The “Substation Automation Market – Growth, Trends, and Forecast (2020-2025)” report has been added to ResearchAndMarkets.com’s offering.
The Substation Automation Market (henceforth, referred to as the market studied) is expected to reach USD 51 Billion by the year 2025, registering a CAGR of 5.8% over the forecast period, 2020-2025.
The growth of substation automation market is likely to driven by factors like rise in electricity demand globally, high demand for smart grids and inceasing need of upgradation of the existing networks. Furthermore power generation companies are looking for cost saving opportunities provided by the application of automated substations.
The increased need to reduce transmission and distribution loss is also fuelling the growth of substation automation market. In addition, the need to reduce outrage time by real time monitoring of faults and using automated systems to resume services is also boosting the growth of substation automation market.
- ABB Limited
- Siemens AG
- Schneider Electric SE
- General Electric Co
- Cisco Systems Inc.
- Eaton Corporation
- Schweitzer Engg Lab
Key Market Trends
High Demands Of Smart Grid to Drive the Market Growth
- The increasing demand of Smart Grids are expected to fuel the market growth. The Smart Grid represents an unprecedented opportunity to move the energy industry into a new era of reliability, availability, and efficiency that will contribute to our economic and environmental health.
- Factors such as growing distress related to environment safety are the major factor driving the high demand for smart grid systems. In addition, increasing supportive government regulations & policies to implement smart meters is among the key factors boosting the demand for smart grid solutions and services.
- The increasing demand for efficient transmission of electricity, Reduced operations and management costs for utilities, and ultimately lower power costs for consumers are driving the growth of smart grids in the market. Additionally the increasing integration of large-scale renewable energy systems and improved security among others are fueling the growth of smart grids in substation automation.
- Owing to the need of upgradation and replacement of an aging energy infrastructure, smart grid is one of the best solution which is used in substation automation as it allows for automatic rerouting when equipment fails or outages occur and minimize outages and minimize the effects. These Grid technologies are expected to futher drive the market growth for substation automation.
Asia Pacific to Register Highest Market Growth
- Asia Pacific is projected to have the fastest growth, owing to the increasing demand of rural electrification resulting in new projects, energy efficiency and smart power infrastructure in developing nations such as China and India in this region.
- The rising dependence on electricity, the demand of power system for advanced technologies, the requirement of minimizing the maintenance & operation prices, and the government implementation of incentives in favour of substation automation market are primarily driving the market in the Asia Pacific.
- The increasing investments aimed to boost the manufacturing activities across developing economies worldwide are expected to favorably impact the industry growth. Moreover, favorable initiatives from governments in countries such as India, China, and Japan have led to rising in demand across the entire region.
- The rapid industrialization and upcoming power utilities are the major factors boosting the growth in this region. Furthermore, the growing investment in renewable energy in APAC and investments in expanding the business in the region by manufacturers such as CG Global are making the region as a emerging market for substation automation.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
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Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Attractiveness – Porter’s Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitutes
4.2.5 Intensity of Competitive Rivalry
4.3 Market Drivers
4.3.1 Need for Up-Gradation of existing networks
4.4 Market Restraints
4.4.1 High cost of installation
4.5 Assessment of Impact of Covid-19 on the Industry
5 MARKET SEGMENTATION
5.5 End user
5.6.1 North America
5.6.3 Asia Pacific
5.6.4 Rest of the World
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/kdi6ye
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