Global Automation Substation Market Likely to Grow at Over 6% CAGR through 2022, North America to Lead the Global Market
Use of automated substations has been shown to increase the transmission, and as conventional grids make way for smart grids, automation of substations is likely to gain traction.
The global automation substation market is likely to witness steady growth over the forecast period 2017-2022 on account of greater focus on achieving operational efficiency. Automation of substations is crucial for providing two-way communication and create a smart grid, which can reduce transmission losses to a great extent. Governments around the world, especially in China, are focusing on developing smart grids across the country, to boost the electricity supply and transmission to its industries and households. On account of such factors, the global automation substation market is likely to witness a CAGR of over 6% during the forecast period. These insights are according to a new research report added to the repository of Market Research Reports Search Engine (MRRSE). The report is titled “Substation Automation Market: North America to Dominate the Market in Terms of Revenue Throughout the Forecast Period: Global Industry Analysis (2012 - 2016) & Opportunity Assessment (2017 - 2022)” and offers a holistic overview of the key factors likely to shape the market during the assessment period.
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According to the report, growing focus on developing smart grids will continue to fuel adoption of automated substations. Governments are working on reducing power outages, and preventing loss of transmission is a key focus area for them. Use of automated substations has been shown to increase the transmission, and as conventional grids make way for smart grids, automation of substations is likely to gain traction. The automation of substations entails the use of integrated sensors and software, along with protective relays and programmable logical control. Although the outlook on the automation substation market remains positive, it is worthwhile to note that its adoption is currently limited to only few countries who have the budgets to invest in such technology.
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North America continues to be one of the leading regions for automation substation globally. The automation substation market in North America is led by the US, where a high level of technology investment is fuelling adoption. It is projected that the US will continue to be one of the leading markets for automation substations globally, and due to this, North America will continue to be at the forefront globally. The adoption of automation substation market in the US is likely to grow at over 7% CAGR through 2022. Demand is also likely to remain sustained in Europe and Asia Pacific excluding Japan (APEJ) where many governments are focusing on developing smart grid technology.
The leading players profiled in the report include Eaton Corporation Plc, Schneider Electric SE, Alstom SA, Cisco Systems, ABB Limited, Inc., NovaTech LLC General Electric Company, Siemens AG, Echelon Corporation, and Encore Networks, Inc.
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