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
Need to minimize operational cost and productivity losses of electricity substations is compelling governments for automation in a step-wise fashion. Practical challenges in replacing old substation completely at once is leading governments to initiate with implementation of intelligent electronic devices, integrating with central systems, and subsequently complete automation. For instance, Penelec – the subsidiary of FirstEnergy – announced the completion of work in Clarion County, Pennsylvania wherein manually operated switches on the line replaced with remote-control devices.
Significant operational advantages of intelligent electronic devices is leading to their increasing integration with central systems. Intelligent electronic devices can send or receive data/control to or from an external source for automation of central grid.
Recognition of substation automation as cutting-edge technology in electrical engineering is leading to increasing automation of age-old substations. Enhanced electrical protection, advanced disturbance, performance and reliability, display of real-time substation information in a control center, event recording capabilities, remote switching and advanced supervisory control are some functionalities of substation automation. These combined functionalities make electricity distribution burden-free and fault detection and restoration faster.
North America is a key region in the substation automation market. Substantial investments by energy departments to modernize transmission and distribution due to limitations of aging and distressed infrastructure makes North America a key region in the substation automation market.
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Substation Automation Market – Growth Drivers
Exploding demand for power and susceptibility of traditional aging electric grid to breakdowns and malicious attacks are driving the substation automation market
Intensive efforts of governments to upgrade to smart grids for efficient electricity transmission, cost-efficient operations and reduced administration expenses, and ultimately lower energy bills for consumers fuels the growth of substation automation market
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Some of the key players operating in the substation automation market are;
ABB Ltd.
Alstom S.A.
Cisco Systems Inc.
Eaton Corporation Plc.
Itron Inc.
Mitsubishi Electric Automation
Trilliant Inc.
Schneider Electric S.E.
Siemens A.G.
GE Energy Management
Echelon Corporation
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