Global Substation Automation Market Will Boom with Growing Need for Remote Operations: Technavio

Technavio has published a new report on the global substation automation market from 2017-2021. (Graphic: Business Wire)

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LONDON--()--The global substation automation market is expected to grow at a CAGR of more than 7% during the forecast period, according to Technavio’s latest report.

In this report, Technavio covers the market outlook and growth prospects of the global substation automation market for 2017-2021. The market is segmented on the product (transmission and distribution) and end-user (industrial, commercial, and residential).

The global substation automation market is likely to experience exacting growth during the forecast period due to the demand from APAC. India, China, and South Korea are major countries in the region that are likely to contribute to the market growth, owing to rising urbanization and growing level of awareness among people. The deployment of IoT and evolution of cloud computing are the two major trends that would incorporate substation automation to derive financial and operational benefits.

Technavio’s analysts segment the global substation automation market into the following regions:

  • EMEA
  • Americas
  • APAC

EMEA: largest substation automation market

The rising IoT adoption and supporting telecom infrastructure in Europe and the Middle East will assist the substation automation market to grow in the coming years. The Middle East is likely to drive the substation automation market in EMEA in the next five years due to rapid development projects in the real estate sector and growing number of the data center,” says Raghav Bharadwaj Shivaswamy, a lead analyst at Technavio for research on automation.

Big business giants such as Google, Apple, and Amazon have already prepared their roadmap for Europe, which will catalyze their efforts on globalization and will likely increase the number of data centers in the region. The ongoing demand for cloud-based computing is likely to bring technological disruption in EMEA. The growing number of data will experience a significant investment in data centers, which will further augment the substation automation market during the forecast period in the region.

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Substation automation market in the Americas

Substation automation in the Americas will be readily adopted by utility companies to enhance the performance of their power transmission and distribution systems and reduce outage time. Latin American countries will majorly drive the substation automation market in the Americas due to a large set of industrial and commercial development,” says Raghav.

North American countries are expected to register rapid developments in hospitality, retail, and office buildings. This is likely to increase the scope for substation automation. The few real estate projects mentioned below is most likely to boost the requirement for substation automation due to the large need of power.

Substation automation market in APAC

Countries such as India, Singapore, Taiwan, and South Korea have been identified as prime locations for investments from Western multinational companies, particularly in the field of technology and healthcare. This indicates large power sector investment in APAC. These countries will be the largest contributors to the growth of the substation automation market in APAC during the forecast period.

The real estate investments in these countries will shape the growth of modernization in electrification during the forecast period. Further, the Asia-Pacific Energy Co-operation (APEC) has set forth an objective to reduce the aggregate energy consumption in APAC by 45% until 2035 and encourage sustainable practices in energy usage.

The top vendors in the global substation automation market highlighted in the report are:

  • ABB
  • Eaton
  • Grid Solutions
  • Schneider Electric
  • Siemens
  • Shiseido

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading-edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com

Release Summary

The global substation automation market is expected to grow at a CAGR of more than 7% during the forecast period, 2017-2021.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com