(M2 PressWIRE Via Acquire Media NewsEdge) Substation automation has revolutionized the way utilities manage their networks. The substation automation seems to be growing consistently and its market is expected to cross $100 billion mark in near future. Substation is a base for some of the most important functions of the utility, it is not wrong to say that any major breakthrough in substation technology is seen as one of the foremost aspects of the smart grid revolution. Presently, transmission and distribution utilities are targeting full substation automation of the retrofit substations or partially automated substations that already exist. The most prominent driver of this market is the aging energy infrastructure and increasing influence of a smart grid infrastructure that demands a multifunctional solution that comply with advanced communication protocols.The market 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, are having high growth rates pertaining to the emergence of new and advanced technologies and their significance in automation.
The growth of the substation automation market is expected to be remarkable with the revenue growth expected to reach $122.94 billion by 2018, at an estimated CAGR of 5.2% from 2013 to 2018. The major players in the substation automation industry are ABB (Switzerland), Alstom (France), General Electric (U.S.), Schweitzer Engg Lab (U.S.); Siemens (Germany), Cooper power Systems (U.S.), NovaTech (U.S.) and so on.
The major drivers for substation automation market are grid efficiency and reliability which are the major contributing factors for utilities to go for automation; other drivers like cost saving, reduction in transmission and distribution loss have also been contributing to the market growth. Major restraints like regulation issues and high initial investments and their impact analysis are covered under this study.