Substation Automation Market- Demand for New Power Stations and Smart Grids to Propel Industry

Transparency Market Research delivers key insights on the global substation automation market. In terms of revenue, the global substation automation market is estimated to expand at a CAGR of 6.3% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global substation automation market.

The global substation automation market is can broadly classified into different categories such as component, module, communication type, application, and end-user industry. It can be used in transmission and distribution of electrical power.

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Substation Automation Market: Dynamics

The move toward the future transmission and distribution substation is being driven by the desire to add more automation and intelligence to the power grid network in order to address various utility concerns, from cost-cutting to meeting new regulatory requirements such as NERC-CIP (North American Electric Reliability Corporation-Critical Infrastructure Protection)

The market for smart grids is expanding due to a rise in need for efficient electricity transmission, cheaper utility operations and administration expenses, and ultimately lower power bills for consumers. Smart grids in substation automation are also increasing due to a surge in integration of large-scale renewable energy systems and improved security.

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Smart grids can reduce energy losses in transmission and distribution, improve reliability and productivity, and manage energy demand intelligently and cost-effectively. Module can also be used to integrate new renewable energy sources while keeping old networks stable and reliable. These programs attempt to completely digitize a wide range of operations in various end-use sectors.

Smart grid communication module offers utilities, their suppliers, and their consumers with predictive data and recommendations on how to best manage power. Furthermore, smart grids are being implemented through the use of new technologies in substations and power networks.

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Substation Automation Market: Prominent Regions

In terms of region, the global substation automation market has been segmented into North America, Europe, South America, Asia Pacific, and Middle East & Africa. Asia Pacific accounted for a major share of the global substation automation market. The substation automation market in Asia Pacific is expected to expand at a notable CAGR during the forecast period. Several major companies operating in the global substation automation market are based in North America, which is estimated to help the region emerge as an influential market for substation automations.

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Substation Automation Market: Key Players

Key players operating in the global substation automation market include ABB Ltd. (Switzerland), Trilliant Inc. (U.S.), Alstom S.A. (France), Schneider Electric S.E. (France), Cisco Systems, Inc. (U.S.), Siemens A.G. (Germany), Eaton Corporation Plc. (Ireland), GE Energy Management (U.S.), Itron, Inc. (U.S.) and Echelon Corporation (U.S.), and Mitsubishi Electric Automation.

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