Substation Automation Market to Reach US$ 63.8 Billion by 2028

According to the latest report by IMARC Group, titled "Substation Automation Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," The global substation automation market size reached US$ 44.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 63.8 Billion by 2028, exhibiting a growth rate (CAGR) of 6.22% during 2023-2028.

Substation Automation Market Outlook:

Substation automation refers to a computer-operated system that comprises numerous components of hardware and software. It is part of a comprehensive monitoring solution and substation control that provide control, protection, automation, communication, and monitoring of an electrical system. It is gaining widespread prominence across the globe due to its numerous advantages, such as detecting fault location, automated retrieval of all data from the substation, enabling enterprise-wide view via intelligent one-line diagram and automated retrieval of all data from the substation and providing intelligent interlocking system.

Request Free Sample Report (Exclusive Offer on this report): https://www.imarcgroup.com/substation-automation-market/requestsample

Global Substation Automation Market Demand:

The global market is primarily driven by the rising demand for energy across industrial and residential sectors. This can be attributed to the growing need to supply electricity during power outrage across numerous industrial verticals. Along with this, the increasing investments by private and public agencies in smart grid projects on account of rapid urbanization and smart city development are providing a boost to the demand for substation automation across the globe.

Furthermore, the widespread deployment of intelligent electronic devices (IED) in substation automation systems are significantly supporting the market on the global level. Other factors, including growing infrastructural development projects, the escalating requirement for high-speed internet connectivity and continual technological advancements in the manufacturing processes, are also positively influencing the market.

Key Market Segmentation:

Competitive Landscape with Key Players:

• ABB Asea Boveri Brown Ltd.
• Eaton Corporation plc
• General Electric Company
• Aetheros, Inc.,
• Larsen & Toubro Limited
• Power System Engineering, Inc.,
• SAE IT-systems GmbH & Co. KG, Schneider Electric SE
• Siemens Aktiengesellschaft.

Breakup by Component:

Hardware:

• Reclose Controllers
• Programmable Logical Controllers
• Capacitor Banks
• Smart Meters
• Load Tap Changers
• Digital Relays
• Fiber-Optic Cables
• Others

Software:

• Production Management Software
• Asset Management Software
• Performance Management Software

Services:

• Installation and Commissioning
• Upgradation and Retrofitting
• Testing, Repair and Maintenance
• Others

Breakup by Communication Channel:

• Ethernet
• Copper Wire Communication
• Power Line Communication
• Optical Fiber Communication
• Others

Breakup by Substation Type:

• Transmission
• Distribution

Breakup by Installation Type:

• New Installation
• Retrofit Installation

Breakup by End-Use Industry:

• Utility
• Transportation
• Metals & Mining
• Oil and Gas
• Others

Breakup by Region:

• North America
• Asia Pacific
• Latin America
• Middle East and Africa.

Browse More Research Reports:

• https://www.imarcgroup.com/japan-aquafeed-market
• https://www.imarcgroup.com/gcc-uht-milk-market
• https://www.imarcgroup.com/india-lingerie-market
• https://www.imarcgroup.com/north-america-isopropyl-alcohol-market
• https://www.imarcgroup.com/thailand-coffee-tea-capsules-market

Contact us:
IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
Email: sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
Americas:- +1 631 791 1145 | Africa and Europe :- +44-702-409-7331 | Asia: +91-120-433-0800, +91-120-433-0800

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

This release was published on openPR.