Substation Automation Market Projected to reach $54.2 billion by 2026
Substation Automation Market is estimated to be USD 54.2 billion by 2026 (forecast year) from USD 39.9 billion in 2021 (estimated year), at a CAGR of 6.3% between 2021 to 2026. The substation automation market is experiencing growth due to the increasing demand for low-cost and flexible solutions in industries such as utilities, oil & gas, and railways. Government funding initiatives to replace aging infrastructure are also helping to reduce energy and revenue losses, prevent power outages and blackouts, and drive the need for more automated substations. Additionally, the rising demand for renewable energy projects and the increasing adoption of electric and hybrid vehicles are expected to create new growth opportunities for players in the substation automation market.
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Transmission substations to dominate the substation
automation market, by Type.
The increasing demand for electricity is leading to a
corresponding increase in the need to replace aging infrastructure, including
power delivery systems. Existing infrastructure is unable to sustain bulk power
movements or meet modern standards, resulting in a growing risk of power
outages. As a result, investor-owned utilities are investing more in upgrading
transmission substation infrastructure.
Substation automation market for mining industry
estimated to be the fastest growing segment, by end-user industry during the
forecast period
The mining industry is increasingly adopting substation
automation solutions for the effective management of digital data. Mining
plants use a significant amount of energy to run equipment and monitor worker
safety, which results in high energy consumption costs. Therefore, mining
companies are adopting substation automation solutions to control energy
consumption and establish energy efficiency policies. These solutions provide
critical information on energy consumption, which helps mining companies
balance production and energy consumption, increase productivity, and reduce
energy waste.
North America is projected to hold the largest share of
substation automation market in 2026
North America is currently the most promising market for
substation-related projects in industries such as utilities, renewable energy,
and oil & gas. Utilities in the region are making significant investments
in upgrading and expanding transmission and distribution infrastructure to
improve reliability and capacity. The focus is on establishing next-generation
distribution and transmission infrastructure and increasing the use of
renewable sources for power generation, particularly wind and solar projects,
to boost revenue growth in the substation automation market. The low operating
expenses of renewable energy sources, such as wind systems, are a key factor
driving growth in the renewables segment, as they eliminate fuel costs and
reduce environmental impact by emitting fewer greenhouse gases.
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The report profiles key players, including Hitachi ABB Power
Grids (Switzerland), Siemens Energy (Germany), General Electric (US), Cisco
(US), Schneider Electric (France), Eaton Corporation (Ireland), Honeywell (US),
Schweitzer Engineering Laboratories (US), NovaTech Automation (US), and CG
Power and Industrial Solutions (India). These companies focus on adopting both
organic and inorganic growth strategies, such as product launches and
developments, partnerships, contracts, and mergers and acquisitions to
strengthen their position in the market.
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