The electric power substation automation market will be worth $48.25 billion by the year 2020, MarketsandMarkets said in its recently released report.
Electric power substation automation is a method of combining several data and control functions into a single, automatic platform. The platform has the least possible amount of units in as simple a form as possible, which improves the reliability of the system while decreasing the cost of keeping the substation operating.
The entire market was worth $29.49 million in 2013. The compound annual growth rate is estimated to be 6.71 percent from 2014 to 2020 yielding a net worth of $48.25 billion.
The market’s growth is due to the increasing demand for the new system of electric power substation automation. Starting in 2014, the electric power substation automation market made approximately 51.4 percent of the distribution substation share.
The most important technologies behind the success of the electric power substation automation market are leased line, power line communication, fiber optic, VSAT and satellite communication, Ethernet, microwave, radio, and mobile networks. Experts estimate that the wired forms of communication have contributed to the success of the entire electric power substation automation market more than the wireless forms.
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