Global Substation Automation Market Expected to Reach $154,876 Million by 2022

According to the recent report published by Allied Market Research, titled, “Substation Automation by Component, Module, and Communication Channel: Global Opportunity Analysis and Industry Forecast, 2014–2022,” the global substation automation market was valued at $106,891 million in 2015, and is estimated to reach $154,786 million by 2022, growing at a CAGR of 5.5% during the forecast period. North America accounted for the highest revenue share in 2015, and is anticipated to maintain its dominance throughout the forecast period.

Summary of the Substation Automation Market Report can be accessed on the website at: https://www.alliedmarketresearch.com/substation-automation-market

Substations are critical part of electrical infrastructure, and substation automation market is expected to witness significant growth in the future, owing to consistent rise in demand for electricity. Increase in utilization of renewable and non-conventional energy resources, such as wind, solar, and hydel energy; expansion of power networks; and energy and cost-saving benefits of substation automation drive the market growth. Susceptibility to cyber-attacks is a major restrain for market growth.

Based on component type, substation automation market is segmented into reclose controller, programmable logic controller, capacitor bank controller, digital transducer/smart meter, load tap controller, communication channel, digital relays, and others. Communication channel segment generated the highest revenue, accounting for $22,984 million in 2015, and is expected to grow at the highest CAGR of 10.9% to reach$47,324 million by 2022.
Based on module type, the substation automation market is segmented into SCADA, IEDs, and communication network. IEDs was the highest revenue-generating segment, accounting for $82,216 million in 2015. However, SCADA segment is expected to witness a CAGR of 9.5% to reach $1,551 million by 2022.

Based on technology type, the market is segmented into Ethernet, power line communication, copper wire communication, and optical fiber communication. Copper wire communication technology was the highest revenue-generating segment, which accounted for $49,672 million in 2015. However, power line communication segment is expected to witness high growth over the forecast period at a CAGR of 8.8% to reach $13,571 million by 2022.

Based on geography, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA. North America was the highest revenue-generating segment, valued at $37,106 million in 2015, and is expected to reach$52,085 million by 2022, growing at a CAGR of 5.0%. However, Asia-Pacific is expected to grow at the highest CAGR of 6.1%. Europe and Asia Pacific are second and third leading region for substation automation market, respectively.

According to Komal Sharma, Research Analyst Semiconductor and Electronics, Allied Market Research, “Substation automation is an important part of electricity transmission as it controls and provides automation functions needed to build a smarter, and more reliable power grid. Increasing demand for electricity mostly from developing countries, rise in adoption of smart grids, and need for upgradation of power networks are the major factors that drives the substation automation market. Numerous leading players focus on R&D to enhance their technical expertise and product portfolio.

KEY FINDINGS OF THE STUDY
• In 2015, communication channel led the overall substation automation market, and is projected to grow at a CAGR of 10.9% during the forecast period.
• IEDs led the overall market in 2015, and is projected to grow at a CAGR of 3.3%.
• Power line communication technology segment is expected to grow at a significant CAGR of 8.8%.
• North America accounted for the largest market share in 2015, and is anticipated to grow at a CAGR of 5.0%.

Major players in substation automation industry include Ingeteam, ABB Ltd., Schneider Electric SE, Siemens AG, Amperion Inc., GE Grid Solutions, Cisco Systems Inc., Eaton Technologies Pvt. Ltd., and Schweitzer Engineering Laboratories, Inc.

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This release was published on openPR.