Press release
Digital Ray Substation Automation Market: Key Segments, Major Drivers, and Growth Forecast with Industry Trends
Digital Ray Substation Automation Market
Digital Ray 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 $11.71 billion In 2028 At A CAGR Of 5.0% :
The digital ray substation automation market size has grown strongly in recent years. It will grow from $8.44 billion in 2023 to $9.02 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to significant growth in low latency requirement, increasing demand for efficient and reliable power distribution systems, growing need for real-time monitoring and control of power distribution systems, growing need for cybersecurity in power distribution systems, rising need for automation in the oil and gas, mining, and transportation industries.
The digital ray substation automation market size is expected to see strong growth in the next few years. It will grow to $11.71 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. The growth in the forecast period can be attributed to the growing technological advancements, growing need for automation in power utility and industrial applications, increasing demand for smart grid technologies and renewable energy integration, increasing focus on reducing costs and improving product differentiation, increase in the data privacy and security. Major trends in the forecast period include advancements in communication networks and technologies, advanced communication protocols, cloud computing, renewable energy integration, digital twin technology, advancements in artificial intelligence and machine learning for substation automation.
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Digital Ray Substation Automation Market Major Segments
The digital ray substation automation market covered in this report is segmented -
1) By Components: Substation Automation System, Communication Network, Electrical System, Recloser Controller, Programmable Logical Controller, Capacitor Bank Controller, Digital Transducer Or Smart Meter, Load Tap Controller, Communication Channel, Other Components
2) By Communication Channel: Ethernet, Power Line Communication, Copper Wire Communication, Optical Fiber Communication
3) By Application: Utility, Steel, Mining, Oil And Gas, Transportation
Key Driver - Role Of Data Privacy And Security In Fueling Growth Of Digital Ray Substation Automation Market
The increase in data privacy and security is expected to propel the growth of the digital ray substation automation market going forward. Data privacy and security involve protecting sensitive information from unauthorized access, use, or disclosure through measures such as encryption and access controls to mitigate threats like cyberattacks and data breaches. Digital ray substation automation systems implement strict access controls to limit who can view or modify data within the automation network, reducing the risk of unauthorized access and data breaches. For instance, in January 2024, according to a report by AAG IT Services, a UK-based company that provides IT support and digital transformation services to businesses, 54% of UK companies are expected to have implemented measures to identify cybersecurity issues by December 2022, marking a rise from 52% in 2021. Therefore, the increase in data privacy and security is driving the growth of the digital ray substation automation market.
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Prominent Trend - Innovative Technology Platforms In The Digital Ray Substation Automation Market
Major companies operating in the digital ray substation automation market are focused on introducing advanced technological solutions, such as power automation platforms, to drive their revenues in the market. A power automation platform refers to a comprehensive, integrated automation platform with advanced digital process automation (DPA), robotic process automation (RPA), and process mining capabilities. For instance, in June 2023, Siemens Smart Infrastructure, a Germany-based provider of a portfolio of grid control and automation, launched SICAM 8, a highly scalable power automation platform that enables the future inclusion of new apps while assisting clients in achieving safe and robust grid operation. It also includes two new software solutions, such as the SICAM HMI (Human Machine Interface) and the SICAM S8000. SICAM HMI is a visualization tool designed to elevate process visualization to the next level, whereas SICAM S8000 is a software solution designed for power automation. It has been created to facilitate the growth of renewable energy sources, make it easier to integrate renewable energy sources into current grids, and expedite the installation of substations, all of which will contribute to the worldwide effort to meet climate targets. Additionally, SICAM 8 was developed to satisfy the ever-increasing cybersecurity requirements by providing a comprehensive cybersecurity solution with secure products, systems, and services.
Digital Ray Substation Automation Market Players
Major companies operating in the digital ray substation automation market report are General Electric Company, Hitachi Power Ltd., Siemens AG, Cisco Systems Inc., Mitsubishi Electric Corporation, Schneider Electric SE, Honeywell International Inc., ABB Limited, Toshiba Corporation, Larsen & Toubro Limited, Eaton Corporation Plc, Texas Instruments Incorporated, Emerson Electric Co., Rockwell Automation Inc., Belden Inc., Schweitzer Engineering Laboratories, Crompton Greaves Ltd., Powell Industries, Arteche Group, Open System International, Trilliant Holdings Inc., Novatech Inc., EFACEC Power Solutions SGPS S.A., Kalki Communication Technologies Private Limited, Verson Electric Pvt. Ltd.
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Largest And Fastest Growing Region In The Market
North America was the largest region in the digital ray substation automation market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the digital ray 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. Digital Ray Substation Automation Market Report Structure
3. Digital Ray Substation Automation Market Trends And Strategies
4. Digital Ray Substation Automation Market - Macro Economic Scenario
5. Digital Ray Substation Automation Market Size And Growth
…..
27. Digital Ray 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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