Substation Automation Market Is Projected To Grow At A CAGR Of 6.7% Between 2022 And 2032

The global substation automation market is expected to be valued at US$ 29.12 Billion in 2022, as per a recently published Future Market Insights report. With the increasing demand for electric and hybrid vehicles, coupled with the rising use of digital technology to improve grid efficiency in smart cities, overall demand for substation automation is projected to grow at a CAGR of 6.7% between 2022 and 2032, totaling around US$ 55.69 Billion by 2032.

The increasing demand for efficient transmission of electricity, reduced operations and management costs for utilities, and ultimately lower power costs for consumers drive the growth of smart grids in the market. Also, the increasing integration of large-scale renewable energy systems and improved security among others are fueling the growth of smart grids in substation automation.

Smart grid communication technology provides predictive data and recommendations to the utilities, their suppliers, and their customers on how best to manage power. Moreover, smart grids are deploying by applying modern technologies in substations and power networks.

Request Sample: https://www.futuremarketinsights.com/reports/sample/rep-gb-5190

To reach the smart grid, one needs complete information from substations in the transmission network to analyze and manage it. The trends towards upgrading and retrofitting the old conventional substations besides new modern substations are boosting the market growth.

Attributed to the need for upgradation and replacing an aging energy infrastructure, the smart grid is one of the best solutions used in substation automation as it allows for automatic rerouting when equipment fails or outages occur and minimize outages and minimize the effects. These Grid technologies are expected to drive the market growth for substation automation further.

Key Takeaways from the Market Study

• Global substation automation market value to nearly double from 2022-2032
• By component, substation automation hardware to account for 3/5th of global revenues in 2022
• SCADA-driven substation automation to register highest growth, at a CAGR of 6.3%
• Substation automation for commercial and civic power utilities to experience a CAGR of 6.5%
• North America to present lucrative opportunities, accumulating 36% revenue in 2022
• Asia Pacific to account for 32.5% of the global substation automation market revenue in 2022
• Europe to account for 30% of global substation automation deployment in 2022

Request Customization: https://www.futuremarketinsights.com/customization-available/rep-gb-5190

"Factors such as increasing developments in SCADA and communication technologies, coupled with rising demand for renewable energy projects are expected to escalate the growth of the Substation Automation Market over the analysis period," remarks an FMI analyst.

Competitive Landscape

Players in the global Substation Automation Market focus on expanding their global reach through various strategies, such as; partnerships, collaborations, and partnerships. The players are also making a significant investment in R&D to add innovations to their products which would help them in strengthening their position in the global market. Some of the recent developments among the key players are:

• In February 2022, Schneider Electric and Enedis announced the launch of revolutionary solutions for new-generation substations. Both companies are expected to launch a project around a next generation of MV/LV substation devices as an alternative to the use of SF6 gas. This gas is used in MV electrical devices for its high insulation and dielectric properties.
• In February, 2022, GE and Bond announced to build digital substation for offshore wind farm, the GE Group is expected to coordinate the implementation of the digital substation including advanced digital substation monitoring systems, controls, and software systems. GE would provide the connection and power balance needed between the offshore wind farm and the point of interconnection to the NY power grid.

Ask an Analyst: https://www.futuremarketinsights.com/ask-question/rep-gb-5190

Know More About What the Substation Automation Market Repost Covers

Future Market Insights offers an unbiased analysis of the global Substation Automation Market, providing historical data for 2017-2021 and forecast statistics from 2022-2032. To understand opportunities in the Substation Automation Market, the market is segmented on the basis of component, site, rated voltage, control system, application, and end-use industry across six major regions.

About Industrial Automation Division at Future Market Insights

The industrial automation team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.

Contact:
Unit No: 1602-006
Jumeirah Bay 2
Plot No: JLT-PH2-X2A
Jumeirah Lakes Towers
Dubai
United Arab Emirates
For Sales Enquiries: sales@futuremarketinsights.com

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

This release was published on openPR.