of market growth for substation automation. The smart grid contributes to the reliability and productivity of power systems. Moreover, the advanced smart substation automation system boosts the demand for the substation automation market as it is widely used in power system applications. The introduction of conventional protection is essential to the substation. The requirements of such systems are used for the protection and control of such automation. It tracks the state of the equipment. Such systems are equipped with intelligent electronic devices capable of protecting and controlling the system and providing high-performance remote power management functions.
The global market for substation automation has been segmented on the basis of component, module, communication channel, and industry.
On the basis of component, the global market for substation automation has been segmented into recloser controller smart meter, load tap controller, capacitor bank controller, and others.
On the basis of module, the global market for substation automation has been segmented into SCADA, intelligent electronic device, communication network, and others.
On the basis of the communication channel, the global substation automation market has been segmented into ethernet, power line communication, optical fiber communication, copper wire communication, and others.
On the basis of industry, the global substation automation market has been segmented into utility, transportation, mining, steel, and others.
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The global substation automation market is spanned across North America, Europe, Asia Pacific, and the rest of the world.
In North America, the substation automation market is experiencing high market growth due to the growing popularity of advanced intelligent electronic devices and communication technologies that are driving market growth in substation automation. In comparison, European countries are arising as substation automation market due to the rising demand for smart grids and are projected to rise at the highest CAGR during the review period. Asia Pacific countries such as China, Japan, and India are some of the world's leading market share regions.
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