Global Substation Automation Market Size, Share, Growth and Trend Analysis Report, 2024by Susan Hill Business Consultant
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.
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.
full research report on global substation automation market:
Created on Mar 3rd 2020 06:43. Viewed 153 times.