Portland, OR -- (SBWire) -- 06/08/2018 --Substation Automation Market Report, published by Allied Market Research, the global substation automation market was valued at $106,891 million in 2015, and is estimated to reach $154,786 million by 2022, growing at a CAGR of 5.5% during the forecast period. North America accounted for the highest revenue share in 2015, and is anticipated to maintain its dominance throughout the forecast period.
Based on component type, substation automation market is segmented into reclose controller, programmable logic controller, capacitor bank controller, digital transducer/smart meter, load tap controller, communication channel, digital relays, and others. Communication channel segment generated the highest revenue, accounting for $22,984 million in 2015, and is expected to grow at the highest CAGR of 10.9% to reach$47,324 million by 2022.
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Substation automation market holds a substantial scope for growth globally. High electricity demand, increasing share of renewable energy as well as replacement of old substation units provide exclusive opportunities for growth of this market. However, no power system is complete without substations and hence most of governments are providing initiatives to setup smart grids. Major segments in substation automation module market are SCADA, IEDs, and communication networks. IEDs occupy major market share owing to their widespread availability and utilization. Substation automation market is dominated by few key players; however, ever-increasing electricity demand provides opportunities for new players once they overcome the technological barriers.
As the power sector is the key indicator of economic growth, countries are investing in strengthening their power infrastructure to meet the growing demand for electricity. Therefore, increasing electricity demand and strong government support for new power projects together with utilization of renewable energy are estimated to fuel the growth of the substation automation market in the forthcoming years. However, cyber threats are a major concern for the market growth.
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Based on geography, the market is segmented into North America, Europe, Asia-Pacific, and
LAMEA. North America was the highest revenue-generating segment, valued at $37,106 million in 2015, and is expected to reach$52,085 million by 2022, growing at a CAGR of 5.0%. However, Asia-Pacific is expected to grow at the highest CAGR of 6.1%. Europe and Asia Pacific are second and third leading region for substation automation market, respectively.
Key Findings OfSubstation Automation Market:-
- In 2015, communication channel led the overall substation automation market, and is projected to grow at a CAGR of 10.9% during the forecast period.
- IEDs led the overall market in 2015, and is projected to grow at a CAGR of 3.3%.
- Power line communication technology segment is expected to grow at a significant CAGR of 8.8%.
- North America accounted for the largest market share in 2015, and is anticipated to grow at a CAGR of 5.0%.
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Substation Automation Market Expected to Reach $154,876 Million by 2022
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