The increasing global demand for reliable as well as safe supply of electricity is one of the most prominent substation automation market global opportunity. Furthermore, other significant factors aiding in the expansion of the power substation automation market size 2022 include rising demand for smart electric grids, increasing in the adoption of non-traditional as well as renewable energy sources, and the constant advancements in the telecommunications technologies.
The growth of the electric power substation automation market worth can also be attributed to the increasing adoption of renewable or sustainable energy production or generation sources across the world. On the other hand, high cost associated with installation of these new age systems as well as the increased risk of cyberattacks may hamper the growth within the substation automation market. However, the increasing collaboration amongst the manufacturers and players in the substation automation market for solving these problems and offer affordable solutions may have a positive impact on the power substation automation market size 2022.
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Increasing Focus on Development of Smart Grid Infrastructure Favours the Growth of Substation Automation Market
Another significant driver for the expansion and development of the substation automation market is the increasing investments aimed at enhancing old and establishing new smart grid infrastructure projects. Governments across the world are focusing on developing smart electric grid infrastructure owing to its various benefits, such as energy efficiency, high performance, integration of renewable electric energy in pre-existing networks, increasing the reliability of these pre-existing networks, and enhancing the safety of electric power grids.
Some of the leading manufacturers and players operational in the landscape of the substation automation market include Trilliant Inc., Schneider Electric S. E., Siemens A. G., GE Energy Management, Echelon Corporation, ABB Ltd., Alstom S. A., Cisco Systems, Inc., Eaton Corporation PLC, Itron, Inc., and Mitsubishi Electric Automation, among others. The manufacturers and players in the substation automation market are focused on offering their end users with interactive as well as intelligent next generation power distribution solutions.
The leading players operational in the larger Electric Power Substation Automation Market worth are focused on various expansion and growth strategies, such as mergers and acquisitions as well as new solution launches. For instance, Bond and GE Energy Management announced the beginning of their combined efforts to construct a digital electric power substation intended for usage in offshore wind farms.
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Rising Adoption of IEDs Fuels the Expansion of Substation Automation Market
The electric power substation automation market worth is also anticipated to increase in the coming years, owing to the benefits offered by using the solutions and products in the industry. The utilization of these novel products and solutions from the stakeholders in the substation automation market can aid the end users in reducing the maintenance costs as well as operational costs. One of the most significant substation automation market global opportunity is provided by the rising trend of adopting IEDs or intelligent electronic devices for integration in central systems.
Asia Pacific Holds the Largest Share in Substation Automation Market
Geographically, the regional industry of Asia Pacific is anticipated to account for the largest share of the substation automation market in coming years. Some of the major factors, stimulating the growth of the Asia Pacific substation automation market include the rising amount of investments aimed at strengthening the electrical distribution as well as transmission networks in the region as well as the rising demand from the regional economy of China. Furthermore, increasing demands from India as well as Japan is also expected to aid in the expansion of the substation automation market in near future.
The rising efforts on upgradation of aging electrical energy infrastructures in developed regions, such as North America is also anticipated to foster the development of the substation automation market in coming years. Additionally, the growth of the North America substation automation market is also driven by the presence of several leading manufacturers and industry participants in the region.
