A tremendous rise in the demand for low-cost substation automation solutions, especially in the solar sector is expected to encourage the growth of the global substation automation market in the near future. The rise in the demand for renewable energy projects in the substation automation market is likely to support the growth of the market throughout the forecast period. In addition to this, the rising need for retrofitting conventional substations is another major aspect that is predicted to enhance the market growth in the near future.
Robust demand for advanced metering infrastructure and advancement in communication technologies will be fueling the growth of the market in coming years whereas high cost of installation and cyber-attacks can act as restraining factors in the market. The development of smart cities, with more focus on use of renewable resources, will bring new opportunities in the market in coming years.
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Substation automation is a method of using data from Intelligent Electronic Devices. It refers to controlling and automating the capabilities within the substation and controlling power systems devices through commands from remote users. Increasing improved electricity service demand throughout the world and growing demand for smart grid are the major driver for the growth of market of substation automation.
The key players influencing the market are ABB Ltd., Siemens AG, General Electric, Cisco Systems Inc., Schneider Electric, Eaton Corporation PLC, Honeywell International Inc., Schweitzer Engineering Laboratiories Inc., Novatech LLC and Crompton Greaves.
They perform critical functions such as step-up/step-down voltage regulation and form the basic part of generation, transmission, and distribution systems. The features of substation automation are monitoring and controlling of substation devices using modules such as intelligent electronic devices) (IEDs) and two-way communications through remote access. The aim is to monitor and control the substation instruments to reduce the incidence and duration of power outages.
Increase in utilization of renewable and non-conventional energy resources, such as wind, solar, and hydel energy; expansion of power networks; and energy and cost-saving benefits of substation automation drive the market growth.
Need for High Capital Investment to Pose Challenge for Substation Automation Market
The global market for substation automation, on the other hand, is likely to face a few challenges in the near future. The requirement of high capital cost for the installation of wireless sensor network is expected to limit the growth of the market in the next few years. Also, the lack of technical expertise is predicted to curb the market growth. However, the increasing government support, especially in developing economies in Asia Pacific for the use of battery technology for the electricity generation to offer growth opportunities for the market players in the near future.