Global electric power substation automation market to reach $71.1 B by the end of 2026
Global demand for electric power substation automation market was valued at approximately $48.4 B in 2019 and is expected to generate revenue of around $71.1 B by the end of 2026, growing at a CAGR of around 5.8 % between 2020 and 2026.
Electric power substation automation is one of the major developments in a substation technology and also a leading aspect of the smart grid revolution. Substation automation increases the level of convenience of operations, as it enables an electric utility to remotely monitor, control and coordinate the distribution component installed in the substation.
The electric power substation automation market is mainly driven by the rising demand of smart grid solution. However, some factors such as shortage of skilled workforce and high investment cost are expected to hamper the growth of electric power substation automation industry. Major regional segments analysed include North America, Europe, Asia-Pacific, Latin America, the Middle East and Africa. Asia Pacific dominated electric power substation automation market owing to rising number of smart grid projects in this region.
The key players are: Schneider Electric, ABB Ltd., Eaton Corporation, Siemens AG, Alstom S.A, CISCO Systems, Amperion, and Ingeteam.
Source: Globe Newswire