Home » Business, Media & Communications, Technology » Substation Automation Market Size is expected to reach USD 185.80 billion by 2024: Radiant Insights
Substation Automation Market Analysis By Component (Recloser Controller, Programmable Logical Controller, Capacitor Bank Controller, Digital Transducer/Smart Meter, Load Tap Controller, Communication Channel, Digital Relays), By Module (SCADA, IEDs, Communication Network), By Communication Channel (Ethernet, Power Line Communication, Copper Wire Communication, Optical Fiber Communication) And Segment Forecasts To 2024

The growing advancements in the smart grid technology are increasing the scope for SCADA systems. The primary factors leading to the rising adoption of the smart grid technology include improved reliability, efficiency, and sustainability of the existing power systems. They are widely used in automation technologies, which actively monitor transmission and distribution grids.

The energy and power utilities are focusing on minimizing the distribution and transmission losses, which has resulted in the increasing deployment of substation automation, driving the industry growth. Moreover, utilities across the world are facing a high requirement for improved electric service reliability and stability. They are focusing on improving the resiliency of the grid, which is contributing toward the high industry demand.

Download Full Research Report on Substation Automation Market @ http://www.radiantinsights.com/research/substation-automation-market  

Further key findings from the report suggest:

Programmable Logic Controllers (PLCs) are expected to witness a considerable growth at a CAGR of nearly 3% over the forecast period owing to the technological advancements. Developments such as miniaturization, low cost, and improved power have led to an increased adoption of PLC systems. Moreover, the surge in the technology and pricing innovation in the PLC industry, owing to the intense competition among the tier-one companies and rising customer demand, is anticipated to drive the industry over the forecast period.

Furthermore, the communication channel segment is expected to witness an extensive growth at a CAGR of over 9% from 2016 to 2024. The rising demand for advanced communication capabilities to communicate across remote areas with an improved overall efficiency of power utilities is the major factor boosting the segment growth.

Browse All Reports of This Category @ http://www.radiantinsights.com/catalog/technology-and-media  

The SCADA segment is estimated to grow at a considerable CAGR of over 9% from 2016 to 2024, owing to the increasing advancements in the smart grid technology. The primary factors leading to the rising adoption of the smart grid technology include improved reliability, efficiency, and sustainability of the existing power systems. The rising demand for the multi-touch SCADA technology across verticals such as industrial and manufacturing is further expected to spur the industry growth over the forecast period.

Copper wire communication was a prominent communication channel, accounting for a revenue share of around 42% in 2015. The copper wire communication has observed a high adoption owing to the low initial cost of copper base metal. However, it is anticipated to lose market share due to the emergence of advanced communication platforms, such as the Ethernet and optical fiber communication. The optical fiber communication segment is expected to grow at a CAGR of nearly 10% over the next eight years. The optical fiber used in the substation automation provides advantages such as immunity to EMI/RFI; secure data communications, and a higher bandwidth that supports higher data rates over long distances.

 Request a Free Sample Copy of this Report @ http://www.radiantinsights.com/research/substation-automation-market/request-sample  

North America dominated the market with a significant revenue share of over 32% in 2015. However, emerging countries such as China and India are anticipated to drive the substantial demand in this region, owing to the increasing demand for energy efficiency and smart power infrastructure. The automation technology has become an integral part of the power systems worldwide. It is expected to drive power transmission and distribution, contributing to the market growth. Europe is anticipated to witness a considerable growth owing to the increasing demand for smart grid solutions in Western Europe.

The key industry players include ABB Ltd., Cisco Systems, Inc., Crompton Greaves Ltd., Eaton Corporation Plc., General Electric Company, Larsen & Toubro Limited, Siemens AG, Schneider Electric SE, Trilliant Holdings, Inc., and Venson Electric Pvt. Ltd. The manufacturers in the market are investing profoundly in developing advanced solutions and focusing on the potential opportunities in the industry.

 Read more related reports by Radiant Insights:

•           Preimplantation Genetic Diagnosisis Market


•           Nephrology and Urology Devices Market


About Radiant Insights       

Radiant Insights is a platform for companies looking to meet their market research and business intelligence requirements. It assist and facilitate organizations and individuals procure market research reports, helping them in the decision making process. The Organization has a comprehensive collection of reports, covering over 40 key industries and a host of micro markets. In addition to over extensive database of reports, experienced research coordinators also offer a host of ancillary services such as, research partnerships/ tie-ups and customized research solutions. 

Media Contact
Company Name: Radiant Insights, Inc.
Contact Person: Michelle Thoras, Corporate Sales Specialist – USA
Email: sales@radiantinsights.com
Phone: (415) 349-0054, Toll Free: 1-888-202-9519
Address:28 2nd Street, Suite 3036
City: San Francisco
State: California
Country: United States
Website: http://www.radiantinsights.com/research/substation-automation-market

Comments are closed.