DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "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" report to their offering.
The substation automation and integration market was valued at USD 32.53 billion in 2015 and is expected to grow at a CAGR of 5.97% between 2016 and 2022.
The market growth can be attributed to the integration of functions with digital technology to improve grid efficiency in smart cities, among others.
New installations is expected to hold a major share of the substation automation and integration market in the coming years as the demand for new power stations and smart grid in different industries is growing rapidly. Also, the demand for automation, intelligent electronic devices (IEDs), advanced communication technologies, human machine interface (HMI), and supervisory control and data acquisition (SCADA) is rising significantly. New installation projects offer greater operational safety, require lower maintenance, and provide greater reliability.
The market for service is expected to grow at a high rate in the near future due to rising demand for retrofitting conventional substations. The IEC 61850- 8-1 standard enables the standardized communication of current and voltage samples across an Ethernet-based serial link and results in a complete process bus between primary and secondary equipment. This helps in resolving the issues related to interoperability.
- Increasing Demand for Low-Cost Substation Automation Solutions in the Solar Industry
- Increasing Demand for Retrofitting Conventional Substations
- Integration of Functions With Digital Technology to Improve Grid Efficiency in Smart Cities
- Development in the Iec 61850 Standard to Enable Interoperability Among Intelligent Electronic Devices
- Advantages of Fiber-Optic Cables
- Embedded Ieds in Substations Increase Equipment Purchase Cost
- Wireless Sensor Networks Incur High Capital Expenditure for Installations
- Growing Demand for Renewable Energy Projects in the Substation Automation Market
- Shift Toward Battery Technology for Electricity Generation Triggering Investments By the Governments in Apac
- Technological Advancements Leading to the Chances of New Malware in the Power Industry
- Lack of Technical Expertise
- ABB Ltd.
- Cadillac Automation And Controls
- Cisco Systems, Inc.
- Crompton Greaves
- Eaton Corporation Plc
- General Electric
- Honeywell International, Inc.
- Igrid T&D
- Novatech Llc
- Schneider Electric
- Schweitzer Engineering Laboratories, Inc.
- Siemens Ag
- Yamal Lng
For more information about this report visit http://www.researchandmarkets.com/research/cw5vj3/substation