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Substation Automation Market Analysis By Recent Developments, SWOT Analysis And Forecast By 2029 | Major Players - Hitachi Abb Power Grids, Siemens Energy, General Electric, Cisco, Schneider Electric
Based on previous market performance, the Substation Automation market is expected to reach USD 56.4 billion in size by 2028. With a 6.9% CAGR.Substation Automation Market Overview:
During the projected period, the requirement for safe and dependable electricity supply is anticipated to fuel the expansion of the worldwide substation automation market. Substations take high-voltage power from transmission lines and lower it to the proper level so that it can be used for local distribution. The global substation automation market is being driven by improvements in communication technology, a rise in the deployment of renewable and unconventional energy sources, and a surge in demand for smart grids. Power distribution networks that are intelligent and interactive are provided via substation automation.
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The main barrier to market growth is the high installation cost, which has slowed down investment in substation automation. An further issue that restrains market expansion is the rise in cyberattacks, which pose a serious threat to the substation automation industry.
Based on our expert's analysis the players that are leading the market includes: hitachi abb power grids, siemens energy, General Electric, cisco, schneider electric, eaton corporation, novatech automation, cadillac automation and controls, and others. and Others.
The whole market is segmented as follows:
Substation Automation Market By Type, 2019-2028, (IN USD Million)
Transmission Substation
Distribution Substations
Substation Automation Market By Application, 2019-2028, (IN USD Million)
Utilities
Steel
Oil & Gas Mining
Transportation
Industry Developments:
The new SEL-3350 Automation Controller was introduced by SEL in January 2021. It was created for applications that call for midlevel I/O and computation. Utility substations, commercial control systems, and automation systems can all be tough conditions that the SEL-3350 can tolerate.
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Substation Automation Market' s top organizations are operating in a dynamic set-up, wherein they are required to incorporate unprecedented advances to reap benefits from the latest and upcoming information technologies and industry trends.
Regional Analysis:
This report is segmented into several key Regions, with production, consumption, revenue and market share and growth rate of Substation Automation Market. These regions, from 2022 To 2029, covering North America, Europe, China, Japan, Southeast Asia, India, North America (USA, Canada and Mexico) Europe (Germany, France, UK, Russia and Italy) Asia-Pacific (China, Japan, Korea, India and Southeast Asia) and ROW.
Our Market Intelligence reports give our clients the information they need to maintain a competitive edge in the marketplace. Competitor Analysis and Profiling studies delve further into a company's competitive strengths and shortcomings. Market assessments conducted by SIS reveal market opportunities, size, and viability.
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