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Substation Automation Market is set to expand at over 5.5% CAGR during the forecast period of 2021 to 2031

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Substation Automation Market is set to expand at over 5.5% CAGR during the forecast period of 2021 to 2031

November 10
00:30 2021
Substation Automation Market is set to expand at over 5.5% CAGR during the forecast period of 2021 to 2031
FMI
Digital Transducer Demand Creates Opportunities for Substation Automation Vendors: FMI

Manufacturers in the substation automation market are pushing for sustainability initiatives with increased investments towards wind and solar power grids.

Future Market Insights, Dubai: The global substation automation market is projected to rise at a steady CAGR of approximately 5.5% CAGR in the forecast period from 2021 to 2031. Extensive power production and distribution applications in a wide range of industries including electrical, electronics, and mining are key contributors to market growth. Also, rising government investments towards upgrades and retrofitting of older substation facilities for improved operational efficiency will contribute to long term growth.

“The growth of the substation automation market can be attributed to the rising penetration of substation data analytics. The industry is witnessing an increased focus on transmission and distribution to upgrade the aging power infrastructure in multiple countries around the globe. Moreover, the utilities sector is generating emphasis on enterprise-based, real-time data to gain reliable information, for improved management of assets and information, supporting long term developments,” says the FMI study.

Request a report sample to gain comprehensive market insights at https://www.futuremarketinsights.com/reports/sample/rep-gb-5190

Substation Automation Market – Leading Takeaways

  • Programmable logic controllers are estimated to display faster growth owing to substation automation and SCADA applications.
  • IEDs are expected to hold a prominent position in the substation automation market, owing to extensive deployment in commercial and industrial buildings.
  • China and India are likely to emerge as lucrative markets owing to significant investments into the manufacturing sector.

Substation Automation Market – Growth Factors

  • Strong interest in renewable energy projects are creating major opportunities for the adoption of substation automation systems.
  • Government investments into smart city and smart grid infrastructure drives demand in the industry.
  • Developments in communication and SCADA technologies are driving innovations in the sector.

Substation Automation Market – Constraints

  • High costs associated with power grid upgrades is a major challenge slowing down the adoption of substation automation.
  • Poor coordination across organizational boundaries for administration and process changes hold back developments.

Explore data on the substation automation market with 81 figures, 241 tables and the ToC. You will also find market segmentation on  https://www.futuremarketinsights.com/ask-question/rep-gb-5190

Expected Impact on Market by Coronavirus Outbreak

The covid-19 pandemic had an adverse impact on the substation automation market. Disruptions to supply chains for essential raw materials and components have limited growth in the market during the crisis. Further, lockdown restrictions and social distancing guidelines in multiple end use industries.

In addition, government expenditure has been redirected towards the healthcare sector during the pandemic, slowing down the adoption of substation automation systems. However, with the gradual relaxation of regulations and international trade the industry is projected to display steady recovery through 2021, which is likely to continue in the coming decade.

 

Competition Landscape

Some of the leading manufacturers participating in the fragmented substation automation market include Siemens AG, Echelon Corporation, Eaton Corporation plc, Encore Networks Inc., Alstom SA, ABB Limited, Schneider Electric SE, General Electric Company, NovaTech LLC, and Cisco Systems Inc.

Leading players in the substation automation market are largely focused on seeking large scale contracts for new installations, upgrades, and retrofitting with end user organizations in an effort to set up sustainable streams of revenue.

In February 2021, the Power Transmission & Distribution arm of Larsen and & Toubro secured 400 MW solar photovoltaic projects in Gujarat, India including associated transformers, substation, automation systems, reactors, switchgear, and more. Lixon has also won a substation order supporting transition in the German energy sector including a 380-kilovolt kV facility which will replace a 220 kV substation with new GIS bays, control and protection systems, double-busbar, measurement and telecom systems, and substation automation. In March 2021, Hitachi ABB gained a project with Bharat Aluminum Company for its Korba plant with a 400 kV gas-insulated switchgear substations with MicroSCADA automation solutions for maximum power availability.

We Offer tailor-made Solutions to fit Your Requirements, Request [email protected] https://www.futuremarketinsights.com/customization-available/rep-gb-5190

More on the Report

In its report, FMI’s has provided in-depth insights on the substation automation market. The market is segmented in terms of automation type (transmission substations and distribution substations), and end user (electrical & electronics, transportation, oil & gas, and utility), across seven regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa).

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Website: https://www.futuremarketinsights.com/reports/gas-insulated-substation-market

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