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Transforming Energy Infrastructure: Substation Automation Market Report 2024
Substation Automation Market Report
According to The Business Research Company's, The substation automation market size has grown strongly in recent years. It will grow from $34.23 billion in 2023 to $36.74 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to weight management concerns, dietary restrictions and preferences, rise in gluten-free and low-carb diets, government initiatives on sugar reduction, adoption of healthy lifestyle.
The substation automation market size is expected to see strong growth in the next few years. It will grow to $49.27 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to rise in diabetes and obesity rates, expanding aging population, e-commerce growth, educational campaigns on sugar awareness, sustainability considerations, rising interest in plant-based diets.. Major trends in the forecast period include innovative flavor profiles, clean label and natural ingredients, packaging innovation, e-commerce and direct-to-consumer sales, personalization and customization..
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Market Drivers and Trends:
The rise in demand for electric power is expected to propel the growth of the substation automation market going forward. Electric power refers to the measure of the amount of energy that is transferred per unit of time. The rise in demand for electric power has led to an increased need for more efficient management of the electrical grid system. Substation automation performs various tasks, such as automating the monitoring and control of power supply at substations to ensure a steady and stable supply of electricity, detect and address faults in real time, and prevent power outages. For instance, in January 2022, according to a report by the International Energy Agency (IEA), a France-based intergovernmental organization that provides data on energy, global electricity demand from renewable sources increased by 6% in 2021, which amounts to an increase of over 1,500 terawatt-hours, the largest ever recorded. Additionally, coal-fired electricity generation grew by 9%, gas-fired electricity generation grew by 2%, and nuclear electricity generation increased by 3.5%. Therefore, the rise in demand for electric power is driving the growth of substation automation.
The increasing digitization of substation automation systems is a key trend gaining popularity in the substation automation market. Major market players are concentrating their efforts on creating digitized substation automation systems to monitor and analyze the electrical power grid system in real time. For instance, in May 2022, Doble Engineering Company, US-based diagnostic testing solutions for the electric power industry released the Doble F6880 Digital Network Analyzer. This device is intended to locate and fix communication and network performance issues in IEC 61850 digital substation systems. The F6880 connects to station networks via copper or optical fiber Ethernet cables, digitizes the data, and checks for any deviations from the baseline engineering designs using IEC 61850 sampled values and Generic Object Oriented Substation Events (GOOSE). This makes it possible to efficiently troubleshoot any malfunctioning digital signals.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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Major Key Players of the Market:
Schneider Electric SE; Siemens AG; General Electric Co.; DIGI International Inc.; ZTE Corporation; Cisco Systems Inc.; Black & Veatch Holdings Company; Valiant Communications; ABB Limited; Omicron Electronics GmbH; Hitachi Energy Limited; Motorola Solutions Inc.; Telefonaktiebolaget LM Ericsson; Milsoft Utility Solutions; Honeywell International Inc.; Rockwell Automation Inc.; Texas Instruments; Power Systems Engineering; Eaton Corporation; NovaTech LLC; Crompton Greaves Ltd.; Mitsubishi Electric Corporation; GE Grid Solutions; Emerson Electric Co.; Efacec Power Solutions; Arteche; Schweitzer Engineering Laboratories; Yokogawa Electric Corporation; Applied System Engineering Inc.; Enel S.p.A
Substation Automation Market 2024 Key Insights:
• The substation automation market will grow to $49.27 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%.
• Substation Automation Solutions Amidst Rising Electric Power Needs
• The Rising Trend Of Digitization In Substation Automation Systems
• North America was the largest region in the substation automation market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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