Substation Automation Global Market – Overview
The Global Substation Automation Market is growing with the rapid pace; mainly due to the growing demand for retrofitting of conventional substations and smart grid. According to a recent study report published by the Market Research Future, the global market of Substation Automation is growing rapidly and expected to gain prominence over the forecast period. The Substation Automation Market is projected to demonstrate a remarkable growth by 2023, beating its previous growth records in terms of value with a noticeable CAGR during the anticipated period (2017 – 2023).
The demand of substation automation market boosting due to its wide applications in the power systems. The implementation of conventional protection is important for substation. The requirement of these system are used for protection and control of these automation which monitors the equipment’s condition. These systems are integrated with intelligent electronic devices that can protect and control the system and offer high performance remote functions of power system management.
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Some of the prominent players in the global substation automation market are Schneider Electric (France), Siemens AG (Germany), ABB Group (Switzerland), General Electric (U.S.), Tropos Network (U.S.), EATON Corp. (U.S.), Encore Networks (U.S.), Grid Net (U.S.), Cisco Systems, Inc. (U.S.), Cooper Industries (U.S.), Larsen & Toubro Limited (India), Power System Engineering, Inc. (U.S.), Texas Instruments (U.S.), Axiomtek Co. Ltd (Taiwan),Toshiba Corporation (Japan), Ametek (U.S.), SAE IT-systems GmbH & Co. KG (Germany), among others.
The global substation automation market is witnessing several strategical methods getting applied by market superiors to increase profitability. These tactical moves include merger, acquisition, new product launches, collaborations and other ways enabling companies to expand their product portfolio.
For instance, to increase market penetration, Schneider Electric has decided to explore the MEA region by implementing their strategies for smart cities.
ABB’s taking over GE Industrial Solutions in June 2018, the latter’s electrification solutions business can be considered a decisive step which helped ABB in cementing its global position.
Global Substation Automation Market Segmentation
The global substation automation market is segmented into component, module, communication channel, industry, and region. The component is sub-segmented into recloser controller, capacitor bank controller, smart meter, load tap controller and others. The module is sub-segmented into SCADA, intelligent electronic device, communication network and others. The communication channel segment is sub-segmented into Ethernet, copper wire communication, power line communication, optical fiber communication and others. The industry is sub-segmented into utility, transportation, mining, steel, and others. The global market is spanned across North America, Europe, Asia Pacific, and rest of the world.
Market Research Analysis:
The global substation automation market consists of the North America, Europe, Asia Pacific, and Rest of the world. North America is dominating the global substation automation market. The substation automation market is witnessing the high growth due to increasing demand for advanced metering infrastructure among various industries including utility, transportation, mining, steel, and among others. Europe is projected to hold the second largest share of the global substation automation market during the forecast period due to increasing demand of reducing time of transmission substations. Asia Pacific is expected to witness the highest CAGR in the coming years.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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- Associations, organizations, forums, and alliances
- Cloud service providers
- Customer experience solution providers
- Government bodies and departments
- Substation automation companies
- Substation automation providers
- Technical universities
- System integrators
- Managed Security Service Providers
- Professional service providers
- Research and development companies
- Market research and consulting firms
- Solution providers
- Technology standards organizations
- Technology investors
- System Integrators
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