Market Research Report
Substation Automation Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025
|Published by||IMARC Services Private Limited||Product code||933930|
|Published||Content info||106 Pages
Delivery time: 2-3 business days
|Substation Automation Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025|
|Published: April 16, 2020||Content info: 106 Pages||
The global substation automation market is currently witnessing strong growth. Substation automation refers to the process of using data or information from intelligent electronic devices (IEDs) within a substation to control and direct commands from remote users. It is integrated between power-generating plants and grids to create an uninterrupted and reliable power transmission. It consists of numerous reclosers, programmable logical controllers and capacitor banks, smart meters, transformers, switches and digital relays. This software-based substation automation system (SAS) is used to minimize human intervention and operating costs while optimizing the assets. Owing to this, it finds extensive applications across various industries, including oil and gas, transportation, mining and steel.
Rapid industrialization, along with the growing demand for efficient energy management solutions across the globe, represent as the key factors driving the growth of the market. Automated substations regulate voltage fluctuations and are a crucial component of electricity transmission and distribution (T&D) processes that aid in minimizing prolonged outages and overall operational costs. Furthermore, various technological advancements and the integration of primary equipment with modern sensors, protective relays, programmable logical controllers and digital transducers, are also creating a positive impact on the market growth. Additionally, the emerging trend of smart cities and the widespread adoption of smart grids, especially in the developing countries, is creating a positive outlook for the market. Other factors, including rising-retrofitting and upgradation of existing substation equipment, implementation of government initiatives promoting substation automation and extensive research and development (R&D) activities, are projected to drive the market further. Looking forward, IMARC Group expects the market to register a CAGR of around 5% during 2020-2025.