Substation Automation Market Set to Grow at the Fastest Rate- Time to Grow your Revenue

Substation Automation Market is estimated to be USD 54.2 billion by 2026 (forecast year) from USD 39.9 billion in 2021 (estimated year), at a CAGR of 6.3% between 2021 to 2026. The growing demand for low-cost and more flexible substation solutions drives the adoption of automated substations in various industries, such as utilities, oil & gas, and railways. Government funding initiatives to replace aging infrastructure also help reduce energy and revenue losses. This, in turn, assists in preventing power outages and blackouts and drives the need to install more automated substations. Moreover, the rising demand for renewable energy projects and the increasing adoption of electric and hybrid vehicles are set to create new growth opportunities for players operating in the substation automation market.

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Transmission substations to dominate the substation automation market, by type
With the increasing electricity demand, the requirement for the replacement of aging infrastructure comprising power delivery systems is also rising. The existing infrastructure cannot sustain the bulk power movements or inferior standards owing to which the chances of power outages are gradually increasing. Therefore, investor-owned utilities are witnessing more spending on upgrading the infrastructure of transmission substations.

Substation automation market for mining industry estimated to be the fastest growing segment, by end-user industry during the forecast period

The mining industry is focusing on adopting modern substation automation solutions for the effective management of digital data. Mining plants use a tremendous amount of energy to run equipment and monitor worker safety to reduce accidents. As a result, mining companies end up spending more than they gain after selling raw materials. Hence, to control energy consumption and ensure production-energy balance, mining companies are adopting substation automation solutions to get critical information on energy consumption and accordingly establish energy efficiency policies, thereby increasing productivity and reducing energy waste.

North America is projected to hold the largest share of substation automation market in 2026

North America has emerged as the worlds most promising market for substation-related projects with reference to industries such as utilities, renewable energy, and oil & gas. Utilities in North America are making considerable investments in replacing, upgrading, and expanding new and existing transmission and distribution infrastructure to improve the reliability and capacity of transmission and distribution networks. Utilities in the US focus on establishing next-generation distribution and transmission infrastructure and increasing the use of renewable sources for power generation, especially through wind and solar projects, to boost their revenue growth in the substation automation market. The key factor driving the growth of the renewables segment is low operating expenses. For instance, the use of wind systems in power generation eliminates the fuel cost and reduces the environmental impact as these systems emit less smog and greenhouse gases.

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The report profiles key players, including Hitachi ABB Power Grids (Switzerland), Siemens Energy (Germany), General Electric (US), Cisco (US), Schneider Electric (France), Eaton Corporation (Ireland), Honeywell (US), Schweitzer Engineering Laboratories (US), NovaTech Automation (US), and CG Power and Industrial Solutions (India). These companies focus on adopting both organic and inorganic growth strategies, such as product launches and developments, partnerships, contracts, and mergers and acquisitions to strengthen their position in the market.

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This release was published on openPR.