Press release
Substation Automation Market - Size, Trends, Drivers, and Regional Insights (2022-2031)
The Global Substation Automation Market, valued at US$ 27.29 Bn in 2021, is poised for remarkable growth at a CAGR of 6.7% from 2022 to 2031. As the market is estimated to reach US$ 51.65 Bn by the end of 2031, this article delves into the key factors propelling its expansion.Market Overview: Substation automation systems, a fusion of hardware and software, play a pivotal role in monitoring and controlling electrical systems. Post-COVID-19, companies are eyeing growth in the energy and utility sector, driving substantial market growth. Noteworthy advantages include fault detection, automation of monotonous tasks, and reduction in operating costs.
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Key Drivers:
Aging Infrastructure Upgrade:
Existing substations demand manual management, leading to significant costs and productivity losses.
Initiatives in North America focus on transmission and distribution investments to address aging infrastructure, enhancing reliability and reducing downtime.
Rising Electricity Demand:
The surge in global electricity consumption, driven by residential, commercial, and industrial sectors, necessitates robust substation automation.
Intelligent electronic devices (IEDs) integration is a step-wise approach towards comprehensive substation automation.
Need for New Power Stations and Smart Grids:
Increasing demand for new power stations and smart grids globally favors the new installation segment of the substation automation market.
New installations offer enhanced reliability, operational safety, and low maintenance requirements.
Regional Insights:
• Asia Pacific Dominance: The region leads the substation automation market, driven by government investments in energy infrastructure, urbanization, and escalating energy demand.
• European Growth: The European market is on an upward trajectory, supported by the region's commitment to renewable energy targets and policies promoting decentralized electricity generation.
Competitor Analysis:
The substation automation market is consolidated, with key players including Cisco Systems, Eaton Corporation, General Electric, Hitachi ABB, Schneider Electric, Siemens, and others. Notable developments include Schneider Electric and Enedis' project for a next-generation substation and GE's digital substation for an offshore wind farm.
Market Segmentation:
• Offering: Hardware (IEDs, meters, relays, RTUs, PMUs, communication devices) and Software (SCADA, OMS, DCS), Services (consulting, installation, maintenance).
• Type: Transmission and Distribution Substations.
• Installation: New and Retrofit Installations.
• Industry Verticals: Energy & Utility, Oil and Gas, Others.
Future Outlook and Trends:
• The market is expected to witness sustained growth, fueled by the adoption of renewable energy sources and smart grid technologies.
• Technological advancements, such as the integration of digital substation technologies and predictive asset management solutions, will shape the market's future.
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