May 03, 2022 11:30 ET | Source: Transparency Market Research Transparency Market Research
Albany, New York, UNITED STATES
Albany NY, United States, May 03, 2022 (GLOBE NEWSWIRE) -- Analysts at TMR estimate the Substation Automation Market to expand at a CAGR of 6.3% for the forecast period from 2021 to 2031. The increasing adoption of technology for safe and reliable electricity supply to serve the exploding demand for power is fueling the growth of substation automation market. Susceptibility of existing substations to disruptions, and risk of breakdown of aging electric grid is compelling governments to automate energy distribution at all levels. This favors upgrade to substation automation.
Growing practices of complementing conventional energy production with renewable and non-conventional energy sources necessitating the establishment of smart grids is creating opportunities in the substation automation market. Substation automation enables intelligent and interactive power distribution to switch between energy sources for optimum utilization of grid capacity.
Substation automation involves integration of next-gen technologies that helps to reduce operational and maintenance costs, and help improve plant productivity. Substation automation offers high performance, energy efficiency, safety of electrical power network, reliability of existing electrical supply, and increased integration of renewable energy into existing network.
Asia Pacific is anticipated to emerge as a key region in the substation automation market in the upcoming years. Investments in smart grid technologies by governments in developing countries to minimize huge losses incurred from conventional electrical grids stimulates the substation automation market of the region.
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Substation Automation Market – Key Findings of the Report
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Substation Automation Market – Growth Drivers
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Substation Automation Market – Key Players
Some of the key players operating in the substation automation market are;
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The substation automation market is segmented as follows;
Substation Automation Market, by Component
Substation Automation Market, by Module
Substation Automation Market, by Communication Network
Substation Automation Market, by Application
Substation Automation Market, by End-use Industry
Substation Automation Market, by Region
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