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.
Browse full research report on 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.
Browse more reports of this category by Grand View
Research : http://www.grandviewresearch.com/industry/communications-infrastructure-systems-and-software
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
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, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
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