Market Research Report
Global Substation Automation Market Forecast 2019-2027
|Published by||Inkwood Research||Product code||891215|
|Published||Content info||129 Pages
Delivery time: 2-3 business days
|Global Substation Automation Market Forecast 2019-2027|
|Published: July 19, 2019||Content info: 129 Pages||
Substation automation market helps in automating the substation operations through interconnected technologies and other innovative components. It mainly helps via remote access and control of substations for systematizing. The global market for substation automation is escalating at a growth rate of 6.11% CAGR through the forecasting years of 2019-2027. The various numbers of government regulations are favoring the adoption of substation automation.
The increasing electricity consumption, the prerequisite of the power system for advanced technologies, the prerequisite requirement of cost reduction for maintenance and operation of the substations, and the advantages of the substation automation market by the government regulations are the primary market drivers.
The market growth is significantly restrained by issues like the shortage of interoperability & the risk of cyber-attack on the substations. The interconnected devices in the substation are increasing by numbers every day, but the usage of smart devices obtained from different vendors by the integrators limits the communication between them is turning into a difficult task due to lack of standard protocols.
Geographically, the market had undergone segmentation into Asia Pacific, Europe, North America and Rest of World regional division. The fastest-growing market for substation automation belongs to the Asia Pacific that can be factored to the escalating growth of the large industrial and residential development. North American market has experienced incessant expansion in the last few years due to the demand for the energy-efficient grid, turning it into one of the largest market for substation automation in the fiscal year 2018.
There are a few companies that are functioning at a very good pace in the global substation automation market. They are ABB Ltd., Schweitzer Engineering Laboratories, Inc., NovaTech LLC, Honeywell International Inc., Larsen & Toubro Limited, Ingeteam S.A., Trilliant Holdings, Inc., Venson Electric Pvt. Ltd., Siemens AG, Schneider Electric SE, Eaton Corporation PLC, Cisco Systems Inc., General Electric Company (GE Grid Solutions, LLC), Crompton Greaves Ltd., and Amperion Inc.