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Substation Automation Market Global Industry Perspective, Comprehensive Analysis and Forecast 2027
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The worldwide Substation Automation market is predicted to develop at a higher CAGR of 6%, reaching a larger percentage value of USD 51 billion by the end of the projected timeframe. This is a performance monitoring solution for substations that includes connection and monitoring and protection and control.
Several factors contribute to the market's rapid expansion. As a result of increased state and corporate engagement in smart grid megaprojects and increased funding for the creation of smart societies, the worldwide market for building automation is seeing strong growth. In addition, it aids in lowering operating and maintenance expenses. It also increases factory efficiency, which in turn increases the pace of market expansion. Electrical power is safe, reliable, and very effective with it.
The worldwide substation automation market has been segmented based on components, communication channels, modules, and industry.
In 2020, hardware will have the greatest proportion of the global substation automation market. Increased demand for these products may be traced back to the adopted IEC 61850 specification for substations. This standard allows for integrating all management, measuring, and supervision functions into a single protocol. Substation automation systems are in high demand because of the growing requirement to adapt older substations with contemporary measurement and management capabilities. SCADA systems will be installed at substations around the globe by various organizations, both public and private.
Kuwait's Ministry of Electricity and Water hired Siemens Energy in November 2020 to maintain 116 high-voltage substations. For the Ministry of Electricity in Kuwait, the sophisticated repair services offered to these power stations will optimize performance, minimize operational costs, and deliver improved network operations.
Schneider Electric has a majority stake in ETAP Automation Inc., a leading technology platform for power transmission and distribution modeling and simulation, to help the speed and enhance grid renewable energy penetration, microgrids, fuel cells, and power storage. A decarbonized transportation and energy generating system, environmentally friendly data centers, and resilient power grids would all be made possible due to the purchase.
The most prominent major key players in the substation automation market all across the globe are mentioned :
- SAE IT-Systems GmbH & Co. KG (Germany)
- Ametek (US)
- Toshiba Corporation (Japan)
- Axiomtek Co. Ltd. (Taiwan)
- Texas Instruments (US)
- Power System Engineering, Inc. (US)
- Larsen & Toubro Limited (India)
- Cooper Industries (US)
- Cisco Systems, Inc. (US)
- Grid Net (US)
- Encore Networks (US)
- EATON Corp. (US)
- Tropos Network (US)
- General Electric (US)
- ABB Group (Switzerland)
- Siemens AG (Germany)
- Schneider Electric (France)
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