Press release
Global Substation Automation Market : Trends, Opportunities and Industry Projections 2022-2031
The global substation automation market was valued over US$ 26.7 Bn in 2021. It is estimated to expand at a CAGR of 6.3% from 2022 to 2031. The global substation automation market is expected to cross the value of US$ 49.3 Bn by the end of 2031.The rising demand for safe and reliable electricity supply is expected to drive the global substation automation market growth during the forecast period. Substations receive electricity at high voltage from the transmission and decrease the voltage to the appropriate level in order to use it for local distribution. Advancements in communication technologies, rise in adoption of renewable & non-conventional energy sources, and surge in demand for smart grids are driving the global substation automation market. Substation automation offers intelligent and interactive power distribution network.
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The substation automation technology is increasingly being used to minimize operational and maintenance costs. The increasing adoption of intelligent electronic devices (IED) to integrate with central systems is driving the global substation automation market. IED can receive or send data/control from or to an external source for an automation process. An increasing number of mergers & acquisition activities are taking place in the global substation automation market. The growing adoption of renewable sources of energy is a factor contributing to the global substation automation market growth.
Companies in the global substation automation market are accelerating their services and leveraging revenue opportunities. Substation automation offers functions such as good performance, reliability, detailed electrical fault analysis, advanced disturbance, event recording capabilities, display of real-time substation information in a control center, and safety. The global substation automation market is expected to attain prominence due to rising awareness about renewable sources of energy across the globe. Market stakeholders are focusing on gaining competitive edge in the global power supply segment. Key players operating in the global substation automation market are focusing on research & development, merger, joint venture, collaboration, and product innovation strategies to create more revenue opportunities.
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According to Transparency Market Research's latest research report on the global substation automation market for the historical period 2017-2021 and the forecast period 2022-2031, substation automation is an integral part of electrical system for generation, transmission, and distribution of electricity
Substations are the building blocks of any grid. Substations are used to receive electricity at high voltage from the transmission and decrease the voltage to the appropriate level so that it can be used for local distribution. Power substations transport electricity from power plants to homes, businesses, and factories, and are a critical component of the smart grid.
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Key players operating in the global substation automation market include
ABB Ltd. (Switzerland)
Trilliant Inc. (U.S.)
Alstom S.A. (France)
Schneider Electric S.E. (France)
Cisco Systems, Inc. (U.S.)
Siemens A.G. (Germany)
Eaton Corporation Plc. (Ireland)
GE Energy Management (U.S.)
Itron, Inc. (U.S.)
Echelon Corporation (U.S.)
Mitsubishi Electric Automation
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