Substation Automation Market is expected to grow at a CAGR of 5.2% from 2013 to 2018 and reach $122.94 billion in 2018.
Dallas, TX -- (SBWIRE) -- 02/26/2014 -- According to a new market research report of "Substation Automation and Integration Market By Components - IEDS (RTU, PLC, Digital Protection Relay, Smart Meters), Communication Technology (Optical Fiber, PLC, Copper Wire, Ethernet), SCADA & Geography (2013 - 2018)".
The overall substation automation market is segmented into four major segments namely: IEDs, communication technology, SCADA and geography. All the major segments are further segmented into sub segments. All the segments and sub segments are separately described in the report.Global substation automation market is expected to reach $122.94 billion by 2018, at an estimated CAGR of 5.2% from 2013 to 2018.
Substation automation is majorly driven by the Intelligent Electronic Devices (IEDs) that provide enormous barrier-less monitoring and control functions across the substation. Also, the communication networks that are used to control the substation devices and for transferring data, carry high growth rates pertaining to the emergence of new and advanced technologies and their significance in automation. IEDs such as digital transducers/smart meters and communication gateways have the highest demand in the market, currently, pertaining to the high development of these technologies and the growing communication standards.
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Substation automation has become an essential need for power companies and utilities pertaining to the growing demand of energy globally. Substation automation market is seen to be growing substantially; it inculcates advanced communication and control technologies. This market is driven by various factors with grid efficiency being its major driver as the government regulations and cost saving prepositions is propelling utilities to deploy automation. The report covers the present market scenario and forecast market in revenue by considering all the factors and stakeholders affecting the substation automation. The report covers the transmission and distribution automation which are the main types of substation automation.The transmission automation is leading this market; the reason being its critical components and high cost equipment in the transmission substations that need automation for reducing transmission losses and increasing transmission efficiency.
Substation automation market is experiencing a new wave of developments, more prominently, under communication architecture such as the technology and product developments in gateways and communication end used solutions. This market is observing an emergence of new entrants, more preferably, the smart grid and communication solutions. All the major industry leaders are contributing extensively towards the research and development activities in order to get the first mover advantage.
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The necessity of reliable and secure Substation Automation Market protection and control systems as well as the entire utility information infrastructure is being pushed in many markets. This is done majorly by regulations to ensure national security due to the potential impact that a coordinated cyber-attack on the electric utility control system could have on wide scale outages. Till recently, cyber security was not considered an issue as many utilities were unaware of possible cyber security threats. As most of substation communication networks are open and additional information access requirements are growing, protocols (like TCP/IP) and the network itself are becoming more and more vulnerable. IEDs are continuously becoming more interconnected. Remote access to IEDs via modern IP networks, Internet, and WAN (Wide Area Network) technologies present many security threats.
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