San Francisco, California, August 23, 2017: TMR Research reveals the key factors of influence that support or inhibit the growth rate of automation in power substations, in “Power Substation Automation and Integration Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025.”
The power substation automation and integration technologies involve the use of advanced systems that can be used to remotely and automatically control substation processes. Substation automation is swiftly becoming an appealing factor of implementation in smart grids, where the use of automation and even AI technologies can be used to improve power consumption efficiencies and prevent wastage and overloading of power grids. Among the core components of a smart grid are smart metering and sensory technologies, along with the use of intelligent electronic devices in order to supplement the automation rate of a power grid.
One of the key factors propelling the global power substation automation and integration market at the moment is the increasing rate of implementation of the smart grid concepts and infrastructures. The need for better and more efficient power distribution is creating a high pressure favoring the development of smart grid concepts and components, of which the global power substation automation and integration market is a key part. Conventional power grids are being replaced by smart grids at an incremental pace across the world and especially in developed economies. The implementation of substation automation and integration also imparts a higher degree of safety and efficiency to a smart grid, further driving its global demand.
However, the high initial investments as well as costly installation and maintenance processes are disturbing a significant growth volume of the global power substation automation and integration market. This is more prevalent in emerging economies, where conventional grids are still preferred due to the high costs of smart grids.
Regionally speaking, North America has been the leading entity in the global power substation automation and integration market for the recent past. The region has already shown a higher rate of advancement in power grid developments and optimization, which also includes process automation. It is likely for North America to remain a significant influencer to the direction that the global power substation automation and integration market will take over the coming years. Meanwhile, the demand experienced by this market is surging across Asia Pacific, where swift industrial developments and growing urban population are creating a massive increase in power consumption, thereby pushing for the implementation of smart power distribution and generation.
The global power substation automation and integration market’s competitive landscape so far have included companies such as ABB Ltd., Cooper Power Systems Inc., Schweitzer Engineering Lab Inc., Alstom S.A., Siemens AG, General Electric Co., and NovaTech LLC.
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