|[June 16, 2017]
Global Substation Automation Market Will Boom with Growing Need for Remote Operations: Technavio
substation automation market is expected to grow at a
CAGR of more than 7% during the forecast period, according to
Technavio's latest report.
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Technavio has published a new report on the global substation automation market from 2017-2021. (Graphic: Business Wire)
In this report, Technavio
covers the market outlook and growth prospects of the global
substation automation market for 2017-2021. The market is
segmented on the product (transmission and distribution) and end-user
(industrial, commercial, and residential).
The global substation automation market is likely to experience exacting
growth during the forecast period due to the demand from APAC. India,
China, and South Korea are major countries in the region that are likely
to contribute to the market growth, owing to rising urbanization and
growing level of awareness among people. The deployment of IoT and
evolution of cloud computing are the two major trends that would
incorporate substation automation to derive financial and operational
Technavio's analysts segment the global substation automation market into
the following regions:
EMEA: largest substation automation market
"The rising IoT adoption and supporting telecom infrastructure in
Europe and the Middle East will assist the substation automation market
to grow in the coming years. The Middle East is likely to drive the
substation automation market in EMEA in the next five years due to rapid
development projects in the real estate sector and growing number of the
data center," says Raghav Bharadwaj Shivaswamy, a lead analyst at
Technavio for research on automation.
Big business giants such as Google, Apple (News - Alert), and Amazon have already
prepared their roadmap for Europe, which will catalyze their efforts on
globalization and will likely increase the number of data centers in the
region. The ongoing demand for cloud-based computing is likely to bring
technological disruption in EMEA. The growing number of data will
experience a significant investment in data centers, which will further
augment the substation automation market during the forecast period in
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Substation automation market in the Americas
"Substation automation in the Americas will be readily adopted by
utility companies to enhance the performance of their power transmission
and distribution systems and reduce outage time. Latin American
countries will majorly drive the substation automation market in the
Americas due to a large set of industrial and commercial development,"
North American countries are expected to register rapid developments in
hospitality, retail, and office buildings. This is likely to increase
the scope for substation automation. The few real estate projects
mentioned below is most likely to boost the requirement for substation
automation due to the large need of power.
Substation automation market in APAC
Countries such as India, Singapore, Taiwan, and South Korea have been
identified as prime locations for investments from Western multinational
companies, particularly in the field of technology and healthcare. This
indicates large power sector investment in APAC. These countries will be
the largest contributors to the growth of the substation automation
market in APAC during the forecast period.
The real estate investments in these countries will shape the growth of
modernization in electrification during the forecast period. Further,
the Asia-Pacific Energy Co-operation (APEC) has set forth an objective
to reduce the aggregate energy consumption in APAC by 45% until 2035 and
encourage sustainable practices in energy usage.
The top vendors in the global substation automation market highlighted
in the report are:
Siemens (News - Alert)
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View source version on businesswire.com: http://www.businesswire.com/news/home/20170616005605/en/
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