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According to the latest report by IMARC Group, titled “Substation Automation Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global substation automation market exhibited moderate growth during 2015-2020. Substation automation is the utilization of the data acquired from intelligent electronic devices (IEDs) to transmit and control commands from remote users. Substation automation systems (SAS) are a collection of software and hardware components that can remotely and locally maintain an electrical system. These systems offer substation monitoring and control solution with communication, and protection capabilities. They also automate some error-prone, repetitive, and tedious activities to increase the overall productivity and efficiency of the grid. Substation automation solutions are programed with local and global alarm and caution systems to detect fault location for equipment and distribution systems diagnostics. The digitizing of substations helps to save expenses and enhance the safety of primary equipment through sensors.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Substation Automation Market Trends:
A significant rise in the need for retrofitting existing substations, and a large-scale increase in investments for the establishment of smart grid infrastructure are some of the key factors that are primarily influencing the growth of the global substation automation market. The escalating demand for efficient electricity transmission with reduced management and operational costs of utilities is further driving the market growth. Other than this, the large-scale integration of renewable energy systems and emergence of improved security systems is aiding in the establishment of smart grids across the globe. Moreover, rapid technological advancements and rising investments in the research and development (R&D) activities are some of the other factors that are creating a positive outlook for the market. Looking forward, the market is projected to grow at a CAGR of 6% during 2021-2026.
Market Summary:
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