Substation Automation Market Size to Hit US $207 Billion by 2026

SELBYVILLE, Del., November 26, 2019 (Newswire.com) - ​​According to the latest research report available at MarketStudyReport.com under the title ‘Substation Automation Market, [By Module (Communication Networks, Scada Systems, Intelligent Electronic Devices); By Component (Hardware, Software, Services); By Type (Distribution Substations, Transmission Substations); By Communication Channel (Optical Fiber Communication, Ethernet, Copper Wire Communication, Others) By Region]: Market Size & Forecast, 2018 – 2026’, the global substation automation market is projected to accumulate US $207.8 billion by the year 2026.

The key factors propelling the substation automation market are widespread development of smart cities, along with increasing adoption of smart grids. The rising need for electricity is compelling the vendors to invest in technology advancements, update existing networks, and modernize conventional substations, thereby aiding the growth of the substation automation market. Other factors augmenting the market growth include rising consumer preference for solar energy and need for cost-effective and efficient solutions in the sector.

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Speaking of modules, the intelligent electronic devices segment held the largest revenue share of the substation automation market in 2017. While as per the component type, the market is categorized as services, software, and hardware. Based on type, the industry is classified as transmission substations and distribution substations. Whereas, on the basis of the communication channel, the substation automation market is divided into ethernet, optical fiber communication, copper wire communication, and others.

With regard to regional landscapes, North America dominated the global substation automation market in 2017 and is presumed to maintain this trend over the analysis period. The regional growth is attributed to advanced cloud & telecom infrastructure in the region, in consort with the increasing development of smart cities. Moreover, extensive adoption of industrial automation, increasing usage of smart technologies in the utilities and energy sector, shifting trend of intelligent building, and technological advancements will fuel the regional market expansion.

The key players of the global substation automation market profiled in the report are Cisco Systems, Schneider Electric SE, Eaton Corporation Plc., Siemens AG, Honeywell International, Inc., General Electric, Schweitzer Engineering Laboratories, Inc., Crompton Greaves, and Larsen & Toubro Limited.

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Question & Answer: Substation Automation Market

Question 1: Why will the substation automation market grow in the forthcoming years?

Answer: The key factors propelling the substation automation market are widespread development of smart cities, along with increasing adoption of smart grids. Rising need for electricity is compelling the vendors to invest in technology advancements, update existing networks, and modernize the conventional substations, thereby aiding the growth of substation automation market. Other factors augmenting the market growth include rising consumer preference for solar energy and need for cost-effective and efficient solutions in the sector.

Question 2: What is the projected valuation of substation automation market by 2026?

Answer: The global substation automation market is projected to accumulate US $207.8 billion by the year 2026.

Question 3: Which region led the global substation automation market in 2017?

Answer: North America dominated the global substation automation market in 2017 and is presumed to maintain this trend over the analysis period. The regional growth is attributed to advanced cloud & telecom infrastructure in the region, in consort with increasing development of smart cities. Moreover, extensive adoption of industrial automation, increasing usage of smart technologies in the utilities and energy sector, shifting trend of intelligent building, and technological advancements will fuel regional market expansion.

Question 4: How is the competitive landscape of the substation automation market defined?

Answer: The key players of the global substation automation market profiled in the report are Cisco Systems, Schneider Electric SE, Eaton Corporation Plc., Siemens AG, Honeywell International, Inc., General Electric, Schweitzer Engineering Laboratories, Inc., Crompton Greaves, and Larsen & Toubro Limited.

Related Report:

Electric Power Distribution Automation Systems Market Forecast Report 2019 to 2026

The Electric Power Distribution Automation Systems Market is anticipated to reach around USD 23.8 billion by 2026 according to new research. In 2017, the industrial segment dominated the global market, in terms of revenue. North America is expected to be the leading contributor to the global market revenue during the forecast period.

The growing adoption of smart cities, along with high demand of smart grids, has boosted the adoption of electric power distribution automation systems. The rising demand for electricity, and growing demand for efficient and low-cost solutions for efficient power distribution further support the growth of the electric power distribution automation systems market. Increasing investments by vendors in technological advancements, growing need to update existing networks, and increasing aging infrastructure would accelerate the adoption of electric power distribution automation systems during the forecast period. Growing demand from emerging economies, increasing adoption smart grid applications, and technological advancements are expected to provide numerous growth opportunities in the coming years.

North America generated the highest revenue in the market in 2017, and is expected to lead the global market throughout the forecast period. The presence of established telecom and cloud infrastructure in this region, and growing trend of smart cities drive the market growth in the region. The growing demand from the energy sector, and technological advancements further support market growth in the region. The use of smart technologies in energy and utilities, investments in transmission and distribution infrastructure, and increasing aging infrastructure is expected to support market growth in this region during the forecast period.

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