Electric Power Substation Automation Market: Major Trends Reshaping the Future of the Industry

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What Will the Electric Power Substation Automation Industry Market Size Be by 2025?
There has been substantial growth in the size of the electric power substation automation market in recent years. The market value is expected to increase from $23.87 billion in 2024 to $25.57 billion in 2025, reflecting a compound annual growth rate (CAGR) of 7.1%. The historic growth witnessed can be attributed to factors such as the need for energy efficiency, growing demand for electricity, focus on grid resilience, heightened grid security, and expanded integration of renewable energy.

What's the Long-Term Growth Forecast for the Electric Power Substation Automation Market Size Through 2029?
In the coming years, the electric power substation automation market is forecasted to experience substantial growth. The market is projected to expand to $31.96 billion by 2029, at a compound annual growth rate (CAGR) of 5.7%. This growth over the forecast period can be linked to a rise in smart grid endeavors, digitization and Industry 4.0, the amalgamation of distributed energy resources (DERs), a focus on renewing the grid, swift urbanization, and electrification. Over the forecast period, major trends include technological advancements, a surge in AI and machine learning adoption, the proliferation of IoT-connected devices, the application of blockchain technology, and the implementation of cloud-based solutions.

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What Are the Key Growth Drivers Fueling the Electric Power Substation Automation Market Expansion?
The rising need for energy is projected to stimulate the expansion of the electric power substation automation market. The term "energy demand" pertains to the energy required by consumers, industries, and various sectors. Factors such as population growth, urbanization, and worldwide industrialization are contributing to this escalating demand. Electric power substation automation is proficient at managing and maximizing power distribution, thus improving grid stability, minimizing downtime, and cutting operational costs. This efficiency provokes a swift reaction to problems, thereby reducing downtime and upgrading the dependability of the electricity supply. For example, in June 2023, a report from the Energy Institute (EI), UK's professional membership organization for the energy sector, indicated a 2.3% increase in global electricity production in 2022. Additionally, primary energy consumption in non-OECD countries witnessed a substantial surge of 20.5 EJ compared to the levels prior to the COVID pandemic, with China contributing 14.6 EJ alone, which constitutes 72% of the total increase. Hence, the escalating energy demand is stimulating the expansion of the electric power substation automation market.

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What Are the Key Trends Driving Electric Power Substation Automation Market Growth?
Leading firms in the electric power substation automation market are creating innovative solutions, including digital substation solutions, to enable secure and reliable power distribution. Such solutions incorporate digital communication, intelligent electronic devices (IEDs), sensors, and advanced software for immediate data transfer and decision-making within the substation's infrastructure. For example, in January 2024, Hitachi Energy, a Swiss energy sector company, introduced the SAM600 3.0, a state-of-the-art product targeting digital substations. The SAM600 converges traditional instrument transformers with contemporary IEC 61850-9-2 process bus substation automation, protection, and control systems, facilitating a safe, competent, and scalable retrofit of any substation. This product brings about a significant improvement in communication within the substation thanks to its sturdy, swift, and responsive messaging via Ethernet.

How Is the Electric Power Substation Automation Market Segmented?
The electric power substation automation market covered in this report is segmented -

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

Subsegments:
1) By Software: SCADA (Supervisory Control And Data Acquisition), HMI (Human-Machine Interface) Software, Communication Protocols, Asset Management Software, Monitoring And Control Software
2) By Hardware: Programmable Logic Controllers (PLCs), Remote Terminal Units (RTUs), Sensors And Actuators, Intelligent Electronic Devices (IEDs), Circuit Breakers And Switchgear
3) By Services: Installation And Commissioning Services, Maintenance And Support Services, Consulting And Integration Services

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Which Companies Are Leading the Charge in Electric Power Substation Automation Market Innovation?
Major companies operating in the electric power substation automation market are Hitachi Ltd., Siemens AG, General Electric Company, Cisco Systems Inc., Schneider Electric SE, Honeywell International Inc., ABB Ltd., Toshiba Corporation, Larsen & Toubro Limited, Eaton Corporation plc, Trilliant Inc., Alstom SA, Rockwell Automation Inc., Yokogawa Electric Corporation, Belden Inc., WAGO Kontakttechnik GmbH & Co. KG, Itron Inc., Landis+Gyr, Schweitzer Engineering Laboratories Inc., Ingeteam S.A., TenneT Company, S&C Electric Company, Giza Systems, Axiomtek Co. Ltd., Efacec Engenharia e Sistemas S.A., Mitsubishi Electric Corporation, NovaTech LLC, Amperion Inc., Encore Networks Inc., Beckwith Electric Co. Inc., IEC Infrared Systems

Which Regions Are Leading the Global Electric Power Substation Automation Market in Revenue?
North America was the largest region in the electric power substation automation market in 2024. 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.

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