Electric Power Substation Automation Market To Be Valued At Around $6.9 billion by 2032
The valuation of The global electric power substation automation market was valued at $4.4 billion in 2022, and is projected to reach $6.9 billion by 2032, growing at a CAGR of 4.5% from 2023 to 2032.
Electric power substation has enhanced the approach through which substations were managed previously and have improved the way critical data were collected. Apart from this, usually, the electric power substations are directed by automatic elements and IEDs comprising digital protection relays, recloser controls, voltage controls, and others.
Rising Need For High Reliability And Productivity In Grids To Spur Market Growth
The rising requirement for high reliability and productivity in grids has been the key factor driving the growth of the global electric power substation automation market. Further, decreased capital spending is also likely to boost the market expansion. The mounting need for a smart grid solution is further propelling the electric power substation automation market growth. Ability to decrease the distribution loss and transmission is expected to help the market boost during the forecast period. However, the high installation price and the dearth of skilled resources are anticipated to hamper the market growth to a higher level. Lack of interoperability rules around the world is also anticipated to hamper the market growth. Nevertheless, the latest improvements in communication technologies are projected to surface greater avenues for the market. Also, proficient energy management solutions for office and residence would also add up to the scope of market expansion in the coming period.
Asia Pacific Expected To Rule The Global Market Owing To Expanding Energy And Power Sector
The global electric power substation automation market is divided on the basis of module, automation stage, type, end-user, and region. The module segment of the market is categorized into hardware, communication network technology, and SCADA. Based on automation stages, the global electric power substation automation market has been classified into new construction automation stage and retrofit. Further, industry and utilities are the major end-user segments of the market. On the basis of type, the global electric power substation automation market is segmented into transmission, distribution, and collector. The global electric power substation automation market, on the basis of region, is categorized into Asia Pacific, Latin America, the Middle East & Africa, Europe, and North America. During the forecast period, Asia Pacific is projected to dominate the global market. Numerous projects have been taken up by the Indian Government to enhance its energy and power sector, which backs the expansion of the market in Asia Pacific region. Numerous plans structured to renew distribution in utilities, initiatives to put up renewables having a 175 GW energy capacity by 2022, and village electrification programs are some of the projects taken up by the Indian Government.
The major players in the global electric power substation automation market include-
- ABB Ltd.
- Ingeteam
- Siemens AG
- Schneider Electric
- General Electric
- Amperion
- Cisco Systems
- Alstom S.A.
- Schweitzer Engg Lab
- Eaton Corporation.
The global electric power substation automation market is segmented as follows:
By Automation Stage
- Retrofit
- New Construction Automation Stage
By Module
- SCADA
- Hardware
- Communication Network Technology
By End-User
- Utilities
- Industry
By Type
- Collector
- Transmission
- Distribution
By Region
- North AmericaThe U.S.Canada
- EuropeFranceThe UKSpainGermanyItalyRest of Europe
- Asia PacificChinaJapanIndiaSouth KoreaSoutheast AsiaRest of Asia Pacific
- Latin AmericaBrazilMexicoRest of Latin America
- Middle East & AfricaGCCSouth AfricaRest of Middle East & Africa
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