Substation Automation Market by Offering, by Type, by Installation Type, by Industry, by Geographic Scope and Forecast
Substation Automation Market Size And Forecast
Substation Automation Market was valued at USD 132.13 Billion in 2019 and is projected to reach USD 185.46 Billion by 2027, growing at a CAGR of 5.0% from 2020 to 2027.
Global Substation Automation Market Overview
Rising penetration of various industry to automate and efficiently analyses the substation data thereby increased focus on distribution and transmission investments to address the old and aging infrastructure is driving the growth of the Substation Automation Market. In addition, growing developments, such as advanced SCADA and communication technologies is fueling the growth of the Substation Automation Market. Communication channel is integral part of the Substation Automation system as all the IEDs and monitoring devices which are located at the substation and on the field generate data which has to be passed to the utility data center, which is remotely located.
Furthermore, most prominent factors that are boosting growth of Substation Automation Market is growing demand for electricity across the globe and upsurge of smart grids as well as up gradation of existing networks. However, wireless sensors network require high capital expenditure for installation is anticipated to hamper the growth of the Substation Automation Market.
Frequently Asked Questions (FAQs)
Global Substation Automation Market Segmentation Analysis
The Global Substation Automation Market has segmented on the basis of Offering, Type, Installation Type, Industry, and Geography.
Key Players in Substation Automation Market
The Global Substation Automation Market study report will provide a valuable insight with an emphasis on global market including some of the major players such as ABB Ltd., Siemens AG, General Electric, Cisco Systems, Inc., Schneider Electric, Eaton Corporation PLC, Honeywell International, Inc., Schweitzer Engineering Laboratories, Inc., Novatech LLC, Crompton Greaves.
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