Power Substation Automation and Integration Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025
Smart grid infrastructures have fundamentally transformed the electric power industry in a number of developed and developing nations. They play a seminal role in power substation automation and integration and have increased implementation in the electric sector. They essentially consist of advanced control methods and modern system software infrastructure. Out of several components of smart grid, primary are smart sensing & metering technologies and intelligent electronic devices (IEDs), which have greatly helped in the automation of power substations. These intelligent electronic devices contain microprocessors that can provide inputs and outputs to the smart grid system, perform some essential primary control service, and help in the exchange of operational and non-operational data. Most common IEDs include protective relays, load survey, revenue meters, programmable logic controllers (PLCs), and power equipment controllers. Supervisory control and data acquisition (SCADA) systems are the key to operational data management and are used to control and monitor the power system in substation.
Smart metering technologies furnish data that help in remote monitoring, manage time-of-use pricing, and enable demand-side management for consumers of utilities. Along with smart metering systems, SCADA have become ubiquitous in smart grid technologies. These components are deployed to improve as well as automate operation and maintenance (O&M) efficiencies. Several vendors offering analytical tools for integrating information technology (IT) and operational technology (OT) capabilities in power substation must ensure that utilities can extract more valuable information from smart meters. Non-operational data consists of important information on event summaries through oscillographic reports and sequential events records. In addition, SCADA also helps grid operators and managers to prevent any security breach and cyberattacks, which has boosted their popularity in power substation automation and integration market.
Power substation automation and integration facilities are used to enhance the command, automation, and control within substations. The technology is mainly used in electrical distribution systems. Intelligent electronic devices used to generate data are the most commonly used machines in substation automation.
The power substation automation and integration market report provides a comprehensive market overview covering the various drivers and restraints, and identifying the market opportunities. It is compiled using exhaustive data obtained via proven methods of research and from trusted industrial sources. Presented in a chapter-wise format, the report also includes various graphs, infographs, statistics, and data aimed providing added information regarding the global power substation automation and integration market.
It also studies the effect of Porter’s five forces on the market. The analysis gauges the bargaining power of buyers and sellers, threat from substitutes and new entrants, and the degree of competition prevailing in the market. Information thus compiled in the report is aimed at providing the leading companies a better perspective of the prevailing business dynamics and help them create successful business strategies.
The power substation automation and integration market is gaining impetus from the increasing adoption of smart grid infrastructures, which are also fast replacing the existing power infrastructures. The rising demand for the former is attributed to the multifunctional solutions they provide, which majorly are in compliance with the advanced protocols of communication. Additionally, the market is expected to gain impetus from the rising need for improving the grid efficiency and reliability.
Despite witnessing positive growth, the high initial investment required to deploy power substation automation and stringent regulations could hamper the market’s trajectory to an extent.
Regionally, while North America established dominance in the global power substation automation and integration market, Asia Pacific is projected to report a higher CAGR during the course of the report’s forecast period. Due to the considerably high industrial penetration, the demand for power substation automation and integration will continue to remain high in North America. However, the growth witnessed across major economies is likely to stagnate in the forthcoming years, compelling the leading market players to look for opportunities in developing nations. In Asia Pacific they will discover lucrative prospects as emerging nations exhibit rapid industrial growth and flourishing economies.
The vendor landscape analysis includes profiles of companies such as ABB Ltd., Cooper Power Systems Inc., Schweitzer Engineering Lab Inc., Alstom S.A., Siemens AG, General Electric Co., and NovaTech LLC among others. The analysis covers financial reports of the companies profiled, an evaluation into the recent business strategies and subsequent effects, strengths and weaknesses, and the evolution of their operations over the years. Based on research thus conducted, the report provides refined outlook to assist the market players, both existing and new entrants, create winning business strategies for the future.
This study provides a particularized anatomy according to the L.E.A.P mechanism
The regional analysis offers market assays across:
The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.
Latest Trends and Cardinal Growth Prospects
The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.
Existing and Future Insights in Growth
The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.
Ascensions in Technology
Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.
The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.
The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.
The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!
This report is the key to questions such as:
What are the prominent factors that will help in reshaping the market growth?
Which trends have the potential to bring expansive growth for the market?
What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?
Which regions will emerge as champion growth contributors for the market?
Which aspects will serve as game-changers for the market?
What are the latest innovations in the market?
Which factors will hinder the growth of the market?
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