A new research study by Transparency Market Research states that the global market for substation automation market is enjoying a stiff competition among the top leading companies. With the entry of new players, the competition is likely to get intense in the coming few years. In order to enhance their market penetration, the key players are making noteworthy efforts to develop new products, which is expected to accelerate the market growth in the near future.
In addition to this, the rising research and development activities and the rising investments by the key players are projected to support the development of the market in the coming few years. Moreover, the key players are offering customized solutions in order to enhance the reliability of the power system at a comparatively low rate, thus promising the market growth in the near future. Some of the key players engaged in the substation automation market across the globe are Schneider Electric, ABB, Eaton, Siemens, and Grid Solutions.
As per the market report by TMR, the global market for substation automation is expected to reach a value of US$139.34 bn by the end of 2024. The market is estimated to exhibit a healthy 5.40% CAGR between 2014 and 2024. From a regional viewpoint, the North America market for substation automation is expected to hold a major share of the market throughout the forecast period. The rising expenditure by the leading players and the rising focus on advanced research are predicted to enhance the development of the North America market in the coming few years. Asia Pacific is further anticipated to witness fast growth in the near future.
Rising Demand for Renewable Energy Projects to Encourage Growth
A tremendous rise in the demand for low-cost substation automation solutions, especially in the solar sector is expected to encourage the growth of the global substation automation market in the near future. The rise in the demand for renewable energy projects in the substation automation market is likely to support the growth of the market throughout the forecast period. In addition to this, the rising need for retrofitting conventional substations is another major aspect that is predicted to enhance the market growth in the near future.
Furthermore, the integration of functions, along with the digital technology so as to improve the efficiency of grid, particularly in smart cities is accelerating the development of the global substantial automation market in the coming few years. Moreover, the rising awareness among people concerning the advantages of fiber-optic cables is likely to propel the global substation market in the near future.
For More Details, Request A Sample Report@ https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=2737
Need for High Capital Investment to Pose Challenge for Substation Automation Market
The global market for substation automation, on the other hand, is likely to face a few challenges in the near future. The requirement of high capital cost for the installation of wireless sensor network is expected to limit the growth of the market in the next few years. Also, the lack of technical expertise is predicted to curb the market growth. However, the increasing government support, especially in developing economies in Asia Pacific for the use of battery technology for the electricity generation to offer growth opportunities for the market players in the near future.
This information is based on the findings of a research report published by Transparency Market Research (TMR), titled “Substation Automation Market (Component – Recloser controller, Programmable logic controller, Capacitor bank controller, Digital transducer/ Smart meter, Load tap changer, Communication channel, and Digital relays; Module – SCADA, IED, and Communication network) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2024.”
Key Takeaways:
- The rise in the number of renewable energy projects is predicted to encourage the growth of the global substation automation market in the next few years.
- Asia Pacific is expected to offer immense growth opportunities for the market players throughout the forecast period.
