Power companies and utility organization need to keep a close tab on the energy consumption and utilization of power. Increasing global demands for power and energy and grid efficiency are the two factors that affect the turnover and business channels in the global substation automation market. Additional government regulations and quest for cost effective power sources are all contributing to the increasing size of the global market, which is estimated to grow at a remarkable rate in the years to come.
Substation automation is an automated process of control and monitoring of energy distribution and transmission. Global transmission and distribution utilities are running on retrofit substations. Both these utilities are aiming to achieve full-substation automation in the years to come, which is driving the global substation automation market. Intelligent electronic devices or IEDs and communication networks drive the market. These are used for data transfer and device control & safety. Deployment of intelligent devices and remote networks are required, which create great business opportunities in this industry.
There is a constant need for smart devices, which can automatically detect fault occurrence events at remote locations and faraway substations. This requirement is causing rising demands for IEDs. Cyber security on the other hand is growing concerns for critical data safety and security of communication technologies in the power industry. Both these drivers are increasing the demand for smart security and smarter substation technologies. This trend reflects into segmentation of the global substation automation market, which is based on the types of IEDs, communication networks, types of substation and geographical demands.
Capacitor bank controllers, digital relays, digital transducers, logical programmable controllers and load tap changer controllers are the basic types of IEDs. Global communication networks for substation include copper wire, fiber optics, power lines and Ethernet. Latest trends and forecasting reports for the market offer great insight in terms of business opportunities and challenges in this industry. According to the current trends, the market is anticipated to rise at the CAGR of 5.2%. The industry is currently poised at $95.30 billion, which is expected to reach to $122.94 billion by the end of 2018.
Based on the latest reports for the global substation automation technologies market, North America is the leading region. However, Asia Pacific is the most emerging region, which is estimated to grow at a CAGR of 9.1%. It also has the highest growth rate amongst all the geographical regions.
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