Global Substation Automation Market to Grow at 6.22% During 2023-2028, Impelled by Increasing Establishment of Smart Grids

According to the latest report by IMARC Group, titled “Substation Automation Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global substation automation market reached a value of US$ 44.9 Billion in 2022. Substation automation is the utilization of the data acquired from intelligent electronic devices (IEDs) to transmit and control commands from remote users. Substation automation systems (SAS) are a collection of software and hardware components that can remotely and locally maintain an electrical system. These systems offer substation monitoring and control solution with communication, and protection capabilities. They also automate some error-prone, repetitive, and tedious activities to increase the overall productivity and efficiency of the grid. Substation automation solutions are programed with local and global alarm and caution systems to detect fault location for equipment and distribution systems diagnostics. The digitizing of substations helps to save expenses and enhance the safety of primary equipment through sensors.

Global Substation Automation Market Trends:

A significant rise in the need for retrofitting existing substations, and a large-scale increase in investments for the establishment of smart grid infrastructure are some of the key factors that are primarily influencing the growth of the global substation automation market. The escalating demand for efficient electricity transmission with reduced management and operational costs of utilities is further driving the market growth. Other than this, the large-scale integration of renewable energy systems and emergence of improved security systems is aiding in the establishment of smart grids across the globe. Moreover, rapid technological advancements and rising investments in the research and development (R&D) activities are some of the other factors that are creating a positive outlook for the market. Looking forward, the market is expected to grow at a CAGR of 6.22% during 2023-2028.

Market Summary:

• On the basis of the module type, the market has been segmented into intelligent electronic devices, communication networks, and SCADA systems.
• Based on the component, the market has been segregated into hardware (reclose controllers, programmable logical controllers, capacitor banks, smart meters, load tap changers, digital relays, fiber-optic cables, and others), software (production management software, asset management software, and performance management software), and services (installation and commissioning, upgradation and retrofitting, testing, repair and maintenance, and others).
• On the basis of the communication channel, the market has been divided into ethernet, copper wire communication, power line communication, optical fiber communication, and others.
• Based on the substation type, the market has been bifurcated into transmission and distribution.
• On the basis of the installation type, the market has been divided into new and retrofit installation.
• Based on the end-use industry, the market has been categorized into utility, transportation, metals & mining, oil and gas, and others.
• On a regional basis, the market has been segmented into North America (the United States, and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
• The competitive landscape of the market has also been examined, with some of the key players being 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, and Tropos Network Ltd.

Report Scope:

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