Substation Automation Market Global Industry Analysis, Explosive Growth And Forecast Till 2023

Overview:

Substation automation has evolved as an integral part of the electricity distribution system. Substations work by receiving electricity at high voltage and then distributing it at an appropriate level. This entire process of electricity generation, transmission and distribution depend heavily on intelligent electronic devices (IED) and remotely controlled devices. Automation provides necessary support for the better functioning of the substation. The global substation automation market is expecting a 6% CAGR to climb up to USD 51 billion market valuation during the forecast period (2017-2023). Market research Future’s (MRFR) report indicates at smart grids enhancing grid performance, reliability, and an effort to reduce the transmission and distribution loss as major factors to influence the market growth. Industrial upheaval in emerging economies is also providing gateways for further market proliferation and prosperity. Aging infrastructures in many regions need revamping which can contribute to the all over substation automation market growth.

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Segmentation:

The global substation automation market can be segmented by component, module, communication channel, and industry.

Component-wise, the global substation automation market can be segmented into recloser controller, capacitor bank controller, smart meter, load tap controller, and others.

Module-based segmentation of the substation automation market includes supervisory control and data acquisition SCADA, intelligent electronic device, communication network, and others.

Communication channel of the substation automation market can be segmented into ethernet, copper wire communication, power line communication, optical fiber communication, and others.

Industry-wise segmentation of the substation automation market comprises utility, transportation, mining, steel, and others.

Regional Analysis:

Geographic analysis of the substation automation market namely includes North America, Europe, Asia-Pacific, and Rest-of-the-World (RoW).

Communication technologies and advanced intelligent electronic device have generated significant market demand across North America, owing to which the region is now enjoying unprecedented growth. Its substantial contribution in the global revenue has made it the market leader. The infrastructural superiority of the region is also driving the market forward.

Europe, on the other hand, is recording a significant growth by generating demand for smart grids considerably. The region can witness comparatively higher CAGR than its peers.

The APAC region has China, Japan, and India as leading contributors, owing to which, the regional market can expect better performance and substantial growth. The regional focus is also on reducing transmission and distribution loss, and to meet the increasing demand for electricity. This can take the regional market further in coming years.

Market Competition:

The global substation automation market is witnessing several strategical methods getting applied by market superiors to increase profitability. These tactical moves include merger, acquisition, new product launches, collaborations and other ways enabling companies to expand their product portfolio.

For instance, to increase market penetration, Schneider Electric has decided to explore the MEA region by implementing their strategies for smart cities.

ABB’s taking over GE Industrial Solutions in June 2018, the latter’s electrification solutions business can be considered a decisive step which helped ABB in cementing its global position.

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Prominent players in the global substation automation market are Schneider Electric (France), Siemens AG (Germany), ABB Group (Switzerland), General Electric (U.S.), Tropos Network (U.S.), EATON Corp. (U.S.), Encore Networks (U.S.), Grid Net (U.S.), Cisco Systems, Inc. (U.S.), Cooper Industries (U.S.), Larsen & Toubro Limited (India), Power System Engineering, Inc. (U.S.), Texas Instruments (U.S.), Axiomtek Co. Ltd (Taiwan),Toshiba Corporation (Japan), Ametek (U.S.), SAE IT-systems GmbH & Co. KG (Germany), and others.

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This release was published on openPR.