Substation Automation Market to Grow at a 6.7 % CAGR from 2023 to 2031, Reaching US$ 51.65 billion: TMR Report

Wilmington, Delaware, United States, April 27, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global substation automation market is anticipated to grow at a 6.7 % CAGR from 2023 to 2031. A market valuation of US$ 51.65 billion is anticipated by the end of the forecast period.

The substation automation market is anticipated to experience substantial growth in the forecast period as substations are a critical part of electrical infrastructure. Substations execute critical functions like step-up/step-down voltage regulation and form the basic part of generation, transmission, and distribution systems.

A shift towards future transmission and distribution substations is happening across the globe. This is due to the desire to integrate more automation and intelligence into the power grid network to address various utility concerns, such as to reduce operational costs to cater to new regulatory requirements, like NERC-CIP (North American Electric Reliability Corporation - Critical Infrastructure Protection).

The market is further driven by factors such as increasing electricity demand around the world as well as a rise of smart grids and the demand for upgradation of the existing networks. In addition, advancements in communication technologies and use of renewable & non-conventional energy resources are expected to create new opportunities for market expansion.

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Market Snapshot:

Key Takeaways from the Market Report

• The global substation automation market is expected to be US$ 31 billion as of 2023quisition (SCADA) segment is projected to grow with a significant CAGR of 7.2% during the assessment period.
  
• The programmable logic controllers (PLCs) segment is estimated to grow with a CAGR of 6.2% during the projection period.
  
• As per TMR projections, the demand for substation automation in China is expected to grow at a significant CAGR of 6.1 % throughout the forecast period.
  

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Substation Automation Market: Growth Drivers & Trends

• The growing demand for efficient electricity transmission, minimal operations, and management costs for utilities, and lower power costs for consumers are expected to drive the growth of smart grids in the market.
  
• Innovation in grid communication technology provides predictive data and recommendations to suppliers, utilities, and customers for the most efficient power management. The use of smart grids by applying modern technologies in substations and power networks is further estimated to benefit market growth.
  
• Achieving an intelligent grid requires comprehensive information from substations across the transmission network for analysis and management purposes.
  
• The smart grid has emerged as an effective solution for substation automation, particularly as a result of the pressing need to upgrade and replace aging energy infrastructure. Its ability to facilitate automatic rerouting during equipment failures or outages has resulted in minimized disruptions and reduced outage impact.
  

Substation Automation Market: Regional Analysis

• The Asia Pacific market is anticipated to lead the market by accumulating over 38% market share by the end of the forecast period. Rising investments intended to boost manufacturing activities across emerging economies in this region are expected to drive market growth. Also, favorable initiatives from governments in China, India, and Japan are expected to fuel demand for substation automation in the region.
  
• North America is expected to grow with a CAGR of 6.2% while maintaining a sizeable share of the substation automation market throughout the forecast period. The growth is attributed to various funding programs introduced by the United States and Canadian governments for the modernization of power grids.
  
• The government of North America is providing funds to deploy innovative technologies within the energy and power sector. This might promote the regional shift toward a stronger, smarter, and more economical electrical grid system.
  

Substation Automation Market: Prominent Players

The global substation automation market is characterized by the presence of various regional as well as global entities. Some key substation automation providers profiled by TMR include:

• Cisco Systems, Inc.
• Eaton Corporation plc
• General Electric
• Hitachi ABB
• Ingeteam
• Itron Inc.
• Mitsubishi Electric Corporation
• NovaTech, LLC.
• Schneider Electric SE
• Schweitzer Engineering Laboratories, Inc.
• Siemens AG
• Trilliant Inc.

Prominent developments in the substation automation domain by key players are as follows:

• In September 2022, Shell Global Solutions International BV and Siemens Smart Infrastructure signed a Memorandum of Understanding (MoU) to work together on creating low-carbon and highly efficient energy solutions that support energy transition. This agreement will concentrate on projects that make green hydrogen for industrial applications at Shell and its customers.
  
• In November 2022 - Hitachi Energy made an agreement with Equinor to join forces on renewable power generation, electrification, and low-carbon initiatives. The agreement reflects upon the commitment of both companies to boost the energy transition and to advance toward a more sustainable, flexible, and secure energy system.
  

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Substation Automation Market- Key Segments

By Offering

• Hardware
  
  • Intelligent Electronic Devices (IEDs)
    
  • Meters and Monitoring Devices
  • Microprocessor-based Relays
  • Remote Terminal Units (RTU)
  • PMUs (Phasor Measurement Units)
  • Communication Devices
  • Programmable Logical Controller
  • Capacitor Bank Controller
  • Others
    
• Software
  
  • Supervisory Control and Data Acquisition (SCADA)
    
  • Outage Management System (OMS)
  • Advanced Distribution Management (DCS)
    
• Services
  
  
  • Consulting and Training
    
  • Installation and Integration
  • Maintenance and Repair
    

By type

• Transmissions Substations
• Distribution Substations

By Installation

• New Installations
• Retrofit Installations

By Industry Vertical

• Energy & Utility
• Oil and Gas
• Others
  

By Region

• North America
• Asia Pacific
• Latin America
• Europe
• Middle East & Africa
  

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