Substation Automation Market Size, Industry Growth and Overview to 2024: Hexa Reports

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Substation Automation Market Analysis, Share and Size,

Emerging Trends, Growth, Overview And Segment

Forecasts To 2024

The global substation automation market size is expected to reach USD 185.80 billion by 2024 according

to a new report by Grand View Research, Inc. The increasing requirement for operation efficiency,

improved quality, increased production, high uptime, and ease of monitoring and controlling the

industrial process are factors that are expected to contribute to the industry growth.

The growing advancements in the smart grid technology are increasing the scope for SCADA systems.

The primary factors leading to the rising adoption of the smart grid technology include improved

reliability, efficiency, and sustainability of the existing power systems. They are widely used in

automation technologies, which actively monitor transmission and distribution grids.

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The energy and power utilities are focusing on minimizing the distribution and transmission losses,

which has resulted in the increasing deployment of substation automation, driving the industry growth.

Moreover, utilities across the world are facing a high requirement for improved electric service reliability

and stability. They are focusing on improving the resiliency of the grid, which is contributing toward the

high industry demand.

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Further key findings from the report suggest:

Programmable Logic Controllers (PLCs) are expected to witness a considerable growth at a CAGR of

nearly 3% over the forecast period owing to the technological advancements. Developments such as

miniaturization, low cost, and improved power have led to an increased adoption of PLC systems.

Moreover, the surge in the technology and pricing innovation in the PLC industry, owing to the...