Substation Automation and Integration Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028
Substation Automation and Integration Market: Overview
Wake of the communicable IEDs (Intelligent Electronic Devices), smart digital communication and progress in information technology have offered enhancements opportunities to the substation automation and integration market. By leveraging substation automation and integration, the utilities is anticipated to witness effective control, monitoring, automation, and protection of the applications, which could not exist by using their conventional counterparts. As a result, an acute demand for substation automation and integration is observed in the electric power industry.
Rise in the global population and their increasing energy needs have intensified the demand for smart utilization of electrical system capabilities. This has hard-pressed the manufacturers of the substation automation and integration market to devise neoteric substation model to offset the challenges faced by the existing substation automation systems with the convergence of technology into space. Owing to this realization, the global substation automation and integration market is anticipated to grow at an impressive pace through the forecast period.
Substation Automation and Integration Market – Novel Developments
Some of the most prominent competitors operating in the competitive landscape of global substation automation and integration market include –
Substation Automation and Integration Market Dynamics
Need to Revamp the Aged Grid Infrastructures to Trigger the Growth of the Substation Automation and Integration Market
The electricity grid has undergone notable transformation since the time it was first developed when the energy requisites were low. With the advent of technology, consumption of electricity has significantly increased. Renewable sources of energy have been leveraged to generate electricity in an environmental-friendly manner. However, the fluctuating power from renewable energies can affect the stability of the grid, which calls for substation automation and integration.
Due to the addition in energy generating methodologies, the traditional electrical grid can be deemed as ineffective and they need to be revamped to make it cost-effective. The increasing demand for reliable, efficient, and secured grid infrastructure by replacing the aged grid infrastructures is prevalent, which can be realized by leveraging substation automation and integration. Eventually, the extensive utilization of automation will trigger the growth of the substation automation and integration market.
North America to Reign Supreme in the Global Substation Automation and Integration Market
Geographically, North America is expected to record impressive growth in the retail, industrial, and hospitality businesses, which have large power requirements. As a result of high industrial penetration, the scope of substation automation and integration is expected to increase in this region.
In addition to this, North America holds a prominent position in the development of advanced technology to meet the grid requisites, thereby creating demand for substation automation and integration. Following the footsteps of North America, Asia Pacific will simultaneously gain lucrative opportunities as the emerging economies continue to seek rapid industrial growth.
Substation Automation and Integration Market Segmentation
The substation automation and integration market can be bifurcated on the basis of substation types, communication network, and regions.
Substation Automation and Integration Market – Substation Types
Depending on the substation types, the substation automation and integration market can be classified into:
Substation Automation and Integration Market – Communication Network
On the basis of the communication network, the substation automation and integration market can be segmented into:
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