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Substation Automation Market worth 50.16 Billion USD by 2022
The Report "Substation Automation Market by Module (IEDS, Communication Network, SCADA System), Offering, Type (Transmission, Distribution), Installation Type (Retrofit & New Installation), Industry & Geography - Global Forecast to 2022", According to this market research report, the substation automation and integration market was valued at USD 32.53 Billion in 2015 and is expected to reach USD 50.16 Billion by 2022, at a CAGR of 5.97% between 2016 and 2022. The market growth can be attributed to the increasing requirement for low-cost substation automation solutions in the solar industry and the increasing demand for retrofitting of conventional substations.
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Utility industry expected to hold the largest share of the substation automation and integration market in the coming years
The utility held the largest share of the substation automation and integration market in 2015, followed by the oil and gas industry. The utility industry is one of the booming application areas pertaining to substation automation and integration, owing to the high demand-supply gap in energy in most of the developing and developed industries. Substation automation systems have a large scope in the utility sector as these systems are used in generating, transmitting, and distributing power. The other factors driving the growth of the market for the utility industry include the modernization of grids and installation of smart grids.
Market for distribution substations to grow at a high rate between 2016 and 2022
With the increasing demand for electricity, the demand for replacement of aging infrastructure for 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 spending more on upgrading the infrastructure of transmission substations.
Substation automation and integration market in APAC likely to grow at a high rate during the forecast period
Several initiatives have been taken up by the Government of India to improve its power and energy sector, which supports the growth of substation automation in APAC. Plans to build renewables with an energy capacity of 175GW by 2022, several schemes organized to revive distribution in utilities, and village electrification programs, among others are some of the initiatives taken up by the Government of India.
The major players operating in the substation automation and integration market include ABB Ltd. (Switzerland), Siemens AG (Germany), General Electric (U.S.), Cisco Systems, Inc. (U.S.), Schneider Electric (France), Eaton Corporation Plc (Ireland), Honeywell International, Inc. (U.S.), Schweitzer Engineering Laboratories, Inc. (U.S.), NovaTech LLC (U.S.), and Crompton Greaves (India).
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