Market Research Future published a research report on “Global Substation Automation Market Research Report - Forecast to 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
— Substation Automation Global Market - Overview
The Global Substation Automation Market is growing with the rapid pace; mainly due to the growing demand for retrofitting of conventional substations and smart grid. According to a recent study report published by the Market Research Future, the global market of Substation Automation is growing rapidly and expected to gain prominence over the forecast period. The Substation Automation Market is projected to demonstrate a remarkable growth by 2023, beating its previous growth records in terms of value with a noticeable CAGR during the anticipated period (2017 – 2023).
The demand of substation automation market boosting due to its wide applications in the power systems. The implementation of conventional protection is important for substation. The requirement of these system are used for protection and control of these automation which monitors the equipment’s condition. These systems are integrated with intelligent electronic devices that can protect and control the system and offer high performance remote functions of power system management.
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Global Substation Automation Market Segmentation
The global substation automation market is segmented into component, module, communication channel, industry, and region. The component is sub-segmented into recloser controller, capacitor bank controller, smart meter, load tap controller and others. The module is sub-segmented into SCADA, intelligent electronic device, communication network and others. The communication channel segment is sub-segmented into Ethernet, copper wire communication, power line communication, optical fiber communication and others. The industry is sub-segmented into utility, transportation, mining, steel, and others. The global market is spanned across North America, Europe, Asia Pacific, and rest of the world.
Some of the prominent players in the global Substation Automation Market are Schneider Electric (France), Siemens AG (Germany), ABB Group (Switzerland), General Electric (U.S.), Tropos Network (U.S.), EATON Corp. (U.S.), Encore Networks (U.S.), Grid Net (U.S.), Cisco Systems, Inc. (U.S.), Cooper Industries (U.S.), Larsen & Toubro Limited (India), Power System Engineering, Inc. (U.S.), Texas Instruments (U.S.), Axiomtek Co. Ltd (Taiwan),Toshiba Corporation (Japan), Ametek (U.S.), SAE IT-systems GmbH & Co. KG (Germany), among others.
The global substation automation market appears to be extremely competitive. In order to target, segment, and position their sensors into the global market and to drive the market growth, the companies have to come up with advanced technological solutions to maintain themselves in the competitive landscape. Market leaders are investing in research and development for innovating their products continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, and cost-effective product portfolio.
The global substation automation market is studied in the Asia Pacific, North America, Europe, and Rest of the World. In North America, the substation automation market is gaining high market growth due to the increasing popularity of advanced intelligent electronic device and communication technologies, which is propelling the substation automation market growth. Whereas, the European countries are emerging as substation automation markets due to the increasing demand for smart grids and are expected to grow at the highest CAGR over the review period. Asia Pacific countries such as China, Japan, and India are some of the leading regions in the globe in terms of market share.
April 2018- Siemens has announced a strengthened digital T&D portfolio across key areas including substations, transformer maintenance and grid planning. Advantaging Siemens’ global focus on the growth of the Internet of Things, the company aims to incorporate digitally-driven solutions into its grid-facing businesses including digital substations that can operate more economically.
April 2018, G&W Electric and GE's Grid Solutions have collaborated on the development of a new integrated recloser solution. G&W's Viper Recloser has been designed and tested to work seamlessly with GE's new Multilin® R650 recloser control. It delivers comprehensive performance in protection, monitoring, control, automatic network configuration and communications.
April 2018- ABB has secured a contract worth over $90m from Dubai Electricity and Water Authority (DEWA) to construct the Shams 400kV substation at the Mohammed bin Rashid Al Maktoum solar park in Dubai.
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• Associations, organizations, forums, and alliances
• Cloud service providers
• Customer experience solution providers
• Government bodies and departments
• Substation automation companies
• Substation automation providers
• Technical universities
• System integrators
• Managed Security Service Providers
• Professional service providers
• Research and development companies
• Market research and consulting firms
• Solution providers
• Technology standards organizations
• Technology investors
• System Integrators
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Name: Abhishek Sawant
Organization: Market Research Future
Source URL: https://marketersmedia.com/substation-automation-market-2018-global-size-share-business-growth-top-leaders-development-strategy-competitive-landscape-future-trends-and-regional-forecast-to-2023/456273
Release ID: 456273