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Increasing number of smart grid improving grid efficiency and reliability and increasing need for reduction in transmission and distribution loss are the major forces driving the growth of substation automation market. Apart from this, demand for distributed intelligence is also fuelling the growth of substation automation market. The increasing demand for electricity with rapid industrialization in the emerging economies of Asia Pacific is also boosting the growth of substation automation market.
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Major industry participants include ABB Ltd. (Switzerland), Trilliant Inc. (U.S.), Alstom S.A. (France), Schneider Electric S.E. (France), Cisco Systems, Inc. (U.S.), Siemens A.G. (Germany), Eaton Corporation Plc. (Ireland), GE Energy Management (U.S.), Itron, Inc. (U.S.) and Echelon Corporation (U.S.) among others.
Rising Demand for Integration of Technological Developments to Drive Global Substation Automation Market
The efficient analysis of substation data and increasing use of automation in the industry is likely to boost growth of the global substation automation market in near future. To fix the troubled and ageing infrastructure, a greater emphasis is being placed on transmission and distribution investments. In addition to that, utilities are placing a much greater emphasis on enterprise extensive and real-time information so as to effectively manage, enhance stability, and ensure accuracy of information and assets. This factor is likely to work in favor of the global substation automation market in near future.
The global substation automation market is likely to be driven by various innovations such as communication technologies and advanced SCADA. Because all of the monitoring devices and IEDs placed at the substation and on the field produce data that must be sent to the remotely based utility data centre, the channel of communication is a critical aspect of the substation automation.
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Exponential Rise in Power Usage Worldwide is likely to Drive Demand for Substation Automation
Power management is now one of the most urgent issues around the world as the production and consumption gap has widened over time. Power consumption is increasing exponentially across the globe, which is necessitating the installation of substation automation systems in today’s substations in order to efficiently distribute and monitor electricity.
This move into the future distribution and transmission substation is being motivated by a willingness to integrate both intelligence and automation to the power grid network in order to resolve a range of utility issues. These issues range from meeting new regulatory requirements like NERC-CIP requirements to saving cost. Rising demand for automation is anticipated to support development of the global substation automation market in the years to come. In smart cities, the position of smart electric substations has surpassed that of conventional ones. Increased usage of smart city infrastructure, enhanced worker protection, increased reliability, rapid diagnosis, and early recognition of faults are all benefits that could be derived from substation automation. These benefits are expected to work in favor of the said market in the years to come.
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