The global substation automation market size is
expected to reach USD 185.80 billion by 2024 according to a new report by Grand
View Research, Inc. The increasing requirement for operation efficiency,
improved quality, increased production, high uptime, and ease of monitoring and
controlling the industrial process are factors that are expected to contribute
to the industry growth.
The growing advancements in the smart
grid technology are increasing the scope for SCADA systems. The primary factors
leading to the rising adoption of the smart grid technology include improved
reliability, efficiency, and sustainability of the existing power systems. They
are widely used in automation technologies, which actively monitor transmission
and distribution grids.
The energy and power utilities are
focusing on minimizing the distribution and transmission losses, which has
resulted in the increasing deployment of substation automation, driving the
industry growth. Moreover, utilities across the world are facing a high
requirement for improved electric service reliability and stability. They are
focusing on improving the resiliency of the grid, which is contributing toward
the high industry demand.
In depth research report on substation automation market:
http://www.grandviewresearch.com/industry-analysis/substation-automation-market
http://www.grandviewresearch.com/industry-analysis/substation-automation-market
Further key findings from the report suggest:
·
Programmable
Logic Controllers (PLCs) are expected to witness a considerable growth at a
CAGR of nearly 3% over the forecast period owing to the technological
advancements. Developments such as miniaturization, low cost, and improved
power have led to an increased adoption of PLC systems. Moreover, the surge in
the technology and pricing innovation in the PLC industry, owing to the intense
competition among the tier-one companies and rising customer demand, is
anticipated to drive the industry over the forecast period.
·
Furthermore,
the communication channel segment is expected to witness an extensive growth at
a CAGR of over 9% from 2016 to 2024. The rising demand for advanced
communication capabilities to communicate across remote areas with an improved
overall efficiency of power utilities is the major factor boosting the segment
growth.
·
The SCADA
segment is estimated to grow at a considerable CAGR of over 9% from 2016 to
2024, owing to the increasing advancements in the smart grid technology. The
primary factors leading to the rising adoption of the smart grid technology
include improved reliability, efficiency, and sustainability of the existing
power systems. The rising demand for the multi-touch SCADA technology across
verticals such as industrial and manufacturing is further expected to spur the
industry growth over the forecast period.
·
Copper wire
communication was a prominent communication channel, accounting for a revenue
share of around 42% in 2015. The copper wire communication has observed a high
adoption owing to the low initial cost of copper base metal. However, it is
anticipated to lose market share due to the emergence of advanced communication
platforms, such as the Ethernet and optical fiber communication. The optical
fiber communication segment is expected to grow at a CAGR of nearly 10% over
the next eight years. The optical fiber used in the substation automation
provides advantages such as immunity to EMI/RFI; secure data communications,
and a higher bandwidth that supports higher data rates over long distances.
·
North America
dominated the market with a significant revenue share of over 32% in 2015.
However, emerging countries such as China and India are anticipated to drive
the substantial demand in this region, owing to the increasing demand for
energy efficiency and smart power infrastructure. The automation technology has
become an integral part of the power systems worldwide. It is expected to drive
power transmission and distribution, contributing to the market growth. Europe
is anticipated to witness a considerable growth owing to the increasing demand
for smart grid solutions in Western Europe.
·
The key
industry players include ABB Ltd., Cisco Systems, Inc., Crompton Greaves Ltd.,
Eaton Corporation Plc., General Electric Company, Larsen & Toubro Limited,
Siemens AG, Schneider Electric SE, Trilliant Holdings, Inc., and Venson
Electric Pvt. Ltd. The manufacturers in the market are investing profoundly in
developing advanced solutions and focusing on the potential opportunities in
the industry.
Grand View Research has segmented the
global substation automation market on the basis of component, module,
communication channel, and region:
Substation
Automation Component Outlook (Revenue, USD Million, 2014 - 2024)
·
Recloser
controller
·
Programmable
logical controller
·
Capacitor bank
controller
·
Digital
transducer/smart meter
·
Load tap
controller
·
Communication
channel
·
Digital relays
·
Others
Substation
Automation Module Outlook (Revenue, USD Million, 2014 - 2024)
·
SCADA
·
IEDs
·
Communication
network
Substation
Automation Communication Channel Outlook (Revenue, USD Million, 2014 - 2024)
·
Ethernet
·
Power line
communication
·
Copper wire
communication
·
Optical fiber
communication
Substation
Automation Regional Outlook (Revenue, USD Million, 2014 - 2024)
·
North America
·
Europe
·
Asia Pacific
·
Rest of the
World
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About
Grand View Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, the company offers market intelligence
studies ensuring relevant and fact-based research across a range of industries
including technology, chemicals, materials, healthcare and energy.
For more market analysis reports, please visit: http://www.grandviewresearch.com/
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