Electric Power Substation Automation Market worth $48.25 Billion by 2020
(PRWEB) April 06, 2015
The market is expected to witness a prominent growth during the forecast period, primarily due to the increasing adoption of the electric power substation in utilities.
Electric power substation automation has revolutionized the way utilities manage their networks. As substation is a base for some of the most important functions of the utility, it would not be wrong to say that any major breakthrough in a substation technology is seen as one of the foremost aspects of the smart grid revolution. Presently, transmission and distribution utilities are targeting complete substation automation of the existing retrofit substations or partially automated substations.
Electric power substation automation is a combination of several control and data acquisition functions on an automated platform with a minimal number of units and complexity to increase the reliability and reduce the cost of operation of the substation automation system.
The growth of the electric power substation automation market is expected to be remarkable with the revenue growth projected to reach $48.25 billion by 2020, at an estimated CAGR of 6.71% between 2013 and 2018. The developments in communication and microprocessors technologies, along with developments in the multifunctional equipment, have changed the approach to electric power substation automation solutions. IEDs are considered to be the key component of electric power substation automation. They help improve operational efficiencies and reliability and provide more scope for enhancing predictive maintenance and planning.
The prominent driver for the electric power substation automation market is the outdated energy infrastructure and growing influence of a smart grid infrastructure that demands a multifunctional solution complying with advanced communication protocols. There are also some factors which act as restraints on growth of the market, security and safety in monitoring and telecontrol of the substation. However, overall, the market is expected to witness a prominent growth during the forecast period, primarily due to the increasing adoption of the electric power substation in utilities.