Albany, New York, Oct. 8, 2014 (GLOBE NEWSWIRE) -- In a recent report published by Transparency Market Research, the firm states that the global substation automation market was worth US$96.52 billion in the year 2013 and is projected to be worth US$139.34 billion by 2020. The report - Substation Automation Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014-2020 - also states that the substation automation market will register a CAGR of 5.4% during the forecast period.
Browse full Substation Automation Market Report with complete TOC: http://www.transparencymarketresearch.com/substation-automation-market.html
The various components of substation automation include programmable logic controller, digital relay, load tap changer, capacitor bank controller, communication channel, recloser controller, and digital transducer/ smart meter. By module, the substation automation market can be segmented into communication network, IED, and SCADA. The four main regions covered under the global market for substation automation are North America, Europe, Asia-Pacific, and Rest of the World.
Extensive research in the field of substation automation, increasing investments in the industry and demand to improve transmission efficiency enabled North America to dominate the global substation automation market in 2013. Although North America was the largest regional market, Asia-Pacific is expected to be the fastest-growing region in the worldwide substation automation market and was estimated to be worth US$19.55 billion in 2013. Rising demand for electricity, drop in transmission and distribution loss, and need to upgrade power utilities infrastructure has bolstered the growth of the substation automation market in Asia.
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The communication channel component of substation automation was the largest segment in 2013 in terms of revenue and is also expected to be the fastest-growing segment of the substation automation market. The component is expected to register a 13.1% CAGR in the forecast period of 2014-2020. Among modules, intelligent electronic devices (IED) held the biggest share of the substation automation market in 2013 owing to improving efficiency of transmission and distribution and growing need to reduce outrage time.
Browse Press Release Of Substation Automation Market at http://www.transparencymarketresearch.com/pressrelease/substation-automation-market.htm
The substation automation market is driven by numerous factors. There has been a growth in the demand for distributed intelligence that has supported the growth of substation automation. Moreover, increasing grid efficiency together with the escalating need to bring down distribution and transmission losses has spurred the development of the substation automation market. Rapid industrialization coupled with the rising demand for electricity in emerging and developing economies in Asia has also contributed to the success of the substation automation market. The growing demand for energy management is expected to propel the market for substation automation during the forecast period.
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On the other hand, lack of personnel with adequate technical expertise is known to hamper the substation automation market.
Key players competing in the global substation automation market have been profiled in the research report. Some of the leading substation automation companies are ABB, Ltd. (Switzerland), Schneider Electric S.E. (France), Siemens A.G. (Germany), Alstom S.A. (France), GE Energy Management (U.S.), Cisco Systems, Inc. (U.S.), and Trilliant, Inc (U.S.).
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Source:Transparency Market Research