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 Details of Report @ 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.
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, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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