New York, NY 07 Oct 2020: The Substation Automation Market is anticipated to reach around USD 207.8 billion by 2026 according to a new research published by Polaris Market Research. In 2017, the Intelligent Electronic Devices segment dominated the substation automation global market, in terms of revenue. North America is expected to be the leading contributor to the global market revenue during the forecast period.
The growing adoption of smart cities, along with high demand of smart grids has boosted the adoption of substation automation. The rising demand for electricity, and growing demand for efficient and low-cost solutions in the solar energy sector further support the growth of substation automation market. Increasing investments by vendors in technological advancements, growing need to update existing networks, and increasing demand for retrofitting conventional substations would accelerate the adoption of substation automation during the forecast period. Growing demand from emerging economies, increasing adoption smart grid applications, and technological advancements are expected to provide numerous growth opportunities in the coming years.
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North America generated the highest revenue in the market in 2017, and is expected to lead the global substation automation market throughout the forecast period. The presence of established telecom and cloud infrastructure in this region, and growing trend of smart cities drive substation automation market growth in the region. The growing demand from energy sector, and technological advancements further support market growth in the region. The use of smart technologies in energy and utilities, industrial automation, and intelligent buildings is expected to support substation automation market growth in this region during the forecast period.
The companies operating in substation automation market include Schneider Electric SE, Cisco Systems, ABB Ltd., Siemens AG, Eaton Corporation Plc., General Electric, Honeywell International, Inc., Larsen & Toubro Limited, Crompton Greaves, and Schweitzer Engineering Laboratories, Inc. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
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