Substation Automation Market Global Industry Analysis, size, share and Forecast 2020-2027

Growth Opportunities in the global substation automation market look promising over the next six years. The strong demand for low-cost substation automation solutions in the solar industry and the increasing requirement for retrofitting conventional substations are the key factors driving the growth of the global substation automation market.

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Substation Automation Market’s leading Manufacturers:

·        ABB Group

·        Siemens AG

·        Rockwell Automation, Inc.

·        Cisco Systems, Inc.

·        CG Power and Industrial Solutions Limited

·        Schneider Electric SE

·        General Electric

·        Schweitzer Engineering Laboratories, Inc.

·        Honeywell International Inc.

·        Eaton Corporation plc

·        Novatech LLC

·        Larsen & Toubro Limited

Substation Automation Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)

Key Drivers

The global substation automation market is predicted to witness an upsurge in demand during the forecast period due to the strong demand for low-cost substation automation solutions in the solar industry and the increasing requirement for retrofitting conventional substations. Furthermore, the rising adoption of fiber optics cables, the growing integration of functions with digital technology to improve grid efficiency in smart cities, and development in the substation automation standard IEC 61850 to enable interoperability among intelligent electronic devices are the major factors contributing to the growth of the global substation automation market size. The power generation organizations are emphasizing on low-cost substation solutions, thus conventional substation is replaced by digital subtractions, which will further fuel the growth of the global substation automation market in the upcoming years. On the other hand, the factors hindering the growth of the global substation automation market include accelerated wireless sensor network installation costs and inserted leds in substation rise equipment purchasing prices.

Regional Drivers

Based on region, Asia-pacific is anticipated to increase to a higher CAGR in the upcoming years. This is due to the rising government initiatives in developing countries like China and India to enhance their energy and power industry. India has set the target to install 175 GW of renewable energy capacity by 2022, several schemes planned to stimulate distribution in utilities, and village electrification programs, among others, are some other government initiatives in India. In addition to this, increasing investment to fuel the manufacturing activities in the emerging economies worldwide is further anticipated to stimulate the growth of the market.

Installation Type Segment Drivers

On the basis of installation type, the retrofit installations segment is projected to dominate the market in the upcoming year. This is mainly due to the strong demand to upgrade conventional substations to improve operational efficiency across the globe.

Substation Automation Market Segmentation:

Segmentation by Module:

·        Intelligent Electronic Devices

·        Communication Networks

o   Wired Communication

o   Wireless Communication

·        SCADA Systems

Segmentation by Offering:

·        Hardware

o   Smart Meters

o   Programmable Logic Controllers

o   Protective Relays

o   Load Tap Changers

o   Recloser Controllers

o   Capacitor Banks

o   Others

·        Software

o   Asset Management

o   Production Management

o   Performance Management

·        Services

o   Training & Development

o   Upgrades & Retrofits

o   Installation & Commissioning

o   Repair, Testing, & Maintenance

Segmentation by Type:

·        Transmission Substations

·        Distribution Substations

Segmentation by Installation Type:

·        Retrofit Installation

·        New Installation

Segmentation by Industry:

·        Utility

o   Non-Renewables

o   Renewables

§  Solar Projects

§  Wind Projects

·        Steel

·        Mining

·        Oil & Gas

·        Transportation

Segmentation by Region:

·        North America

o   United States of America

o   Canada

 

·        Asia Pacific

o   China

o   Japan

o   India

o   Rest of APAC

·        Europe

o   United Kingdom

o   Germany

o   France

o   Spain

o   Rest of Europe

·        RoW

o   Brazil

o   South Africa

o   Saudi Arabia

o   UAE

o   Rest of the world (remaining countries of the LAMEA region)

About GMI Research

GMI Research is a market research and consulting company that provides syndicated research reports, consulting services, and customized market research reports. Our reports are based on market intelligence studies to ensure relevant and fact-based research across numerous sectors, including healthcare, automotive, information technology & communication, FMCG, and other industries. GMI Research’s deep understanding related to the business environment helps us in generating objective strategic insights. Our research teams consisting of seasoned analysts and researchers have hands-on experience in various regions, including Asia-pacific, Europe, North America, and the Rest of the World. The market research report offers in-depth analysis, which contains refined forecasts, a bird's eye view of the competitive landscape, factors impacting the market growth, and several other market insights to aid companies in making strategic decisions. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to help our clients to stay ahead of the curve.

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