Market Growth of Electric Power Substation Automation to Remain Sluggish through 2025
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The Electric Power Substation Automation Market is primarily driven by the increasing demand for electric power substation automation in smart grid and technological advancement. Apart from this obsolete energy infrastructure is an important driver in this market. The electric power substation market is governed by the IED (Intelligent Electronic Devices and the automation components like RTUs, digital protection relays, logical programmable controllers, digital transducers and voltage controls. The electric power substation needs has increased in order to reduce the number of units and to lessen the complexity to increase the reliability and also to reduce the cost of operation in the electric power substation automation market. IEDs are the key component of electric power substation automation that helps to improve the operational efficiencies and reliability.
The major restraints in Electric Power Substation Automation Market are absence of proper technical standards, concern for cyber security, lack of skilled workforce and also huge initial capital investment. The automation of electric power substation increases the risk of security. The reason is that electric power substation is going to be controlled by the computer system, so cyber security has to be increased. Apart from this, with the automation in the electric power substation need of skilled workforce is required. The availability of skilled workforce is less compared to the rapid automation in the electric power substation automation market. Moreover, absence of proper technical standards is also one of the major restraints among others. Absence of technical standards in the sense no proper norms or regulations are available in the Electric Power Substation Automation Market which acts as a hindrance for this market. Huge capital requirement is also one of the major restraints in the Electric Power Substation Automation Market. The capital required in this market is more than the benefits that is achieved after automation in the electric power substation.
The major opportunity of Electric Power Substation Automation Market is operational efficiencies. With the automation of the electric power substation, the operation is expected to be done efficiently. The data acquisition, supervision and control become easier with the automation. In addition, operating cost is reduced in the Electric Power Substation Automation Market which also acts as an opportunity in this market.
The Electric Power Substation Automation Market has been categorized based on their types: transmission, collector substation and distribution. The Electric Power Substation Automation Market has been geographical segmented into four regions: North America, Europe, Asia-Pacific and RoW. In 2014, APAC has the largest market size for the Electric Power Substation Automation Market that is driven by the continuing electrification and increasing number of smart grid projects.
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Some of the key players in the Electric Power Substation Automation Market are ABB Ltd., Siemens AG, Alstom S.A, Eaton Corporation, Schneider Electric, CISCO Systems (U.S), Amperion (U.S), and Ingeteam among others.
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