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Electric Power Substation Automation Market Report 2024 Demand, Size, Share, Trends And Outlook By 2033
Electric Power Substation Automation Market Report
Electric Power Substation Automation Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $30.27 Bn In 2028 At A CAGR Of 6.1%
The electric power substation automation market size has grown strongly in recent years. It will grow from $22.23 billion in 2023 to $23.87 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to demand for energy efficiency, rising demand for electricity, focus on grid resilience, enhanced grid security, increased renewable energy integration.
The electric power substation automation market size is expected to see strong growth in the next few years. It will grow to $30.27 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to increasing smart grid initiatives, digitalization and Industry 4.0, integration of distributed energy resources (DERs), focus on grid modernization, rapid urbanization and electrification. Major trends in the forecast period include technological innovation, increased adoption of AI and machine learning, growth of IoT-enabled devices, integration of blockchain technology, adoption of cloud-based solutions.
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Electric Power Substation Automation Market Major Segments
The electric power substation automation market covered in this report is segmented -
1) By Offering: Software, Hardware, Services
2) By Module: Intelligent Electronic Devices (IEDs), Supervisory Control And Data Acquisition (SCADA), Communication Network, Other Modules
3) By Automation Stage: Retrofit, New Installation
4) By Application: Transmission Substation, Distribution Substation
5) By End-Use: Utilities, Industry
Key Driver - Rising Energy Demand Propels Growth In Electric Power Substation Automation Market
The increasing energy demand is expected to propel the growth of the electric power substation automation market going forward. Energy demand refers to the amount of energy required by consumers, industries, and other sectors. Energy demand is rising due to population growth, urbanization, and global industrialization. Electric power substation automation efficiently manage and optimize power distribution, enhancing grid reliability, minimizing downtime, and reducing operational costs. This capability enables quick response to issues, reducing downtime and enhancing the reliability of the power supply. For instance, in June 2023, according to a report published by the Energy Institute (EI), a UK-based professional membership body for the energy sector, global electricity generation increased by 2.3% in 2022. Furthermore, primary energy consumption in non-OECD countries saw a significant increase of 20.5 EJ compared to pre-COVID levels, with China alone contributing 14.6 EJ, representing 72% of the total rise. Therefore, the increasing energy demand is driving the growth of the electric power substation automation market.
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Prominent Trend - Key Players Innovative Digital Solutions For Efficient Power Distribution
Major companies operating in the electric power substation automation market are developing advanced solutions, such as digital substations solution to ensure efficient and reliable power distribution. This solution involves the integration of digital communication, intelligent electronic devices (IEDs), sensors, and advanced software for real-time data exchange and decision-making within the substation infrastructure. For instance, in January 2024, Hitachi Energy, a Switzerland-based energy industry company, launched the SAM600 3.0, a cutting-edge product for digital substations. The SAM600 integrates conventional instrument transformers into modern, IEC 61850-9-2 process bus substation automation, protection, and control systems, enabling safe, efficient, and extendible retrofit of any substation. This innovation allows for robust, fast, and responsive messaging over Ethernet, revolutionizing communications within the substation.
Electric Power Substation Automation Market Players
Major companies operating in the electric power substation automation market are Hitachi Ltd., Siemens AG, General Electric Company, Cisco Systems Inc., Schneider Electric SE, Honeywell International Inc., ABB Ltd., Toshiba Corporation, Larsen & Toubro Limited, Eaton Corporation plc, Trilliant Inc., Alstom SA, Rockwell Automation Inc., Yokogawa Electric Corporation, Belden Inc., WAGO Kontakttechnik GmbH & Co. KG, Itron Inc., Landis+Gyr, Schweitzer Engineering Laboratories Inc., Ingeteam S.A., TenneT Company, S&C Electric Company, Giza Systems, Axiomtek Co. Ltd., Efacec Engenharia e Sistemas S.A., Mitsubishi Electric Corporation, NovaTech LLC, Amperion Inc., Encore Networks Inc., Beckwith Electric Co. Inc., IEC Infrared Systems
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Largest And Fastest Growing Region In The Market
North America was the largest region in the electric power substation automation market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the electric power substation automation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Electric Power Substation Automation Market Report Structure
3. Electric Power Substation Automation Market Trends And Strategies
4. Electric Power Substation Automation Market - Macro Economic Scenario
5. Electric Power Substation Automation Market Size And Growth
…..
27. Electric Power Substation Automation Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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