Electric power substation has substantially enhanced the way substations are controlled and has improved the way important data has been gathered. Apart from this, the electric power substations are typically managed by the automatic elements as well as the IEDs including voltage controllers, digital protection relays, and recloser controls among others.
Increasing demand for higher levels of productivity as well as the reliability and accuracy in grids have helped in pushing up the development of the global electric power substation automation market. In addition to this, cut down capital expenditure has also allowed the growth factors of the market on the high. Increasing requirement for more precise smart grid solutions are expected to drive the growth of the global electric power substation automation market. The ability to cut down the transmission loss as well as the distribution loss would help in keeping the future of the global market.
However, there are some factors that might impede the development of the global market and stop it from reaching from its full potential. One of the key restraining factor for the market growth has been the serious dearth skilled labor and resources. Another pressing restraining factor for the market growth has been the expensive costs of the installation of these electric power substation automations. In addition to this, the lack of interoperability policies across the globe are also projected to impede the development of the global market in coming years.
However, the market is expected to experience several new developments in terms of communication technologies that will then give rise to more future growth opportunities. In addition to this, more effective energy management solutions for commercial as well as the residential sector are expected to open up newer business avenues for the overall development of the global electric power substation automation market.
Electric power substation automation is the unification of different data and control acquisition functions within an automated platform. The electric power substation automation has evolved the process of substation control and the way important information monitoring. The major components of electric power substation automation market are digital relays, programmable logic controllers, digital transducers and capacitor bank controllers among others.
The Electric Power Substation Automation Market is primarily driven by the increasing demand for electric power substation automation in smart grid and technological advancement. Apart from this obsolete energy infrastructure is an important driver in this market. The electric power substation market is governed by the IED (Intelligent Electronic Devices and the automation components like RTUs, digital protection relays, logical programmable controllers, digital transducers and voltage controls. The electric power substation needs has increased in order to reduce the number of units and to lessen the complexity to increase the reliability and also to reduce the cost of operation in the electric power substation automation market. IEDs are the key component of electric power substation automation that helps to improve the operational efficiencies and reliability.
The major restraints in Electric Power Substation Automation Market are absence of proper technical standards, concern for cyber security, lack of skilled workforce and also huge initial capital investment. The automation of electric power substation increases the risk of security. The reason is that electric power substation is going to be controlled by the computer system, so cyber security has to be increased. Apart from this, with the automation in the electric power substation need of skilled workforce is required. The availability of skilled workforce is less compared to the rapid automation in the electric power substation automation market. Moreover, absence of proper technical standards is also one of the major restraints among others. Absence of technical standards in the sense no proper norms or regulations are available in the Electric Power Substation Automation Market which acts as a hindrance for this market. Huge capital requirement is also one of the major restraints in the Electric Power Substation Automation Market. The capital required in this market is more than the benefits that is achieved after automation in the electric power substation.
The major opportunity of Electric Power Substation Automation Market is operational efficiencies. With the automation of the electric power substation, the operation is expected to be done efficiently. The data acquisition, supervision and control become easier with the automation. In addition, operating cost is reduced in the Electric Power Substation Automation Market which also acts as an opportunity in this market.
The Electric Power Substation Automation Market has been categorized based on their types: transmission, collector substation and distribution. The Electric Power Substation Automation Market has been geographical segmented into four regions: North America, Europe, Asia-Pacific and RoW. In 2014, APAC has the largest market size for the Electric Power Substation Automation Market that is driven by the continuing electrification and increasing number of smart grid projects.
Some of the key players in the Electric Power Substation Automation Market are ABB Ltd., Siemens AG, Alstom S.A, Eaton Corporation, Schneider Electric, CISCO Systems (U.S), Amperion (U.S), and Ingeteam among others.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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Below is a snapshot of these quadrants.
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The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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