New York, US, Oct. 26, 2022 (GLOBE NEWSWIRE) -- Electrical Substation Management Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), Electrical Substation Management Market Research Report: Information by Verticals, Component, Sources, Application, And Region—Forecast Till 2030, the electrical substation management market is predicted to thrive substantially during the assessment timeframe from 2022 to 2030 at a healthy growth of approximately 11.1%. The report further anticipates the market to attain a size of around USD 1,565.45 million by the end of 2030.
Substation electrical equipment is split into secondary and primary equipment. Primary equipment consists of the power system's primary body and is mainly responsible for the production, distribution, and transportation of electrical energy. Secondary equipment refers to equipment/devices controlling, protecting, monitoring, and regulating primary equipment. The secondary system is a crucial guarantee for the safe production, reliable power supply, and economic operation of the power system. Modern-day substations have bay control units (BCU), numerical protection relays, and other IEDs such as transformer monitoring systems, event loggers, and disturbance recorders. Electric substations comprise the interface between transmission parts and systems of the distribution grid in a specific region. These fields decrease the voltage in transmission lines to the level ideal for the distribution grid. Electric substations also come with circuit breakers integrated to protect the distribution system and can be efficiently utilized to control the current flow in various directions. The global market for electrical substation management has shown massive development in the last few years.
Electrical Substation Management Market Competitive Analysis
The list of key participants across the global market for electrical substation management includes players such as:
- Tekvel
- Tarigma Corporation
- Aclara Technologies LLC
- Eaton Corporation Plc
- Omicron
- IPS Energy
- Novatech, LLC
- Kalkitech
- Schneider Electric
- General Electric Company
- ABB Ltd
- Siemens AG
- Subnet Solutions INC.
- Igrid T&D
- Sentient Energy, Inc
- Schweitzer Engineering Laboratories, Inc
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Electrical Substation Management Market Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 1,565.45 Million |
| Growth Rate | CAGR of 11.1% from 2022 to 2030 |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Key Market Opportunities | Increasing renewable energy projects are expected to open lucrative revenue streams for the market during the projected period |
| Key Market Drivers | The stringent regulatory standards are expected to be the major growth driver |
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Electrical Substation Management Market USP Covered
Electrical Substation Management Market Drivers
The global market for electrical substation management has shown tremendous growth in the last few years owing to the aspects such as rising stringent critical infrastructure protection standards and growing renewable energy projects.
Electrical Substation Management Market Restraints
On the other hand, the lack of awareness regarding the benefits of the systems may restrict the market's growth.
COVID-19 Impact
The global market for electrical substation management has experienced massive disruptions in operations given the global health crisis of COVID-19. On the other hand, with all the industrial and financial activities returning to normal, the global market for electrical substation management is anticipated to witness massive growth over the coming years.
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Electrical Substation Management Market Segment Analysis
Among all the types, the AIS substation segment is anticipated to hold the top position across the global market for electrical substation management over the review era. The primary aspect supporting the segment's growth is that the main circuit potential in these substations is insulated from the ground by air with the assistance of porcelain or composite bushings or insulators.
Among all the applications, the power transmission and distribution segment is anticipated to dominate the global market for electrical substation management over the forecast era.
Electrical Substation Management Market Regional Analysis
The global Electrical Substation Management Market is analyzed across five major regions: North America, South America, Europe, the Middle East & Africa, and Asia-Pacific.
According to the research reports by MRFR, the Asia-Pacific region secured the top position across the global Electrical Substation Management Market in 2020, with the most significant contribution of approximately USD 193.21 Million. The MRFR report predicts the regional market to flourish at the maximum CAGR of around 13.4%. The region has leading contributors such as Bangladesh, Pakistan, China, Australia, Indonesia, South Korea, India, Malaysia, Taiwan, and Japan, among various nations. The Asia-Pacific is the most extensive electricity-producing and consuming region with significant growth in demand. China leads the Asia-Pacific regional market, given its substantial production of electricity. According to the National Bureau of Statistics, China's power production volume increased by 8.1% year on year to 8,112.2 TWh in 2021, 5.4% over 2020-2021, and 11% growth over 2019. The deployed capacity of renewable energy is also increasing year on year. According to the National Energy Administration, China's mounted renewable energy facility reached 1063 gigawatts (GW) in 2021. In addition, Japan and India are also believed to be the primary growth contributors across the region. Moreover, automation among the substations is growing to lower operational costs and protect devices from cyber-attacks.
The North American regional market for electrical substation management accounted for a share of approximately USD 163.41 Million in the year 2020. According to the MRFR reports, the regional market is anticipated to thrive substantially during the assessment era at a healthy CAGR of around 8.3%. The substantial adoption of substation automation solutions is the main parameter supporting the growth of the regional market. The growing level has been cybersecurity and compliance with the NERC CIP standards is another crucial aspect boosting the growth of the regional market. The US is the leading growth contributor across the region.
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Furthermore, the nation is believed to be the early adopter of substation automation solutions and tools. Moreover, the growing number of government initiatives toward smart grids and the growing electricity demand are also likely to influence the regional market's growth over the review era. Additionally, the rising sales of electric vehicles and raised electrification in the industrial, commercial, & residential sectors are also predicted to boost the regional market's growth over the coming years.
The European regional electrical substation management market will likely thrive substantially during the assessment era. The market's growth is credited to the policies formulated by the EU that have encouraged the development of energy storage, electric vehicles, and decentralized electricity generation to serve elastic demand.
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