Press release
Substation Automation Market To Expand At A CAGR Of 6.3% From 2022 To 2031
The rising demand for safe and reliable electricity supply is expected to drive the global substation automation market growth during the forecast period. Substations receive electricity at high voltage from the transmission and decrease the voltage to the appropriate level in order to use it for local distribution. Advancements in communication technologies, rise in adoption of renewable & non-conventional energy sources, and surge in demand for smart grids are driving the global substation automation market. Substation automation offers intelligent and interactive power distribution network.Get Report Details- https://www.transparencymarketresearch.com/substation-automation-market.html
The substation automation technology is increasingly being used to minimize operational and maintenance costs. The increasing adoption of intelligent electronic devices (IED) to integrate with central systems is driving the global substation automation market. IED can receive or send data/control from or to an external source for an automation process. An increasing number of mergers & acquisition activities are taking place in the global substation automation market. The growing adoption of renewable sources of energy is a factor contributing to the global substation automation market growth.
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Rise in Investments in Smart Grid Infrastructure Development Projects
Substation automation is used to reduce operational and maintenance costs with the help of technologies in order to improve plant productivity. It offers energy efficiency, reliability of existing electrical supply, high performance, safety of electrical power network, and integration of more renewable energy into existing network. The smart grid technology manages and protects distribution network, saves energy, and reduces the energy losses during transmission and distribution. Governments of various developing countries are incurring massive losses due to conventional electrical grids, and hence, they are now focusing on investing in smart grid technologies. Due to all such benefits of smart grids, heavy investments are being made for the development of smart grids across the world.
The global substation automation market is significantly driven by factors such as usage of smart grids for efficient electricity transmission, cost-efficient operations & administration expenses, and ultimately lower power bills for consumers.
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Surge in Number of Prominent Market Players Focusing on Revenue Growth
Companies in the global substation automation market are accelerating their services and leveraging revenue opportunities. Substation automation offers functions such as good performance, reliability, detailed electrical fault analysis, advanced disturbance, event recording capabilities, display of real-time substation information in a control center, and safety. The global substation automation market is expected to attain prominence due to rising awareness about renewable sources of energy across the globe. Market stakeholders are focusing on gaining competitive edge in the global power supply segment. Key players operating in the global substation automation market are focusing on research & development, merger, joint venture, collaboration, and product innovation strategies to create more revenue opportunities.
Market Players to Gain Potential Revenue Benefits in Asia Pacific
The Asia Pacific substation automation market is expected to witness major market share during the forecast period. The prominence of the market in this part of the world is mainly due to increasing investments in transmission and distribution of electricity. China holds the highest share of the substation automation market in Asia Pacific. Japan and India are other countries expected to witness huge revenue opportunities in the Asia Pacific substation automation market.
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