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Substation Automation Market expected to worth 50.16 Billion USD by 2022

(IT-NEWSWIRE.COM, March 22, 2017 ) The Report "Substation Automation Market by Module (IEDS, Communication Network, SCADA System), Offering, Type (Transmission, Distribution), Installation Type (Retrofit & New Installation), Industry & Geography - Global Forecast to 2022", According to this market research report, the substation automation and integration market was valued at USD 32.53 Billion in 2015 and is expected to reach USD 50.16 Billion by 2022, at a CAGR of 5.97% between 2016 and 2022. The market growth can be attributed to the increasing requirement for low-cost substation automation solutions in the solar industry and the increasing demand for retrofitting of conventional substations.



Browse 75 market data tables and 75 figures spread through 188 pages and in-depth TOC on “Substation Automation Market".



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Utility industry expected to hold the largest share of the substation automation and integration market in the coming years



The utility held the largest share of the substation automation and integration market in 2015, followed by the oil and gas industry. The utility industry is one of the booming application areas pertaining to substation automation and integration, owing to the high demand-supply gap in energy in most of the developing and developed industries. Substation automation systems have a large scope in the utility sector as these systems are used in generating, transmitting, and distributing power. The other factors driving the growth of the market for the utility industry include the modernization of grids and installation of smart grids.



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Market for distribution substations to grow at a high rate between 2016 and 2022



With the increasing demand for electricity, the demand for replacement of aging infrastructure for power delivery systems is also rising. The existing infrastructure cannot sustain the bulk power movements or inferior standards, owing to which the chances of power outages are gradually increasing. Therefore, investor-owned utilities are spending more on upgrading the infrastructure of transmission substations.



Substation automation and integration market in APAC likely to grow at a high rate during the forecast period



Several initiatives have been taken up by the Government of India to improve its power and energy sector, which supports the growth of substation automation in APAC. Plans to build renewables with an energy capacity of 175GW by 2022, several schemes organized to revive distribution in utilities, and village electrification programs, among others are some of the initiatives taken up by the Government of India.



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The major players operating in the substation automation and integration market include ABB Ltd. (Switzerland), Siemens AG (Germany), General Electric (U.S.), Cisco Systems, Inc. (U.S.), Schneider Electric (France), Eaton Corporation Plc (Ireland), Honeywell International, Inc. (U.S.), Schweitzer Engineering Laboratories, Inc. (U.S.), NovaTech LLC (U.S.), and Crompton Greaves (India).



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MarketsandMarkets provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 5000 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets for their painpoints around revenues decisions.



Our 850 fulltime analyst and SMEs at MarketsandMarkets are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.



MarketsandMarkets’s flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets. For more information, please visit www.marketsandmarkets.com



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