Published: Jul, 2018
Due to presence of five major organization, the substation automation market seems to be competitive in nature. The key players are constantly trying to hold the market share with advanced research and development. For example the key players are providing customized solution to improve the reliability of the power system at a cheap price. The key players are also predicted to hold their lead through variety of service and product assistances during the course of the forecast period. The top five major players in the market are Eaton, ABB, Siemens, Schneider Electric, and Grid Solutions.
According to research report published by Transparency Market Research (TMR), states that the market is likely to clock at a CAGR of 5.4% during the forecast period. The market on the basis of revenue is expected to value at US$139.34 bn by the end of the forecast year. On the basis of geography the report states that the market is spread across four main regions, which are North America, Europe, ROW, and Asia Pacific. North America holds the largest market due to advanced research and strong investment. Asia Pacific region is predicted to grow as the fastest growing substation automation market in the forecast period.
Use of Smart Grid for Better Distribution of Electricity Boost the Growth of Market
Increase in consumption of distributed intelligence is acting as a catalyst in growing of the market. The increase in uptake of electricity with fast industrialization in the developing economies of Asia Pacific is favoring the growth of the market. Change in dynamics of technology accompanied with the arrival of smart grid has resulted into the change of power distribution. A power grid is a device which helps to integrate the actions of all the device in order to output an economic, secured, and sustainable electricity. Rise in number of old electricity infrastructure leads to the uptake in replacements of them with high performance and next generation device such as power grid. These fuels the growth in the market.
Lack of Expertise to Pull the Plug of Market
The global market of substation automation market is expected to have a positive outcome, however it has been noticed by the researchers that the lack of expertise in the field have deterred the market growth. Increase in uptake of energy management is likely to create ample of opportunities. Implementation of Internet of things (IoT) into power systems is an ongoing trend all across the world.
Awareness of safety about distribution of electricity is pushing the users to uptake IoT in order to distribute power amid distribution substation and generating station. Substation automation which is a system to control, protect, and manage power system is likely to witness an exponential growth due to the rise in smart grids with better efficiency and reliability. Substation automation delivers an important function by distributing, transmitting, and generating the electricity.
The information presented in this review is based on a TMR report, titled “Substation Automation Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020”,
The research study has been segmented as below:
Substation Automation Market, by Component
- Recloser controller
- Programmable logic controller
- Capacitor bank controller
- Digital transducer/ Smart meter
- Load tap changer
- Communication channel
- Digital relays
Substation Automation Market, by Module:
- Communication network
Substation Automation Market, by Geography:
- North America
- Asia Pacific
- Rest of the World
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