Comprehensive Substation Automation Market Insights: Forecasting Size, Growth, and Competitive Trends from 2025 to 2034

What combination of drivers is leading to accelerated growth in the substation automation market?
The escalating requirement for electric power is projected to fuel the expansion of the substation automation market. Electric power represents the calculation of the quantity of energy transferred per unit of time. This increased need for electric power has prompted a more effective management of the electrical grid system. Substation automation conducts several functions, such as the automated supervision and control of power supply at substations to assure a consistent and reliable supply of electricity, instantly locating and resolving faults, and averting power blackouts. For example, in January 2024, as per the International Energy Agency (IEA), an independent intergovernmental organization based in France, worldwide electricity demand escalated by 2.2% in 2023. In 2022, the electricity demand in the United States amplified by 2.6%. Consequently, the escalating demand for electric power is propelling the expansion of substation automation.

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What is the projected compound annual growth rate (CAGR) of the substation automation market from 2025 to 2034, and what factors influence it?
The size of the substation automation market has experienced significant growth over the past few years. It is projected to rise from a valuation of $35.9 billion in 2024 to $38.12 billion in 2025, with a compound annual growth rate (CAGR) of 6.2%. The expansion in the historic period can be traced back to concerns over weight management, changes in diet restrictions and preferences, the increase in gluten-free and low-carb diets, government measures to reduce sugar intake, and the adoption of a healthier lifestyle.

In the coming years, a significant increase is anticipated in the size of the substation automation market. The market is projected to reach $54.66 billion by 2029, growing at a compound annual growth rate (CAGR) of 9.4%. Factors such as increasing prevalence of diabetes and obesity, the growing older population, the rise of e-commerce, education initiatives about sugar, sustainability practices, and the growing popularity of plant-based diets are contributing to the growth during the forecast period. The forecast period will also witness key trends including the introduction of novel flavor variations, the demand for clean label and natural ingredients, innovation in packaging, the growth of e-commerce and direct-consumer sales, as well as a preference for personalized and customized products.

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How are the latest trends influencing the growth of the substation automation market?
The surge in digitizing substation automation systems is becoming a prominent trend in the substation automation market. Major players in the market are focusing their energy on producing digitized substation automation systems that allow real-time monitoring and analysis of the electric power grid system. For example, in May 2022, the Doble Engineering Company, a U.S.-based provider of diagnostic testing solutions for the electricity power industry, launched the Doble F6880 Digital Network Analyzer. The purpose of this product is to detect and rectify communication and network performance issues in IEC 61850 digital substation systems. The F6880 integrates with station networks through copper or optical fiber Ethernet cables, digitizes the data, and scrutinizes any discrepancies from the foundational engineering designs using IEC 61850 sampled values and Generic Object-Oriented Substation Events (GOOSE). This facilitates efficient troubleshooting of any faulty digital signals.

What are the major segments of the substation automation market and their role in driving growth?
The substation automation market covered in this report is segmented -

1) By Component: Hardware, Software
2) By Rated Voltage: Low Voltage, Medium Voltage, High Voltage
3) By Communication: Optical Fiber Communication Channel, Power Line Communication Channel, Copper Wire Communication Channel, Ethernet, Other Communication
4) By Module: Supervisory Control and Data Acquisition (SCADA), Intelligent Electronic Devices (IED), Communication Network, Other Module
5) By End-User Industry: Utilities, Steel, Oil And Gas, Mining, Transportation

Subsegments:
1) By Hardware: Intelligent Electronic Devices (IEDs), Communication Network Devices, Remote Terminal Units (RTUs), Programmable Logic Controllers (PLCs), Human-Machine Interface (HMI) Devices
2) By Software: Supervisory Control And Data Acquisition (SCADA), Energy Management Systems (EMS), Substation Automation System

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Which regions are key players in the growth of the substation automation market?
North America was the largest region in the substation automation market in 2024. Asia-pacific is expected to be the fastest-growing region in the global substation automation market during the forecast period. The regions covered in the substation automation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

Who are the key firms paving the way for growth in the substation automation market?
Major companies operating in the substation automation market include Schneider Electric SE, Siemens AG, General Electric Co., Black & Veatch Holdings Company, Valiant Communications, ABB Limited, Omicron Electronics GmbH, Hitachi Energy Limited, Milsoft Utility Solutions, Honeywell International Inc., Rockwell Automation Inc., 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

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What Is Covered In The Substation Automation Global Market Report?

• Market Size Forecast: Examine the substation automation market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the substation automation market for a structured understanding.
• Key Players Overview: Analyze major players in the substation automation market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the substation automation market.
• Segment Contributions: Evaluate how different segments drive overall growth in the substation automation market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the substation automation market.
• Industry Challenges: Identify potential risks and obstacles affecting the substation automation market.
• Competitive Landscape: Review strategic developments in the substation automation market, including expansions, agreements, and new product launches.

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