Market For Substation Automation Is Expected To Reach $67.29 Billion By 2031

The substation automation market is projected to reach a value of over US$ 37.48 billion in 2021. Due to the high demand for them, sales of retrofit conventional substations will rise through 2031. Substation automation will remain a common practise in manufacturing facilities. According to Future Market Insights, oil and gas terminal sales are also anticipated to catch up over the course of the assessment period (FMI).

The number of data centres being constructed to support the expansion of digital activities around the world following COVID-19 will also enable the substation automation market to grow at a between 2021 and 2031. F6% CAGRMI predicts that in 2021, the substation automation market will account for 18% of total market sales.

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Substation automation systems streamline asset management and enhance operational and maintenance capabilities with minimal human intervention. The installation of these systems also reduces repair costs and prevents forced outages.

Disturbance analysis is another benefit offered by substation automation. The implementation of these systems records fault waveform and time stamp the measured operational data. Owing to these factors, applications of substation automation are expected to rise in manufacturing facilities across various industries.

Further, sales of substation automation are expected to gain momentum in commercial and civic power utilities. As per the U.S. Energy Information Administration (EIA), approximately 20% of the electricity generated in the country was from renewable energy sources.

Growing demand for effective power supply across commercial and residential sectors is expected to propel the adoption of substation automation in the forthcoming years.

"Growing adoption of substation automation in smart grids to enable remote monitoring and to avoid grid failures is expected to improve sales. In addition to this, increasing applications of substation automation software to improve financial performance, customer services, and organizational effectiveness will continue augmenting the growth of the market through 2031," says an FMI analyst.

Key Takeaways:

In terms of component, sales of substation automation software are projected to rise at a remarkable pace over the assessment period. Based on control system type, total sales of SCADA-based substation automation are expected to top US$ 34 Bn by 2031. Demand for substation automation in manufacturing units is anticipated to account for 20% of the total sales in 2021.

• Sales of substation automation in the U.S. are anticipated to reach a valuation of US$ 6.8 Bn by 2031.

• China is expected to dominate the East Asia substation automation market, with sales growing at 6.8% CAGR over the assessment period.

• By 2031, India is expected to command 40% of the total substation automation sales in the South Asia market.

• Demand for substation automation in Japan and South Korea is projected to increase at 5.9% and 6.2% CAGR, respectively.

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Prominent Drivers:

Growing government-backed investments in smart cities across counties such as India, China, and Brazil are expected to give tailwinds to substation automation sales. The surging establishment of data centers to support digital activities across various end-use sectors is expected to boost demand for substation automation systems.

Competitive Landscape

Leading players operating in the global substation automation market are aiming at production facility expansions through mergers, acquisitions, and collaborations. Players are also entering into partnerships to expand their product portfolios to cater to a growing consumer pool.

For instance:

In November 2020, Kuwait's Ministry of Electricity and Water (MEW) contracted Siemens Energy to provide 116 high-voltage substations. The advanced maintenance services offered by these substations will improve performance, reduce operating costs, and deliver more reliable network operations for the Ministry of Electricity in Kuwait. In November 2020, Schneider Electric acquired a controlling stake in ETAP Automation Inc. (Dubai), to improve the integration of renewables, fuel cells, microgrids, and battery storage technologies to the power grid.

Leading players operating in the substation automation market profiled by FMI include:

General Electric SIEMENS AG Eaton Mitsubishi Electric Automation CISCO Emerson Electric Co. ABB Schneider Electric Rockwell Automation Fuji Electric Co., Ltd. Nari Group

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More Insights on FMI's substation automation Market

The latest market study on the substation automation market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global substation automation market potential, its growth, trends, and opportunities, the market is segmented on the basis of:

Component:
Hardware IEDs Bay Controller Feeder and Motor Protection Relay Tele controller / IECs Circuit Breaker Control & Management Line Differential Others Software Data Visualization and Monitoring Data Analysis

Key Questions Covered in Substation Automation Market Report

The report offers detailed insights into the substation automation market demand outlook for 2021-2031. The market study also highlights projected sales growth for the substation automation market between 2021 and 2031.
Substation automation market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry.

Substation automation market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others.

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About Future Market Insights (FMI)

Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10-years.

This release was published on openPR.