Substation Automation Market was worth USD 31.4 billion in 2021, and to reach USD 52.0 billion in 2029, growing at a CAGR of 6.5% | Size & Forecast Report

Substation Automation Market

The Substation Automation Market was valued USD 31.4 billion in 2021, and is expected to touch USD 52.0 billion in 2029, and is estimated to grow at a robust CAGR of 6.5%.

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The factors driving the growth of Substation Automation Market includes rise in the number of smart cities around the world, growing demand for electric and hybrid vehicles, expansion of the smart grid network and increasing incidences of power outages. According to the report published by Statista, the Smart Grid Technology Market was calculated around USD 36.9 billion in 2021 and is expected to reach USD 56 billion by the end of 2026, growing at a CAGR of 8.7% over the forecast period, which will accelerate the market growth in the approaching years. Moreover, growing adoption of fiber optic cables, rising emphasis on generating electricity through wind and solar energy and advancements in communication technology, are some of the additional factors supplementing the Global Substation Automation Market. In addition, the increasing investments by leading players on research and development, strategic mergers, and acquisitions between key companies, rising disposable incomes, rapid urbanization, and growing population growth rates, are further propelling the Substation Automation Market size.

However, growth of the Substation Automation Market is hindered due to high cost of installing wireless sensor networks.

The leading players operating in the market are CG Power and Industrial Solutions Limited, Schneider Electric SE, General Electric, Schweitzer Engineering Laboratories, Inc., Eaton Corporation plc, Honeywell International Inc., Novatech LLC, ABB Group, Cisco Systems, Inc., Siemens AG, Rockwell Automation, Inc. and Larsen & Toubro Limited and among others.

Based on Type, the Distribution Substations segment is predicted to grow at a significant CAGR during the forecast period

Emerging need to upgrade the ageing grid infrastructure and growing demand for electricity, are some of the factors responsible for the segment's growth.

Based on Industry, the Utility segment is projected to grow at a robust CAGR over the forecast period

Increasing application of substation automation in generating and distributing power in the utility along with rise in the installation of smart grids across the globe, are propelling growth of the segment. 

Based on Region, the Asia-Pacific region is anticipated to expand at a remarkable CAGR during the forecast period

Rise in the number of smart grid projects, rapid growth in the manufacturing sector, growing sales of electric vehicles across India, China, and South Korea, increasing per capita incomes, improvements in living standards and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific region. 

Key Development

In Jul 2018, ABB completed the acquisition of GE Industrial Solutions (GEIS), GE's global electrification solutions business. GEIS will be integrated into ABB's Electrification Products (EP) division. This acquisition will expand company's product portfolio and strengthen its position in the market.

Market Segmentation

Segmentation by Module   

Intelligent Electronic Devices
Communication Networks
Wired Communication
Wireless Communication
SCADA Systems

Segmentation by Offering

Hardware
Smart Meters
Programmable Logic Controllers
Protective Relays
Load Tap Changers
Recloser Controllers
Capacitor Banks

Others

Software
Asset Management
Production Management
Performance Management

Services
Training & Development
Upgrades & Retrofits
Installation & Commissioning
Repair, Testing, & Maintenance

Segmentation by Type

Transmission Substations
Distribution Substations

Segmentation by Installation Type

Retrofit Installation
New Installation

Segmentation by Industry

Utility
Non-Renewables
Renewables
Solar Projects
Wind Projects
Steel
Mining
Oil & Gas
Transportation

Segmentation by Region

Asia Pacific
China
Japan
India
Rest of APAC

North America
United States of America
Canada

Europe
United Kingdom
Germany
France
Spain
Rest of Europe

RoW
Brazil
South Africa
Saudi Arabia
UAE

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