According to the latest report by IMARC Group, titled "Substation Automation Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025," the global substation automation market experienced strong growth during 2012-2019. Substation automation is the process of using data from intelligent electronic devices (IEDs). It is used for employing control and automation capabilities within the substation while controlling commands from remote users. It uses substation and feeder operating functions and applications for optimizing the management of capital assets. Its deployment is also known to improve the operating efficiency of the system by minimizing human intervention. Consisting of circuit breakers, transformers, microprocessor-based relays and motor-operated air switches, these systems offer numerous benefits, such as detecting fault locations, minimizing outages, reducing operating and maintenance costs, enhancing information management and offering security control with multiple access levels. As a result, it is widely being adopted across numerous industry verticals, including mining, oil and gas, and transportation.
Global Substation Automation Market Trends:
The global market is primarily driven by the continual developments in the transmission and distribution (T&D) infrastructure. Automated substations are a key component of electricity T&D processes. Significant investments to improve the aging T&D infrastructure, along with the increasing adoption of renewable energy and natural gas power, is creating a positive outlook for the market. Additionally, the growing demand for the development of smart grids, in confluence with the emerging trend of smart cities, is catalyzing the demand for substation automation. Technological advancements, such as SCADA and development in communication technologies, are also anticipated to provide a thrust to the market growth. Additionally, various manufacturers are integrating primary equipment with modern sensors, protective relays, programmable logic controllers and digital transducers, which are projected to spur the market growth. This will be further supported by rapid industrialization, growing requirement for retrofitting and improvement of existing substation equipment, along with favorable government initiatives and extensive research and development (R&D). On account of the aforementioned factors, the market is projected to expand at a CAGR of around 5% during the forecast period (2020-2025).
Market Summary:
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