Global substation automation market is witnessing a robust growth due to the increasing demand for electricity to be transmitted and distributed efficiently across the world. In order to achieve the goal of efficient transmission and distribution of electricity, the automation of substations is required. The conventional electric grid does not support two way communication, however, if the substation is automated, then two way communication becomes possible that helps to reduce transmission and distribution losses. In order to make the electricity substations automated, the use of equipment such as specific software, special sensors and equipment that facilitate two way communication is entailed.
In addition, there is a use of intelligent electronic devices such as protective relays, programmable logical control, digital transducers, etc. are also used. Such type of equipment help in the monitoring and controlling of substation equipment. Also, with the help of such equipment, the incidences and duration of power outages are reduced.
According to the assessment of XploreMR, the global substation automation market is forecasted to reach a figure of about US$ 142,900 Mn in 2022 and is poised to exhibit a robust CAGR in the period of assessment.
North America Market Set to Dominate the Global Substation Automation Market in Terms of Revenue
The market in North America is set to dominate the global substation automation market in terms of value and this trend is projected to sustain itself throughout the assessment period. North America substation automation market is the most attractive market, growing at a robust CAGR over the forecast period.
Intelligent Electronic Device Segment Slated to Touch a Value of Nearly US$ 104,750 Mn in 2022
According to the projections of XploreMR, the intelligent electronic device segment is expected to reach a value of about US$ 104,750 Mn in the year 2022. This signifies a robust CAGR during the forecast period of 2017-2022. The intelligent electronic device segment is estimated to account for more than three-fourths of the revenue share of the module type segment by the end of the year 2017 and is expected to lose market share by 2022 over 2017.
Programmable Logical Controllers Segment to Exhibit a CAGR of Nearly 7% During the Assessment Period
According to the assessment of XploreMR, the programmable logical controllers segment is poised to touch a figure of about US$ 30,350 Mn in the year 2022. This signifies a CAGR of nearly 7% during the assessment period from 2017 till the year 2022. The programmable logical controllers segment is estimated to account for more than one-fifth of the revenue share of the component type segment by the end of the year 2017 and is projected to gain market share by 2022 over 2017.
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The report also profiles companies that are expected to remain active in the expansion of global substation automation market through 2022, which include ABB Limited, Cisco Systems, Inc., Eaton Corporation Plc, Schneider Electric SE, General Electric Company, Siemens AG, Alstom SA, Echelon Corporation, NovaTech LLC and Encore Networks, Inc.