Substation Automation Market Size Report To 2024 – Observational Studies with Top Players Like ABB Ltd., Cisco Systems, Crompton Greaves Ltd, Eaton Corporation, Larsen & Toubro Ltd. | Million Insights
The global Substation Automation Market is expected to value at USD 185.80 billion by 2024. The substation automation industry is subject to witness a substantial growth due to the increasing adoption of automation and modernization for industrial processes, and growing focus towards high-end productivity, growing number of large-scale production lines, especially for the manufacturing of vehicles and electronic devices.
Substation automation offer numerous advantages such as cost efficiency, higher rate of operation, size limitation, and superior quality coupled with higher productivity. Globally, the substation automation market is predicted to grow at higher CAGR in the forecast period, providing numerous opportunities for market players to invest for research and development in the substation automation industry.
Additionally, enhanced manufacturing efficiency and flexibility to carry out complex industrial operations are propelling market growth, in the recent years. Increasing awareness among manufactures about benefits associated with early adoption of substation automation units are predicted to expand market reach in the upcoming years.
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Introduction of advanced safety protocols for substation automation units to carry out various operational procedure allows manufactures to achieve desired efficiency and performance capability. Additionally, implementing advanced safety measures provide longer shelf life for the substation automation units are propelling market demand.
The recent technological advancement in the modernization of manufacturing sector coupled with development of the novel technologies such as gripping techniques and kinematics to enhance performance level of substation automation units are anticipated foster market growth in the near future.
Typically, power generation plants require large area and centralized processing units. With the development of latest trend involving distributed systems, allows decentralization of energy generation system. In substation automation systems, various energy conversion units are located near energy consumers, as large units are replaced by small capacity units. Use of substation automation units offer highly efficient, dependable and environment-friendly solutions. The substation automation market is broadly categorized into three major segments based on the module type such as SCADA, IEDs and communication network. The SCADA is considered as one of the fastest growing segment in the with substantial revenue generation in the last few years.
The substation automation industry is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in the manufacturing sector, increase in the number of research & development activities in the region and existence of well-established industrial infrastructure.
Asia-Pacific region is predicted to hold major market share in the substation automation market with massive growth in forecast period. Countries such as India, China and Japan are leading the Asia-Pacific market strong economic growth in the region, rapid industrialization, rising in the domestic manufacturing activities, with and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the substation automation industry are ABB Ltd., Cisco Systems, Inc., Crompton Greaves Ltd., Eaton Corporation Plc, General Electric Co., Larsen & Toubro Ltd., Siemens AG, Schneider Electric S.E., Trilliant Holdings, Inc., and Venson Electric Pvt. Ltd.
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Market Segment:
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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