The key drivers behind the growth of the market are the increasing demand for electric power substation automation in smart grid and technological advancement. According to recent market research, the total power substation automation market was valued at $29.49 Million in 2013 and is expected to reach $48.25 Billion by 2020, at an estimated CAGR of 6.71% between 2014 and 2020.
An article published in Transmission & Distribution Magazine reveals how electric power substation automation is comprised of several control and data acquisition functions on an automated level, with a limited number of units and minimal complexity to increase the reliability and reduce the cost of substation automation.
As the demand for electric power substation automation in smart grid and technological advancement increases, the market has seen a major transition.
