The global substation automation market expected value at $55.69Bn by 2032
Summary
Also, increasing developments in SCADA and communication technologies along with rising demand for renewable energy projects, drive the market growth. Demand for electricity in the residential sector increases on hot summer afternoons due to rise in use of ACs, fans, and coolers. Moreover, an effective deployment of smart substations requires strong coordination across customary organisational boundaries, significant process change, and rigorous governance. On geographic basis, North America is anticipated to be the largest market for Substation Automation, owing to the increasing popularity and adoption of advanced intelligent electronic device & communication technologies. In addition, increasing dependence on electricity, demand from the power system for advanced technology, requirements to reduce maintenance and operating costs, and implementation of government incentives are primarily driving the substation automation market size in North America.