Substation Automation Market
Size and Growth Rate:
The substation automation and integration market was valued
at USD 32.53 Billion in 2015 and is projected to reach USD 50.16 Billion by
2022, at a CAGR of 5.97% between 2016 and 2022.
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Substation Automation Market Overview:
Substation automation is an essential part of the electrical
system for transmission, generation, and distribution of electricity. The
combination of devices used to change the characteristics of electric supply
voltage, and frequency among others is called substation. Substations are
practiced to receive electricity at high voltage from the transmission and
decrease the voltage to the appropriate level so that it can be used for local
distribution
Increasing number of smart grids improving grid reliability
and efficiency, and increasing need for reduction in transmission and
distribution loss are the major forces driving the growth of global substation
automation market. According to this, the demand for distributed intelligence
is also fuelling the growth of the substation automation market. The swelling
demand for electricity with rapid industrialization in the emerging economies
of Asia Pacific is also supporting the growth of the market. The market
extension can be attributed to the developing requirement for low-cost
substation automation solutions in the solar industry and the building demand
for retrofitting of conventional substations.
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Substation Automation Market
Geographical Segmentation:
Based on geographical analysis, North America accounted for
the highest market share in 2013, which is expected to lure heavy investment.At
the same time, high-end research is expected to be carried out in the field of
substation automation. Moreover, growing demand for reduction in outrage time
improving the transmission efficiency is also fuelling the growth of the regional
market. The Asia Pacific substation automation market was valued at USD 19.55
billion in 2013 and is expected to be the fastest growing region in the
forecast period. The aging
infrastructure of existing power utilities and the need to upgrade them to meet
the rising demand for electricity is also boosting the growth in the Asia
Pacific region.
Keyplayers of the Substation Automation Market:
Some of the key industry players operating in the global
market are Eaton Corporation Plc., General Electric Company, Larsen & Toubro
Limited, Siemens AG, ABB Ltd., Cisco Systems, Inc., Crompton Greaves Ltd.,
Schneider Electric SE, Trillian Holdings, Inc., and Vinson Electric Pvt. Ltd.
The manufacturers in the market are investing profoundly in developing advanced
solutions and focusing on potential opportunities in the industry.
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