New York, USA, Sept. 13, 2024 (GLOBE NEWSWIRE) -- Market Overview:
The global substation automation market was estimated at USD 29.23 billion in 2023 and is expected to hit USD 50.09 billion by 2032. The market is likely to exhibit a CAGR of 6.2% during the forecast period from 2024 to 2032.
What is Substation Automation?
A substation automation system is an intelligent system capable of controlling, automating, and monitoring an electrical substation. The primary function is to provide continuous power delivery over the grid while automating repetitive, error-prone activities and increasing the overall efficiency and productivity of the system.
These systems are equipped with a Power Management System (PMS), control units, hardware and software elements, GUI interface, and other engineering tools, all serving different purposes. Substation automation systems are used by companies that require energy control and monitoring, aiding them in preventing blackouts and securing the power network and their facilities.
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Key Stats:
- The substation automation market size was valued at USD 29.23 billion in 2023.
- The substation automation industry is expected to upsurge from USD 30.88 billion in 2024 to USD 50.09 billion by 2032
- From 2024 to 2032, the industry is likely to generate a CAGR of 6.2%.
What is Current State of Substation Automation Market?
- The substation automation market is going through major growth due to factors such as rising innovations in substation automation, increasing use of renewable energy sources, and increasing investments in smart cities.
- Primary segments of the market include module type, component type, communication channel, end-use, and region.
- Based on region, North America substation automation market held the largest share in 2023.
Substation Automation Market Key Players:
- ABB Ltd.
- Cisco Systems Inc.
- Eaton Corporation PLC
- General Electric Company
- Honeywell International Inc.
- Larsen & Toubro Limited.
- NovaTech LLC
- Schneider Electric SE
- Schweitzer Engineering Laboratories, Inc.
- Siemens AG
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Growth Drivers and Trends:
- Increasing Innovations: In the substation automation industry, specialized tools such as sensors, devices, and software are crucial for enabling seamless two-way communication. Intelligent electronics, including programmable logic controllers and digital sensors, play a key role in monitoring and regulating substation equipment. Consequently, the integration of advanced technologies into this equipment drives substation automation market growth.
- Investments in Smart Cities and Grid Infrastructure: As cities around the globe strive to improve efficiency, sustainability, and quality of life, adopting smart technologies is becoming essential. Additionally, the expanding urban population and escalating energy consumption have intensified efforts to modernize energy infrastructure, propelling market growth.
- Adoption of Smart Grids and Renewable Energy Sources: The rising adoption of smart grids and renewable energy sources has significantly boosted the demand for substation automation technologies. Integrating these systems allows utilities to effectively handle the complexities of renewable energy generation and distribution, leading to a more sustainable and resilient power grid.
Which Region Dominates Substation Automation Market Globally?
In 2023, North America emerged as the leading contributor to the substation automation market. The region's growth is fueled by the integration of advanced technologies, including IoT, AI, and cloud computing, into the power sector. Furthermore, substantial investments in grid modernization and the introduction of government guidelines that encourage the adoption of renewable energy sources have also supported the substation automation market growth in North America.
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Segmental Outlook:
By Module Type:
- SCADA
- IED
- Communication Network
- Others
By Component Type:
- Hardware
- Software
- Services
By Communication Channel:
- Power Line Communication
- Ethernet
- Others
By End-Use:
- Industrial
- Utilities
- Others
By Region:
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
Browse PMR's Substation Automation Market Report Coverage from Different Publications:
The Substation Automation Market size is expected to reach USD 50.09 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.2% during the forecast period (2024 - 2032)
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