Substation Automation Market to Rake in Nearly US $142.9 Mn in 2022
Global substation automation market is witnessing a robust growth due to the increasing demand for electricity to be transmitted and distributed efficiently across the world.
Valley Cottage, NY -- (SBWire) -- 10/16/2017 --Substation automation is an important and an integral part of smart grid rollout. In the process of substation automation, a number of intelligent electronic devices are used in order to reduce the transmission and distribution losses while the electricity is being transferred from the grid. As a result of substation automation, the grid efficiency is increased, the security of the grid is also increased due to the enabling of two way communication, reliable power output is ensured without outages, and the reduction in costs of operating the substations, resulting in both the saving of electricity and money. Hence, the substation automation is a greatly beneficial automation process that helps in efficient and cost effective distribution of electricity.
The global substation automation market is slated to touch a value of about US$ 142,900 Mn in the year 2022 and display a robust CAGR during the assessment period.
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4 Forecast Highlights on Global Substation Automation Market
As per the forecast of Future Market Insights, the communication network segment is slated to touch a value of more than US$ 26,700 Mn in the year 2022. This represents a robust CAGR during the assessment period of 2017-2022. The communication network segment is estimated to account for nearly one-fifth of the revenue share of the module type segment by the year 2017 and is forecasted to gain market share by 2022 over 2017.
As per the forecast of Future Market Insights, the digital transducer segment will reach a value of about US$ 10,900 Mn in the year 2017. This represents a robust CAGR growth during the forecast period. The digital transducer segment is forecasted to account for more than one-tenth of the total revenue share of the component type segment by the end of the year 2017 and is expected to gain in market share by 2022 as compared with the year 2017.
As per the forecast of Future Market Insights, the power line communication segment is slated to reach a value of about US$ 11,300 Mn in 2022. The power line communication segment is expected to gain market share by the end of the year 2022. The largest share is contributed by the North America region in the power line communication segment.
Future Market Insights forecasts the United States substation automation market to exhibit a compound annual growth rate (CAGR) of more than 7% from 2017 to 2022.
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The report has also included the profiles of some of the leading companies in the substation automation market like Echelon Corporation, Encore Networks, Inc., ABB Limited, General Electric Company, Cisco Systems, Inc., NovaTech LLC, Schneider Electric SE, Alstom SA, Eaton Corporation Plc and Siemens AG.
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