Press release
Electric Power Substation Automation Market Forecast, 2024-2028 & 2033, Featuring Strategic Analysis of Top 5 Players Hitachi, Siemens, General Electric Company, Cisco Systems, Schneider Electric
The electric power substation automation market is expected to experience growth driven by the increasing demand for energy. According to a report from the Energy Institute (EI) in June 2023, global electricity generation increased by 2.3% in 2022, with a significant surge of 20.5 EJ in primary energy consumption in non-OECD countries, led by China contributing 72% of the total rise. This increase in energy demand is a key driver for the electric power substation automation market.Major players in the electric power substation automation market are actively developing advanced solutions, such as digital substation solutions, to ensure efficient and reliable power distribution. In January 2024, Hitachi Energy, a Switzerland-based energy industry company, launched the SAM600 3.0, an innovative 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 extendable retrofits for any substation.
This technological advancement revolutionizes communications within the substation, providing robust, fast, and responsive messaging over Ethernet. In March 2022, Schneider Electric SE, a France-based company specializing in digital automation and energy management, acquired Aurtra Pty Ltd. for an undisclosed amount. This strategic acquisition involves integrating Aurtra's advanced sensors and software to prevent transformer failures, optimize operating expenses, and extend transformer life. The acquisition reinforces Schneider Electric's position as a leading digital service provider in the electrical distribution value chain. Aurtra Pty Ltd., based in Australia, provides solutions for electric power distribution networks and substations, contributing to advancements in substation automation technologies. 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 countries covered in the electric power substation automation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Report Scope
Markets Covered: 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 Companies Mentioned: Hitachi Ltd.; Siemens AG; General Electric Company; Cisco Systems Inc.; Schneider Electric SETime Series: Five years historic and ten years forecast Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Key Attributes
Report Attribute
Details
No. of Pages
175
Forecast Period
2024-2028
Estimated Market Value (USD) in 2024
$23.87 Billion
Forecasted Market Value (USD) by 2028
$30.27 Billion
Compound Annual Growth Rate
6.1%
Regions Covered
Global
A selection of companies mentioned in this report includes, but is not limited to:
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Hitachi Ltd.
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Siemens AG
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General Electric Company
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Cisco Systems Inc.
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Schneider Electric SE
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Honeywell International Inc.
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ABB Ltd.
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Toshiba Corporation
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Larsen & Toubro Limited
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Eaton Corporation plc
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Trilliant Inc.
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Alstom SA
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Rockwell Automation Inc.
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Yokogawa Electric Corporation
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Belden Inc.
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WAGO Kontakttechnik GmbH & Co. KG
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Itron Inc.
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Landis+Gyr
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Schweitzer Engineering Laboratories Inc.
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Ingeteam S.A.
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TenneT Company
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S&C Electric Company
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Giza Systems
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Axiomtek Co. Ltd.
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Efacec Engenharia e Sistemas S.A.
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Mitsubishi Electric Corporation
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NovaTech LLC
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Amperion Inc.
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Encore Networks Inc.
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Beckwith Electric Co. Inc.
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IEC Infrared Systems
Media Contact
Company Name: ABC Private Limited
Contact Person: Media Relations
Email:Send Email [https://www.abnewswire.com/email_contact_us.php?pr=electric-power-substation-automation-market-forecast-20242028-2033-featuring-strategic-analysis-of-top-5-players-hitachi-siemens-general-electric-company-cisco-systems-schneider-electric]
Country: India
Website: https://www.se.com/in/en/
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