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 research report analyzes this market on the basis of its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
This report provides comprehensive analysis of
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
This report is a complete study of current trends in the market, industry growth drivers, and restraints. It provides market projections for the coming years. It includes analysis of recent developments in technology, Porter’s five force model analysis and detailed profiles of top industry players. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis.
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