NEWARK, Del., September 24, 2023 (Globe Newswire) — Global substation automation market will be valuable in 2023 29.12 billion USD. Demand for substation automation is expected to increase in the future. 6.7% CAGR from 2023 to 2033, market value is approximately 55.69 billion USD The growing demand for reliable and efficient power is driving the substation automation industry.
As the world’s population grows and urbanization accelerates, the need for advanced automation technologies to ensure uninterrupted power supply increases. Additionally, the need to integrate renewable energy sources into the power grid and modernize the power grid is driving the adoption of substation automation solutions.
One of the main constraints in the substation automation industry is the large initial investment required for infrastructure upgrades and technology implementation. Deploying sophisticated automation systems such as sensors, communication networks, and control devices can be costly.
Integrating new automation solutions with existing infrastructure and legacy systems is complex and poses challenges. The industry must address these cost and integration barriers to ensure widespread adoption of substation automation technology.
The growing focus on energy efficiency and sustainability is creating significant opportunities for the substation automation industry. Governments and regulatory bodies around the world are implementing policies and incentives to accelerate the adoption of smart grid technologies and improve overall energy efficiency. Substation automation is important to optimize power distribution, reduce energy losses, and enable real-time monitoring and control.
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One of the latest trends in the substation automation industry is the introduction of artificial intelligence (AI) and machine learning (ML) technologies. AI and ML algorithms are integrated into automation systems to enable advanced analytics, predictive maintenance, and intelligent decision-making.
This allows utilities to optimize operations, improve asset management, and increase grid reliability. Additionally, the industry is witnessing the emergence of digital twin technologies that create virtual replicas of physical substations for simulation, testing, and optimization purposes.
Important points from Substation automation market:
- The United States will contribute significantly to the global substation automation market with a market share of 29.7% in 2023.
- Germany has a strong presence in the substation automation industry with a market share of 6.5% in 2023.
- Japan played a notable role in the global market for substation automation, securing a market share of 5.1% in 2023.
- China exhibits a CAGR of 7.6% during the forecast period, reflecting the steady expansion of the substation automation industry.
- In the UK, the Substation Automation industry is revealed to have a CAGR of 5.0% during the forecast period, indicating a positive outlook for the Substation Automation industry.
- SCADA-based control systems account for a significant share of 46.0% in the substation automation industry.
- Commercial and municipal utilities account for 37.5% of the substation automation end-user market.
What are the key players doing for T?grow up inside Substation automation market?
The substation automation industry is highly competitive, with several major companies vying for market share and technological advancements. Some of the prominent companies active in this field include:
- ABB Corporation: ABB, a global leader in power and automation technology, offers comprehensive substation automation solutions including control systems, protection devices and communication networks. The company’s extensive product portfolio and strong research and development capabilities have established it as a key player in the market.
- Siemens AG: Siemens is well known in the fields of electrification, automation and digitalization. The company offers many substation automation products and solutions, including intelligent electronic devices, advanced control systems, and remote terminal units. Siemens’ expertise in integrated automation and digital solutions gives us a competitive edge in the industry.
- Schneider Electric SE: Schneider Electric is a global leader in energy management and automation solutions. The company provides advanced substation automation solutions that enable efficient power network monitoring, control and protection. Schneider Electric’s focus on sustainability and innovative technology has positioned it as a key player in the substation automation market.
- General Electric Company: GE is a prominent name in the substation automation industry, offering a comprehensive portfolio of digital solutions for power transmission and distribution. The company’s expertise in grid analytics, advanced controls, and asset performance management allows it to provide cutting-edge substation automation solutions.
- Eaton Co., Ltd.: Eaton is a leading power management company offering a wide range of substation automation products and services. The company’s products include intelligent electronic devices, communication solutions, and software platforms for efficient substation automation. Eaton’s focus on reliability, safety, and sustainability makes it a strong competitor in the industry.
Other prominent companies in the substation automation industry include Honeywell International, Mitsubishi Electric, Schweitzer Engineering Laboratories, and Emerson Electric Company.
These companies compete through continuous product innovation, strategic partnerships, and strong global presence to meet the evolving needs of the substation automation market.
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Key Segments Covered in Substation Automation Industry Analysis
By component
- hardware
- IED
- bay controller
- feeder and motor
- protection relay
- Telecontroller/IEC
- Circuit breaker control and management
- line differential
- others
- software
- Data visualization and monitoring
- data analysis
By site
- Process level/electrical control unit
- bay level
- substation level
By rated voltage
- low voltage
- medium voltage
- high voltage
By control system
- SCADA based
- HMI base
- RI/O (remote input/output) based
By use
- Transmission substation
- distribution substation
By end user
- Commercial and urban power utilities
- oil and gas terminal
- mining and metallurgy
- manufacturing unit
- railway
By region
- North America
- latin america
- Europe
- east asia
- South Asia and Pacific
- middle east and africa
About the author
Nikhil Kaitwade (Vice President, Future Market Insights, Inc.) has over 10 years of experience in market research and business consulting. He has successfully completed over 1,500 of his client assignments, primarily in the automotive, chemical, industrial equipment, oil and gas, and service industries.
His core competencies center around developing research methodologies, proprietary analytical frameworks, creating statistical data models for price analysis, competitive mapping, and market feasibility analysis. His expertise also extends widely beyond analysis, advising clients on identifying growth potential, investment/sale decisions, and market entry decisions in established and niche market segments. Masu.
Nikhil holds an MBA degree in Marketing and IT and a postgraduate degree in Mechanical Engineering. Nikhil has authored several publications and has been cited in journals such as EMS Now, EPR Magazine, and EE Times.
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