Substation Automation Market - Increasing Number of Smart Grid Improving Grid Efficiency and Reliability

According to a recent market research report released by Transparency Market Research, the global substation automation market is expected to grow positively at a CAGR of 5.4% during the period between 2014 and 2020. The report, titled “Substation Automation Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020”, has projected the valuation of the worldwide substation automation market by the end of the forecast horizon. The market was worth US$96.52 billion in 2013 and is estimated to be valued at US$139.34 billion by 2020.

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Substation automation can be defined as a system to manage, control, and protect a power system. It serves as an integral part of the electrical system to generate, transmit, and distribute electricity. The report points out that the increasing number of smart grids improving grid efficiency and reliability has propelled the growth of the global substation automation market. Increasing demand for reduction in transmission and distribution losses, demand for distributed intelligence, and the need to upgrade the ageing infrastructure of existing power utilities are expected to drive the overall market during the forecast period.

However, the report points out that the dearth of technical expertise will negatively affect the substation automation market. Rising demand for energy management will open new opportunities for the overall market.The report segments the global substation automation market on the basis of components such as programmable logic controller (PLC), recloser controller, digital transducer or smart meter, capacitor bank controller, communication channel, digital relay, and load tap changer. In 2013, communication channels generated the highest revenue and are expected to be the fastest growing component segment in the market, growing at a CAGR of 13.1% during the period between 2014 and 2020. On the basis of module, the global substation automation market has been divided into communication network, supervisory control and data acquisition (SCADA), and intelligent electronic device (IED). In 2013, intelligent electronic devices accounted for the largest market share owing to increased demand to improve transmission and distribution efficiency. During the forecast period, communication network is expected to be the fastest growing module segment.

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The report studies the global substation automation market in four key regions: Europe, North America, Asia Pacific, and Rest of the World. North America was the largest market for substation automation in 2013. This was attributed to heavy investment and high-end research in the field of substation automation. The substation automation market in Asia Pacific was worth US$19.55 billion in 2013 and is expected to witness the fastest growth during the forecast horizon. The report has profiled some of the key players in the global substation automation market, such as Trilliant Inc. (U.S.), ABB Ltd. (Switzerland), Alstom S.A. (France), Cisco Systems, Inc. (U.S.), Schneider Electric S.E. (France), Eaton Corporation Plc. (Ireland), Siemens A.G. (Germany), GE Energy Management (U.S.), Itron, Inc. (U.S.) and Echelon Corporation (U.S.). The report provides detailed information about the key players, including company overview, financial overview, business strategy, and recent developments.

Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations

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This release was published on openPR.