Albany, NY -- (SBWIRE) -- 02/08/2017 -- Substation automation refers to systems used to control, manage, and protect a power system. It works as an integral part of the overall electric system so as to generate, distribute, and transmit electricity. The major factors that are driving the global substation automation market include the growing demand for distributed intelligence, the rising number of smart grids enhancing grid reliability and efficiency, and growing demand for reduction in distribution and transmission losses. In addition, the growing demand for energy management is further expected to fuel the growth of the market. On the other hand, the lack of technical expertise is one of the key factors that is estimated to hamper the growth of the global substation automation market in the next few years.

On the basis of component, the global substation automation market has been segmented into capacitor bank controller, communication channel, digital relays, smart meter/digital transducer, programmable logic controller, recloser controller, load tap changer, and others. Among all these segments, in 2013, the communication channels accounted for the largest share in the global market and are anticipated to witness rapid growth in the forecast period. This segment is projected to register a progressive 13.10% CAGR between 2014 and 2020.

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On the basis of module, the global substation automation market has been divided into communication network, intelligent electronic device, and supervisory control and data acquisition. In 2013, the intelligent electronic device segment held the largest share in the overall market. The high growth of this segment can be attributed to the growing demand to enhance distribution and transmission efficiency. However, the communication network segment is estimated to grow rapidly throughout the forecast period.

On the basis of geography, the global substation automation market has been categorized into North America, Asia Pacific, Europe, and Rest of the World. In 2013, the North America market accounted for the largest share in the global substation automation market owing to the high-end research and heavy investment in this field in this region. On the other hand, in 2013, the Asia Pacific substation automation market was valued at US$19.55 bn and is estimated to witness rapid growth in the coming

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Furthermore, the global substation automation market talks about the competitive landscape and the vendor analysis of the market. The analysis includes company overview, contact information, products offered, business policies, financial overview, SWOT analysis, and recent developments, if any. The major players operating in the global substation automation market include Itron, Inc., Trilliant Inc., Eaton Corporation Plc., GE Energy Management, Siemens A.G., Cisco Systems, Inc., Alstom S.A., Schneider Electric S.E., Echelon Corporation, and ABB Ltd.