19th February 2020 – The Substation Automation Market report provides in-depth analysis and insights into developments impacting businesses and enterprises on global and regional level. The study covers the global Substation Automation Market presentation regarding revenue contribution from multiple segments and covers a comprehensive analysis of key market trends, drivers, restraints, and opportunities influencing revenue growth of the industry. This research report studies the market size, industry status and forecast, competition landscape and growth opportunities.
The global Substation Automation Market is expected to value at USD 185.80 billion by 2024. The substation automation industry is subject to witness a substantial growth due to the increasing adoption of automation and modernization for industrial processes, and growing focus towards high-end productivity, growing number of large-scale production lines, especially for the manufacturing of vehicles and electronic devices.
Substation automation offer numerous advantages such as cost efficiency, higher rate of operation, size limitation, and superior quality coupled with higher productivity. Globally, the substation automation market is predicted to grow at higher CAGR in the forecast period, providing numerous opportunities for market players to invest for research and development in the substation automation industry.
Additionally, enhanced manufacturing efficiency and flexibility to carry out complex industrial operations are propelling market growth, in the recent years. Increasing awareness among manufactures about benefits associated with early adoption of substation automation units are predicted to expand market reach in the upcoming years.
Introduction of advanced safety protocols for substation automation units to carry out various operational procedure allows manufactures to achieve desired efficiency and performance capability. Additionally, implementing advanced safety measures provide longer shelf life for the substation automation units are propelling market demand.
The recent technological advancement in the modernization of manufacturing sector coupled with development of the novel technologies such as gripping techniques and kinematics to enhance performance level of substation automation units are anticipated foster market growth in the near future.
Typically, power generation plants require large area and centralized processing units. With the development of latest trend involving distributed systems, allows decentralization of energy generation system. In substation automation systems, various energy conversion units are located near energy consumers, as large units are replaced by small capacity units. Use of substation automation units offer highly efficient, dependable and environment-friendly solutions. The substation automation market is broadly categorized into three major segments based on the module type such as SCADA, IEDs and communication network. The SCADA is considered as one of the fastest growing segment in the with substantial revenue generation in the last few years.
Some of the major objectives of this report:
- To present detailed analysis of the market structure along with forecast of the various segments and sub-segments of global Substation Automation Market.
- To provide insights about factors affecting the market growth. To analyze the Substation Automation Market based on various factors- price analysis, supply chain analysis, porter five force analysis etc.
- To provide historical and forecast revenue of the Substation Automation Market segments and sub-segments with respect to four main geographies and their countries- North America, Europe, Asia, and Rest of the World.
- To provide country level analysis of the market for segment by application, product type and sub-segments.
- Trace and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product evolutions, and research and developments in the Market.
- To present strategic profiling of key players in the market, comprehensively analyzing their basic capabilities.
Some of the Major Market Players Are:
ABB Ltd., Cisco Systems, Inc., Crompton Greaves Ltd., Eaton Corporation Plc, General Electric Co., Larsen & Toubro Ltd., Siemens AG, Schneider Electric S.E., Trilliant Holdings, Inc., and Venson Electric Pvt. Ltd.
Get in touch
At Million Insights, we work with the aim to reach the highest levels of customer satisfaction. Our representatives strive to understand diverse client requirements and cater to the same with the most innovative and functional solutions.
For More Information, Visit @ https://www.millioninsights.com