Ghaziabad Online

Substation Automation Market expected to reach $54.2 billion by 2026, at a CAGR of 6.3%

 Breaking News
  • No posts were found

Substation Automation Market expected to reach $54.2 billion by 2026, at a CAGR of 6.3%

March 15
17:57 2021
Substation Automation Market expected to reach $54.2 billion by 2026, at a CAGR of 6.3%

Substation Automation Market
[214 Pages] Substation Automation Market categrizes the Global market by Offering (Hardware, Software, Services), Type (Transmission, Distribution), Installation Type, End-use Industry, Component, Communication, and Region . COVID-19 Impact on Substation Automation Industry.

The report Substation Automation Market with COVID-19 impact analysis by Offering (Hardware, Software, Services), Type (Transmission, Distribution), Installation Type, End-use Industry, Component, Communication, and Region – Global Forecast to 2026″, 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 growing demand for low-cost and more flexible substation solutions drives the adoption of automated substations in various industries, such as utilities, oil & gas, and railways. Government funding initiatives to replace aging infrastructure also help reduce energy and revenue losses. This, in turn, assists in preventing power outages and blackouts and drives the need to install more automated substations. Moreover, the rising demand for renewable energy projects and the increasing adoption of electric and hybrid vehicles are set to create new growth opportunities for players operating in the substation automation market.

• Informaitonal PDF Brochure :-
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=208537744

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.

Browse 133 market data Tables and 83 Figures spread through 246 Pages and in-depth TOC on “Substation Automation Market with COVID-19 impact analysis by Region – Global Forecast to 2026”

Substation Automation Market

Transmission substations to dominate the substation automation market, by type

With the increasing electricity demand, the requirement for the replacement of aging infrastructure comprising power delivery systems is also rising. The existing infrastructure cannot sustain the bulk power movements or inferior standards owing to which the chances of power outages are gradually increasing. Therefore, investor-owned utilities are witnessing more spending on upgrading the infrastructure of transmission substations.

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 focusing on adopting modern substation automation solutions for the effective management of digital data. Mining plants use a tremendous amount of energy to run equipment and monitor worker safety to reduce accidents. As a result, mining companies end up spending more than they gain after selling raw materials. Hence, to control energy consumption and ensure production–energy balance, mining companies are adopting substation automation solutions to get critical information on energy consumption and accordingly establish energy efficiency policies, thereby increasing productivity and reducing energy waste.

North America is projected to hold the largest share of substation automation market in 2026

North America has emerged as the worlds most promising market for substation-related projects with reference to industries such as utilities, renewable energy, and oil & gas. Utilities in North America are making considerable investments in replacing, upgrading, and expanding new and existing transmission and distribution infrastructure to improve the reliability and capacity of transmission and distribution networks. Utilities in the US focus on establishing next-generation distribution and transmission infrastructure and increasing the use of renewable sources for power generation, especially through wind and solar projects, to boost their revenue growth in the substation automation market. The key factor driving the growth of the renewables segment is low operating expenses. For instance, the use of wind systems in power generation eliminates the fuel cost and reduces the environmental impact as these systems emit less smog and greenhouse gases.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Ashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
[email protected]

Media Contact
Company Name: MarketsandMarkets
Contact Person: Mr. Aashish Mehra
Email: Send Email
Phone: 18886006441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/electric-power-substation-automation-integration-market-208537744.html


Warning: count(): Parameter must be an array or an object that implements Countable in /home/ghaziabadonline/public_html/wp-content/themes/legatus-theme/includes/single/post-tags.php on line 5
Share