ALBANY, NY -- According to a new market report published by Transparency Market Research "Substation Automation Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020," the market was valued at USD 96.52 billion in 2013, which is expected to reach USD 139.34 billion by 2020, growing at a CAGR of 5.4% from 2014 to 2020.
Increasing number of smart grid improving grid efficiency and reliability and increasing need for reduction in transmission and distribution loss are the major forces driving the growth of substation automation market. Apart from this, demand for distributed intelligence is also fuelling the growth of substation automation market. There are large number of upcoming power utilities in order to meet the rising demand for electricity such as in 2014, first smart grid infrastructure was developed in Dubai by Alstom S.A. and other utilities are also expected to come in the coming years. The increasing demand for electricity with rapid industrialization in the emerging economies of Asia Pacific is also boosting the growth of substation automation market.
Communication channel segment accounted for the largest revenue share in 2013. Apart from this, it is also expected to be the fastest growing segment in the coming years growing at a CAGR of 13.1% from 2014 to 2020. In terms of module, intelligent electronic devices (IED) segment held the highest market share, in 2013. Increasing demand for reduction in the outrage time and improving transmission and distribution efficiency are the major factors driving the growth in this segment. The communication network segment is expected to grow the fastest, growing at a CAGR of 13.1% from 2014 to 2020.
North America held the largest market share in 2013, which is expected to attract heavy investment and at the same time high end research is expected to be carried out in the field of substation automation. In addition, increasing demand for reduction in outrage time improving the transmission efficiency is also fuelling the growth of substation automation market. The Asia Pacific substation automation market was valued at USD 19.55 billion in 2013, and is expected to be the fastest growing substation automation market in the forecast period. Increasing demand for electricity and reduction in transmission and distribution loss is the major factor driving the growth in this segment. Apart from this, the ageing infrastructure of existing power utilities and the need to upgrade them to meet rising demand of electricity is also boosting the growth in this region.
Major industry participants include ABB Ltd. (Switzerland), Trilliant Inc. (U.S.), Alstom S.A. (France), Schneider Electric S.E. (France), Cisco Systems, Inc. (U.S.), Siemens A.G. (Germany), Eaton Corporation Plc. (Ireland), GE Energy Management (U.S.), Itron, Inc. (U.S.) and Echelon Corporation (U.S.) among others. The report studies the global substation automation market, and provides estimates in terms of revenue (USD Billion) from 2014 to 2020. Market estimates on the basis of components and module have also been provided for each region. The market has been segmented as follows:
1. Substation Automation Market, by Component
2. Recloser controller
3. Programmable logic controller
4. Capacitor bank controller
5. Digital transducer/ Smart meter
6. Load tap changer
7. Communication channel
8. Digital relays
10. Substation Automation Market, by Module:
13. Communication network
14. Substation Automation Market, by Geography:
15. North America
17. Asia Pacific
18. Rest of the World
Browse the full Global Substation Automation Market Report at http://www.transparencymarketresearch.com/substation-automation-market.html
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