It is expected to increase at 6.9% CAGR between 2021 and 2028. It is projected to rise to USD 56.4 Billion by 2028, from USD 36.2 billion in 2021. Substation automation refers to the market for modern communication and automation technologies that monitor, control and protect electrical substations. Substation automation systems improve reliability, efficiency, safety, and security of electrical substations. There are many factors that drive the substation automation market. These include the rising demand for reliable, efficient power delivery, the growing adoption smart grid technologies, and the need to lower operational costs. Request a free sample copy of the report:
In 2020, the COVID-19 virus had slowed down the growth of power generation. Several countries experienced periods of complete lockdown, which resulted in 20% less electricity demand. Renewable energy companies cannot meet the deadlines for equipment fitting because COVID19 delayed Chinese deliveries. Capital-intensive substation automation is the initial phase. This may limit the market's growth. Smart substation deployment requires coordination across organizational boundaries, substantial process change and strict governance. The government could be forced to make large investments in smart substations for their successful deployment. All reports can be customized free of charge. View Full Premium Report Substation Automation Market Analysis and Strategic Developments
SEL introduced the new SEL-3350 Automation controller in January 2021. It is designed for applications that need mid-level I/O or computation. Kuwait's Ministry of Electricity and Water (MEW), in November 2020, contracted Siemens Energy to maintain 116 high voltage substations. Schneider Electric purchased a controlling interest in ETAP Automation Inc. (Dubai) in November 2020. This is the most popular software platform for electrical power system modeling and simulation. It was designed to accelerate and improve integration of renewables and fuel cells into the power grid. GE won a substation equipment contract in September 2020 to power the Arctic LNG 2 project. The contract stated that GE would supply a 110 kV F35 GIS to support LNG trains. What are the driving factors for the Substation Automation Market
Exactitude Consultancy provides market research and consulting services to help clients address their most pressing business and strategic challenges. Contact us at EMAIL for any special interest research requirements. We will be in touch within 24 hours and help you to find the market research report that you require.