Substation Automation Market 2024: Industry Drivers, Growth Factors, Trends and Forecast by 2032
The latest report published by IMARC Group, titled “Substation Automation Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032”, offers a comprehensive analysis of the industry, which comprises insights on substation automation market trends. The report also includes competitor and regional analysis, and contemporary advancements in the global market.
The global substation automation market size reached US$ 47.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 76.7 Billion by 2032, exhibiting a growth rate (CAGR) of 5.3% during 2024-2032.
Substation automation is a system that utilizes data from intelligent electronic devices (IEDs), control and automation capabilities within the substation, and control commands from remote users to control power-system devices. It encompasses various components, including protective relays, recloser controllers, SCADA systems, and other advanced communication devices. These systems are integral to the modern digital substation architecture, facilitating increased reliability, efficiency, and safety of power networks. Substation automation offers numerous advantages, such as enhanced operational performance, reduced outage times, improved fault detection and response, and greater system scalability and flexibility. By integrating real-time data acquisition and remote access capabilities, it supports the optimization of grid operations. It makes integrating renewable energy sources easier, contributing to the modernization of the electrical grid.
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Market Trends:
The global market is majorly driven by the escalating demand for electricity and the need for improved grid reliability and efficiency. Along with this, the ongoing transition towards renewable energy sources and the dispersal of electricity production necessitates advanced grid management and control solutions, further propelling the demand for substation automation technologies. Additionally, the upgrade and modernization of aging electrical infrastructure in developed economies, combined with rapid urbanization and industrialization in emerging markets, are key factors contributing to market expansion. In addition, the proliferation of smart grid projects around the world aimed at enhancing grid efficiency and integrating distributed energy resources is also a major driver. Technological advancements in communication technologies and the Internet of Things (IoT) are enabling more sophisticated and interconnected substation automation systems. Furthermore, regulatory policies and government initiatives supporting grid modernization and energy efficiency are creating a positive market outlook.
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Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
ABB
Cooper Industries
Eaton Corporation
General Electric
Grid Net
Larsen & Toubro Limited
Power system Engineering
SAE IT-Systems GmbH & Co.KG
Schneider Electric
Siemens AG
Tropos Network Ltd
Substation Automation Market Segmentation:
Our report has categorized the market based on region, module type, component, communication channel, substation type, installation type and end-use industry.
Module Type Insights:
Intelligent Electronic Devices
Communication Networks
SCADA Systems
Component Insights:
Hardware
Reclose Controllers
Programmable Logical Controllers
Capacitor Banks
Smart Meters
Load Tap Changers
Digital Relays
Fiber-Optic Cables
Others
Software
Production Management Software
Asset Management Software
Performance Management Software
Services
Installation and Commissioning
Upgradation and Retrofitting
Testing, Repair and Maintenance
Others
Communication Channel Insights:
Ethernet
Copper Wire Communication
Power Line Communication
Optical Fiber Communication
Others
Substation Type Insights:
Transmission
Distribution
Installation Insights:
New Installation
Retrofit Installation
End-Use Industry Insights:
Utility
Transportation
Metals & Mining
Oil and Gas
Others
Breakup by Region:
North America (United States, Canada)
Europe (Germany, France, United Kingdom, Italy, Spain, Others)
Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
Market Performance (2018-2023)
Market Outlook (2024-2032)
Porter’s Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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