Substation Automation Market Segmentation by Type (Transmission, and Distribution); by Communication Mode (Wired, and Wireless); by Stage (Retrofit, and New); and by End User (Utility, Electronics, and Others) – Global Demand Analysis & Opportunity Outlook 2031
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In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
January 18, 2022: Eaton Corporation PLC to launch advanced intelligent power management UPS in North America market for power protection in IT environments.
July 20, 2021: ABB ltd. announced the acquisition of ASTI Group, with the insight to drive next generation of flexible automation.
Ans: The increasing acceptance of intelligent electronic devices is estimated to boost the market growth.
Ans: The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2022 – 2031.
Ans: The major players in the market are AMETEK, Inc., Axiomtek Co. Ltd., Toshiba Corporation, Texas Instruments Incorporated, Larsen & Toubro Ltd., Cisco Systems, Inc., Eaton Corporation PLC, General Electric Company, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by type, communication mode, stage, end-user, and by region.
Ans: The electronics segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
Ans: High installation cost, and issues of cybercrime, are estimated to hamper the market growth.
Ans: The North America region is anticipated to provide more business opportunities over the forecast period owing to the increasing adoption of smart meters in the region.
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