Grid Empowerment: Navigating the Transformation and Promise of Substation Automation

 According to Future Market Insights (FMI), global sales of substation automation are anticipated to grow at a 6% CAGR between 2023 and 2033. The substation automation market is anticipated to exceed US$ 37.8 billion in 2023 and to reach US$ 67.29 billion by 2033 thanks to a positive demand forecast.

Recovery of the substation automation market is projected after overcoming the initial COVID-19 outbreak delay. The analysis predicts that between 2023 and 2033, substation automation sales will increase at a strong 8.20% CAGR in terms of value.

Growing demand for retrofit substation automation across various end-use sectors is expected to augment the growth of the market. In addition to this, surging applications of digital systems across manufacturing units, civic and power utilities, and the oil & gas sector will continue propelling sales of substation automation in the forthcoming years.

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.

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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 From the Substation Automation Market Study:

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 Billion 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 Billion 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.

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.

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.

The 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.

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.

Key Companies Profiled:

General Electric
SIEMENS AG
Eaton
Mitsubishi Electric Automation
CISCO
Emerson Electric Co.
ABB Group
Schneider Electric
Rockwell Automation
Fuji Electric Co., Ltd.
Nari Group
Toshiba Energy Systems & Solutions Corporation
Ingeteam
SAE-IT Systems GmbH & Co. KG
OHB System AG
ARTECHE
ZIV
Korenix Technology
TRC Companies Inc.
Aixotek Co. Ltd.
ENTEC Electric & Electronic

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Key Segments Covered In The Substation Automation Industry Analysis

Substation Automation Market by 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

Substation Automation Market by Site:

Process Level/ Electric Control unit
Bay Level
Substation Level

Substation Automation Market by Rated Voltage:

Low Voltage
Medium Voltage
High Voltage

Substation Automation Market by Control System:

SCADA based
HMI based
RI/O (Remote Input-Output) based

Substation Automation Market by Application:

Transmission Substation
Distribution Substation

Substation Automation Market by End User:

Commercial and Civic Power Utilities
Oil & Gas terminals
Mining & Metallurgy
Manufacturing Unit
Railways

Substation Automation Market by Region:

North America
Latin America
Europe
East Asia
South Asia & Pacific
Middle East and Africa (MEA)

Nandini Singh Sawlani
Future Market Insights Inc.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

This release was published on openPR.