Substation Automation Market is expected to value at USD 185.80 billion by 2024. The substation automation industry is subject to witness a substantial growth due to the increasing adoption of automation and modernization for industrial processes, and growing focus towards high-end productivity, growing number of large-scale production lines, especially for the manufacturing of vehicles and electronic devices.
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The key driving factors responsible for the growth of Substation
Automation market :
Substation automation offer
numerous advantages such as cost efficiency, higher rate of operation, size
limitation, and superior quality coupled with higher productivity. Globally,
the substation automation market is predicted to grow at higher CAGR in the
forecast period, providing numerous opportunities for market players to invest
for research and development in the substation automation industry.
Additionally, enhanced
manufacturing efficiency and flexibility to carry out complex industrial
operations are propelling market growth, in the recent years. Increasing
awareness among manufactures about benefits associated with early adoption of
substation automation units are predicted to expand market reach in the
upcoming years.
Introduction of advanced safety
protocols for substation automation units to carry out various operational
procedure allows manufactures to achieve desired efficiency and performance
capability. Additionally, implementing advanced safety measures provide longer
shelf life for the substation automation units are propelling market demand.
The recent technological
advancement in the modernization of manufacturing sector coupled with
development of the novel technologies such as gripping techniques and kinematics
to enhance performance level of substation automation units are anticipated
foster market growth in the near future.
Typically, power generation
plants require large area and centralized processing units. With the
development of latest trend involving distributed systems, allows
decentralization of energy generation system. In substation automation systems,
various energy conversion units are located near energy consumers, as large
units are replaced by small capacity units. Use of substation automation units
offer highly efficient, dependable and environment-friendly solutions. The
substation automation market is broadly categorized into three major segments
based on the module type such as SCADA, IEDs and communication network. The
SCADA is considered as one of the fastest growing segment in the with
substantial revenue generation in the last few years.
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