Global Substation Automation Market 2017-2021
About Substation Automation
Substation automation helps to capture the data from the IEDs, and manage the automated plant grid operation by facilitating communication between IEDs. Alternatively, substation automation is a technology that facilitates precise integration between devices and data management systems within smart grid. As more IED devices are incorporated into the smart grid, the need for substation automation is a growing imperative. A well-designed substation automation architecture offers a scaled approach to add new automation applications along with shared communication infrastructure for the substation to realize the full benefits of smart grid application.
Technavio’s analysts forecast the global substation automation market to grow at a CAGR of 7.17% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global substation automation market for 2017-2021. To calculate the market size, the report considers the revenue, Y-o-Y growth, CAGR, retrofit, replacement, and the services market.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Substation Automation Market 2017-2021
Technavio recognizes the following companies as the key players in the global substation automation market: ABB, Eaton, Grid Solutions, Schneider Electric, and Siemens.
Other Prominent Vendors in the market are: Atlantic City Electric, Cisco, Eaton, G&W Electric, Kalkitech, and Kyland Technology.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is adoption of Internet of things (IoT) into power systems. The Internet of things (IoT) is becoming the next generation technology for utility companies to transmit and distribute power between generating station and distribution substation. At present, the IoT has already discovered its pathway into the grid automation to bring revolution in modernized communication. Similarly, the enormous benefits of IoT have been continuously increasing the adoption rate of smart devices into the substation.”
According to the report, one of the major drivers for this market is growing need for remote operations due to rising demand for electricity. The rising population and urbanization are ramping up the electricity demand worldwide. Thus, a huge mismatch is experienced between electricity supply and demand for last many years. Moreover, a variation of load demand to a large extent all through the year is the major difficulty that complicates the situation. Thus, utility and generation companies must constantly match supply and demand every second to maintain reliability on the power system.
Further, the report states that one of the major factors hindering the growth of this market is growing complexity in communication among devices due to interoperability issue. Interoperability issue in substation automation has become a prime concern for smart grid due to the growing number of the interconnected device. As system integrators are using smart devices from different vendors, the communication between these devices are becoming a difficult task due to lack of standard protocols. Further, the cost of substation automation has increased significantly due to rising interoperability issues within the existing systems.
ABB, Eaton, Grid Solutions, Schneider Electric, Siemens, Atlantic City Electric, Cisco, Eaton, G&W Electric, Kalkitech, and Kyland Technology.