Substation Automation Market Size to Hit US $207bn by 2026
The key factors propelling the substation automation market are widespread development of smart cities, along with increasing adoption of smart grids
According to the latest research report available at MarketStudyReport.com under the title ‘Substation Automation Market, [By Module (Communication Networks, Scada Systems, Intelligent Electronic Devices); By Component (Hardware, Software, Services); By Type (Distribution Substations, Transmission Substations); By Communication Channel (Optical Fiber Communication, Ethernet, Copper Wire Communication, Others) By Region]: Market Size & Forecast, 2018 – 2026’, the global substation automation market is projected to accumulate US $207.8 billion by the year 2026.
The key factors propelling the substation automation market are widespread development of smart cities, along with increasing adoption of smart grids. The rising need for electricity is compelling the vendors to invest in technology advancements, update existing networks, and modernize conventional substations, thereby aiding the growth of the substation automation market. Other factors augmenting the market growth include rising consumer preference for solar energy and need for cost-effective and efficient solutions in the sector.
Speaking of modules, the intelligent electronic devices segment held the largest revenue share of the substation automation market in 2017. While as per the component type, the market is categorized as services, software, and hardware. Based on type, the industry is classified as transmission substations and distribution substations. Whereas, on the basis of the communication channel, the substation automation market is divided into ethernet, optical fiber communication, copper wire communication, and others.
With regard to regional landscapes, North America dominated the global substation automation market in 2017 and is presumed to maintain this trend over the analysis period. The regional growth is attributed to advanced cloud & telecom infrastructure in the region, in consort with the increasing development of smart cities. Moreover, extensive adoption of industrial automation, increasing usage of smart technologies in the utilities and energy sector, shifting trend of intelligent building, and technological advancements will fuel the regional market expansion.
The key players of the global substation automation market profiled in the report are Cisco Systems, Schneider Electric SE, Eaton Corporation Plc., Siemens AG, Honeywell International, Inc., General Electric, Schweitzer Engineering Laboratories, Inc., Crompton Greaves, and Larsen & Toubro Limited.