Global $70+ Billion Electric Power Substation Automation Market to 2026, Driven by the Rising Demand of Smart Grid Solutions
Oct 22, 2020, 13:45 ET
DUBLIN, Oct. 22, 2020 /PRNewswire/ -- The "Electric Power Substation Automation Market - Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 - 2026" report has been added to ResearchAndMarkets.com's offering.
Global demand for electric power substation automation market was valued at approximately USD 48.4 billion in 2019, and is expected to generate revenue of around USD 71.1 billion by end of 2026, growing at a CAGR of around 5.8% between 2020 and 2026.
Electric power substation automation is a revolution for the management of networks. Substation is a base for some of the most important functions of the utility and is a part of electrical generation, transmission, and distribution system. Electric power substation automation is a combination of numerous control and data acquisition functions on an automated platform with a minimum number of units to augment the reliability and thereby reducing the cost of operation of the substation automation system.
Electric power substation automation is one of the major developments in a substation technology and also a leading aspect of the smart grid revolution. Electric power substation deals with the generation, transmission and distribution of electricity. Substation automation increases the level of convenience of operations, as it enables an electric utility to remotely monitor, control and coordinate the distribution component installed in the substation.
The electric power substation automation market is mainly driven by the rising demand of smart grid solution. Demand for electric power substation automation increases due to the advancement in smart grid technology. However, some factors such as shortage of skilled workforce and high investment cost are expected to hamper the growth of electric power substation automation industry.
Major regional segments analyzed in this study include North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa, further bifurcation of the region on the country level, which includes U.S., Germany, UK, France, China, Japan and India. Asia Pacific dominated electric power substation automation market owing to rising number of smart grid projects in this region.
Some of the key players in electric power substation automation include Schneider Electric, ABB Ltd., Eaton Corporation, Siemens AG, Alstom S.A, CISCO Systems (U.S), Amperion (U.S), and Ingeteam.
This report segments the global electric power substation automation market as follows:
Global Electric Power Substation Automation Market: Module Segment Analysis
- Hardware
- Communication Network Technology
- SCADA
Global Electric Power Substation Automation Market: Automation Stage Segment Analysis
- Retrofit
- New construction automation stage
Global Electric Power Substation Automation Market: Type Segment Analysis
- Transmission
- Distribution
- Collector Substation
Global Electric Power Substation Automation Market: Application Segment Analysis
- Utilities
- Industry
For more information about this report visit https://www.researchandmarkets.com/r/jfwgy1
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