Electric Power Substation Automation Market Worth $48.25 Billion by 2020
According to a new market research report (Electric Power Substation Automation Market by components…), the total market was valued at $29.49 Million in 2013 and is expected to reach $48.25 Billion by 2020, at an estimated CAGR of 6.71% between 2014 and 2020.
Electric power substation automation is a combination of several control and data acquisition functions on an automated platform with a minimal number of units and complexity to increase the reliability and reduce the cost of operation of the substation automation system.
The key drivers propelling the growth of the market are the increasing demand for electric power substation automation in smart grid and technological advancement. This market in the report has been categorized on the basis of types, namely, transmission, distribution, and collector substation. The distribution substation accounted for the maximum share of about 51.40% of the total electric power substation automation market as of 2014.