CHICAGO, March 15, 2021 /PRNewswire/ — According to the new market research report “Substation Automation Market with COVID-19 impact analysis by Offering (Hardware, Software, Services), Type (Transmission, Distribution), Installation Type, End-use Industry, Component, Communication, and Region – Global Forecast to 2026″, published by MarketsandMarkets™, the Substation Automation Market is estimated to be USD 54.2 billion by 2026 (forecast year) from USD 39.9 billion in 2021 (estimated year), at a CAGR of 6.3% between 2021 to 2026. The growing demand for low-cost and more flexible substation solutions drives the adoption of automated substations in various industries, such as utilities, oil & gas, and railways. Government funding initiatives to replace aging infrastructure also help reduce energy and revenue losses. This, in turn, assists in preventing power outages and blackouts and drives the need to install more automated substations. Moreover, the rising demand for renewable energy projects and the increasing adoption of electric and hybrid vehicles are set to create new growth opportunities for players operating in the substation automation market.
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Transmission substations to dominate the substation automation market, by type
With the increasing electricity demand, the requirement for the replacement of aging infrastructure comprising power delivery systems is also rising….
