A recent report published by Infinium Global Research on substation automation market provides in-depth analysis of segments and sub-segments in the global as well as regional substation automation market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional substation automation market over the short term as well as long term. The report is a comprehensive presentation of trends, forecasts, and dollar values of the global substation automation market. According to the report, the global substation automation market is projected to grow at a CAGR of 5.97% over the forecast period of 2020-2026.
Substation automation is the use of data of intelligent electronic devices' control & automation capabilities. This provides monitoring, control, and communication capabilities as a part of comprehensive substation control and monitoring solution. It is a collection of hardware and software components that are used to monitor and control an electrical system. A substation automation system automates some error-prone activities to increase the overall efficiency of the system. It plays an important role in delivering power to the grid starting with numerical digital protection and control, automation devices, and systems. IEDs (Intelligent Electronic Devices) have made Substations automation smarter, cost-effective, and faster to install. There is a huge opportunity in the technology development of Substation automation.
Growing competition is insisting many power providers focus on system productivity, reducing costs, upgrading the aging infrastructure, and increasing customer satisfaction. This updating substation automation provides the opportunity to reduce maintenance and operational costs. This is primarily driving the growth of the substation automation market. The smart substation is responsible for power-flow control, power transmission, and distribution, and voltage adjustment as it is an important foundation for power grids. Furthermore, the growing demand for low-cost substation automation solutions in the solar industry is propelling growth to the market. Additionally, government investment in a project that aims to develop a Smart City prototype and R&D platform for smart distribution systems and the integration of functions with digital technology to improve grid efficiency in smart cities. This provides a growing demand for the substation automation market. The National Security Telecommunications Advisory Committee concluded that in the power grid power substations are a significant information security vulnerability. However, high substation equipment purchase cost is affecting the growth of the market. Moreover, growing renewable energy projects provides a significant growth opportunity for the market.
The Asia Pacific is the largest revenue making region for the substation automation market owing to initiatives taken up by the Government to improve its power and energy sector. For instance, National Smart Grid Mission India. This project includes three substations for implementing substation automation.
The report on the global substation automation market covers segments such as module, type, offering, and industry. On the basis of the module, the sub-markets include intelligent electronic devices, communication networks, and SCADA systems. On the basis of type, the sub-markets include transmission substations and distribution substations. On the basis of offering, the sub-markets include hardware, software, and services. On the basis of industry, the sub-markets include utility, steel, mining, oil and gas,, and transportation.
The report provides profiles of the companies in the market such as ABB Ltd., General Electric, Cisco Systems, Inc., Eaton Corporation PLC, Honeywell International, Inc., Schweitzer Engineering Laboratories, Inc., Schneider Electric, Siemens AG, Novatech LLC, and Crompton Greaves.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of substation automation market. Moreover, the study highlights current market trends and provides forecasts from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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