Global substation automation market size would surpass a $207.8 billion valuation by 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
Growing smart city initiatives across several developed and developing countries are enhancing demand for smart grids, which is expected to boost the adoption of substation automation systems in coming years, cites the report.
Electricity plays a major role in enabling the modern life. To make sure that increasing demands do not have a detrimental effect on the environment, the energy sector is making a shift towards renewable sources. Subsequently, this shift is fueling the demand for low-cost and energy-efficient solutions across the solar energy sector, which is further fostering substation automation industry growth.
Moreover, rising investment by several vendors in technological advancements, growing demand for upgrading conventional substations, and existing networks is anticipated to accelerate substation automation system adoption over the forecast timeframe, cites the report.
Furthermore, surging demands from emerging economies coupled with the growing adoption of smart grid applications as well as technological advancements offer a number of growth opportunities to the industry in coming years.
From a regional perspective, North America dominated the global substation automation market in terms of revenues in 2017. The region is further expected to lead the industry throughout the forecast timeframe.
The projected regional growth can be attributed to the presence of a established cloud and telecom infrastructure across the region. Meanwhile, increasing smart city initiatives, escalating demands from the energy sector, and rapid technological advancements are further expected to drive market expansion throughout the region.
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Growing penetration of smart technologies in utilities and energy, intelligent buildings, and industrial automation is projected to further foster substation automation industry growth across North America during the forecast time period.
Prominent companies currently operating across the substation automation industry include Cisco Systems, Schneider Electric SE, Siemens AG, ABB Ltd., General Electric, Eaton Corporation Plc., Larsen & Toubro Limited, Honeywell International, Inc., Schweitzer Engineering Laboratories, Inc., and Crompton Greaves.
These firms unveil new products in the market and collaborate with other leading industry players to innovate and introduce new products to address escalating requirements and needs of consumers, fueling market revenues substantially.