Substation Automation Market Size and Growth Rate:
According to the recent research reports published by Research Cosmos, Substation Automation Market was valued at USD 32.53 Billion in 2015 and expected to reach USD 50.16 Billion by 2022 growing at a CAGR of 5.97% during the forecast period 2016 to 2022.
Substation Automation Market - Growth Opportunities, Challenges and Restraints:
It is expected that a significant increase in the demand for automation solutions for low-cost substations, particularly in the solar energy sector, will encourage the growth of the global market in the near future.
It is expected that the growing demand for renewable energy projects in the substation automation will support market growth throughout the forecast period. In addition, the growing need to modernize conventional substations is another important aspect that should improve market growth in the near future. The integration of functions, as well as digital technology to improve the efficiency of the network, particularly in smart cities, is accelerating the development of the global substation automation market in the coming years. In addition, the growing awareness of the benefits of fiber optic cables is expected to drive the market in the near future.
In contrast, the market for substation automation is expected to face some challenges in the near future. It is expected that the requirement of high investment costs for the installation of a wireless sensor network will limit the growth of the market in the coming years. In addition, the lack of technical expertise can slow down the growth of the market.
However, the growing support from governments, particularly in the developing economies of Asia Pacific, for the use of battery technology for power generation, provides opportunities for expansion for market players in the future.
Substation Automation Market – Geographical Analysis:
From a regional perspective, the North American Substation Automation Market is expected to have a significant share throughout the period forecast. It is expected that the increase in spending by the main players and a focus on cutting-edge research will strengthen the development of the North American market in the coming years. Asia Pacific is also expected to grow rapidly in the near future.
Few of the leading companies dominating the Substation Automation Market profiled in the report are:
- ABB Ltd.
- Siemens AG
- General Electric
- Cisco Systems, Inc.
- Schneider Electric
- Eaton Corporation PLC
- Honeywell International, Inc.
- Schweitzer Engineering Laboratories, Inc.
- Novatech LLC
- Crompton Greaves
- Yamal Lng
- Cadillac Automation and Controls
This research report includes following segmentation for the Substation Automation Market size and forecast until 2022:
Substation Automation Market – By Component:
- Recloser controller
- Programmable logic controller
- Capacitor bank controller
- Digital transducer/ Smart meter
- Load tap changer
- Communication channel
- Digital relays
Substation Automation Market – By Module:
- Communication Network
Substation Automation Market – By Geographical Segmentation:
- North America
- United Kingdom
- South Korea
- Latin America
- Middle-East & Africa
Key Takeaways from Substation Automation Market Report:
- For different Devices types, and applications offers calculated growth rates (CAGR %), Volume (Units), and Value ($M) in each region to estimate the Substation Automation Market potential.
- Identify various driving factors, constraints and untold opportunities that can impact the Substation Automation Market place
- Know the position of your competitor based on the market shares, financial performance, strategical approaches, SWOT, product benchmarking and so on.
- Increase overall revenue by understanding the geographical impact on sales and distribution channels.
- Evaluate the increase in values at each step of the industry supply chain to improve process efficacy and optimize the value.
- Understand the market dynamics of leading players like deals, partnerships, new products, mergers and acquisitions in the last four years.
- Estimate the gaps in supply-demand, statics involved in import-export, and regulatory framework of the worldwide Substation Automation Market in over 20 top nations.