Global substation automation market expected to reach $51 B by 2025
The global substation automation market is expected to reach USD 51 Billion by the year 2025, registering a CAGR of 5.8 % over the forecast period, 2020-2025.
The growth of substation automation market is likely to driven by factors like rise in electricity demand globally, high demand for smart grids and inceasing need of upgradation of the existing networks. Furthermore power generation companies are looking for cost saving opportunities provided by the application of automated substations.
The increased need to reduce transmission and distribution loss is also fuelling the growth of substation automation market. In addition, the need to reduce outrage time by real time monitoring of faults and using automated systems to resume services is also boosting the growth of substation automation market.
Key players in this market are: ABB Limited, Siemens AG, Schneider Electric SE, General Electric Co, Cisco Systems Inc., Eaton Corporation, Ingeteam, Schweitzer Engg Lab, Alstom, Amperion, among others.