Global Substation Automation Market Set to Reach US$ 51.65 Billion by 2031 | | TMR Analysis

The Global Substation Automation Market is on a trajectory of significant growth, projected to expand from a valuation of US$ 27.29 billion in 2021 to an impressive US$ 51.65 billion by the end of 2031, at a robust compound annual growth rate (CAGR) of 6.7% from 2022 to 2031.

A substation automation system integrates hardware and software to facilitate local and remote monitoring and control of electrical systems, enhancing productivity and efficiency. Companies are focusing on the energy and utility sectors to leverage the benefits of substation automation, such as fault location detection, automatic supervision of interlocks, and reduced operating and maintenance costs. Substation automation systems, often employing SCADA (Supervisory Control and Data Acquisition), are crucial for ensuring the optimal operation of substations and associated equipment.

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Substation automation plays a vital role in the generation, transmission, and distribution of electricity. Substations reduce high-voltage electricity from transmission systems to lower voltages for local distribution, making them essential for power distribution from plants to consumers. The adoption of renewable and non-conventional energy sources and the increasing demand for smart grids are driving the market's growth.

Key Market Drivers
Upgrade of Aging Infrastructure: The need to upgrade aging transmission and distribution infrastructure, especially in North America, is driving investments in substation automation. Intelligent electronic devices (IEDs) are being increasingly adopted to modernize existing systems.

Growing Electricity Demand: Rising global population and increased electricity usage in residential, commercial, and industrial sectors are fueling the demand for efficient electrical infrastructure. The International Energy Agency (IEA) reported a significant increase in global electricity consumption in 2019, underscoring the need for enhanced substation automation.
Demand for New Power Stations and Smart Grids: The installation of new power stations and smart grids is propelling the market. New installations offer greater reliability, operational safety, and require lower maintenance, contributing to market growth.

Government Initiatives and Investments: Increased government initiatives towards power grid modernization and investments in renewable energy sources are boosting the substation automation market. Advanced automation and protection systems are becoming essential for reliable energy transmission.

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Market Segmentation
Offering
• Hardware
• Intelligent Electronic Devices (IEDs)
• Meters and Monitoring Devices
• Microprocessor-Based Relays
• Remote Terminal Units (RTU)
• PMUs (Phasor Measurement Units)
• Communication Devices
• Programmable Logical Controller
• Capacitor Bank Controller
• Others
• Software
• Supervisory Control and Data Acquisition (SCADA)
• Outage Management System (OMS)
• Advanced Distribution Management (DCS)
• Services
• Consulting and Training
• Installation and Integration
• Maintenance and Repair
Type
• Transmission Substations
• Distribution Substations
Installation
• New Installations
• Retrofit Installations
Industry Vertical
• Energy & Utility
• Oil and Gas
• Others

Regional Market Insights
Asia Pacific dominates the global substation automation market, driven by significant investments in energy infrastructure, urbanization, and rising energy demand. European policies promoting renewable energy and decentralized electricity generation are also expected to drive substantial market growth in the region.

Key Players and Developments
The substation automation market is consolidated, with major players including Cisco Systems, Inc., Eaton Corporation plc, General Electric, Hitachi ABB, Ingeteam, Itron Inc, Mitsubishi Electric Corporation, NovaTech, LLC, Schneider Electric SE, Schweitzer Engineering Laboratories, Inc., Siemens AG, and Trilliant Inc. Key strategies include expanding product portfolios and strategic mergers and acquisitions.

Recent developments include:
• Schneider Electric and Enedis: In February 2022, they announced new-generation substation solutions focusing on alternatives to SF6 gas.
• GE and Bond: In February 2022, they announced a collaboration to build a digital substation for an offshore wind farm.
• Hitachi ABB Power Grids: In February 2021, they unveiled a smart digital substation offering combined with advanced asset performance management solutions.
• Alstom: In February 2020, they secured contracts for substation automation at multiple offshore wind farms.

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