New York, USA, May 29, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), titled "Substation Automation Market Information by Component, Communication, Module, End-Users, and Region - Forecast till 2030," the Substation Automation Market is projected to grow at a rate of 8.66% between 2022 and 2030. The market size is expected to reach around USD 60.15 billion by the end of 2030.
Substation Automation Market Overview:
Substation automation is an advanced technology used in the power industry to optimize the operation and control of electrical substations. It enables utilities to monitor and control power generation, transmission, and distribution in real-time, improving reliability, efficiency, and safety of power delivery. Substation automation systems incorporate various devices and software such as intelligent electronic devices (IEDs), sensors, control systems, and communication networks, to provide automated control and monitoring of the power grid.
The uses and applications of substation automation are widespread and varied, ranging from power generation and distribution to transmission and protection. The technology helps in real-time monitoring of power systems, and identifying and correcting faults before they cause power outages. It also helps in the efficient utilization of power resources, resulting in reduced energy costs and improved sustainability. Furthermore, substation automation is crucial in the integration of renewable energy sources into the grid, such as solar and wind power.
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Market Competitive Landscape:
The affluent companies in the Substation Automation industry include
- SAE IT-Systems GmbH & Co
- Toshiba Corporation
- Texas Instruments
- Larsen & Toubro Limited
- Encore Networks
- EATON Corp
- General Electric
- ABB Group
- Siemens
- Schneider Electric.
Industry News- March 2021
Siemens AG announced the launch of its new digital substation automation system, which uses artificial intelligence and cloud-based technology to improve the efficiency and reliability of power distribution. The new system is designed to help utilities manage and optimize their power grids, enabling them to respond to changing demand and supply conditions in real time.
Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 60.15 Billion |
| Growth Rate | CAGR of 8.66% from 2022 to 2030 |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Key Market Opportunities | Increasing investment in renewable energy projects |
| Key Market Drivers | Increasing investment by the government |
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Substation Automation Market USP Covered:
Market Drivers:
Several factors are driving the growth of the substation automation market. Firstly, the increasing demand for reliable and uninterrupted power supply is fueling the adoption of substation automation systems. Secondly, the rising penetration of renewable energy sources such as wind and solar power is driving the need for intelligent grid management systems. Thirdly, the growing emphasis on energy efficiency and sustainability is driving the adoption of substation automation systems, which help reduce energy wastage and carbon emissions.
Market Restraints:
Several market restraints could hinder the growth of the substation automation market. These include concerns about data privacy and security, the high cost of implementation, and the lack of a skilled workforce to manage and maintain the systems.
COVID 19 Analysis
The COVID-19 pandemic has had a significant impact on the substation automation market, with disruptions in supply chains and delayed implementation of projects. However, the pandemic has also highlighted the importance of resilient and reliable power systems, which has increased the demand for substation automation systems. In the post-COVID scenario, the substation automation market is expected to witness steady growth, driven by the increasing demand for sustainable and efficient power systems.
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Substation Automation Market Segmentation
- By Component- The Components in the market include Load Tap Controller, Smart Meter, Capacitor Bank Controller, Recloser Controller, Others
- By Communication- By Communication, the segment includes Optical Fiber Communication Channel, Power Line Communication Channel, Copper Wire Communication Channel, Ethernet, and Others
- By Module- By Module, the segment includes Communication Networks, Intelligent Electronic Devices, SCADA, and Others.
- By End-Users- By End-Users, the segment includes Steel Industry, Mining Industry, Transportation Industry, Utility Industry, and Others.
Regional Insights:
The substation automation market is expected to witness significant growth in the coming years, with various regions contributing to this growth. North America is expected to dominate the market, owing to the large-scale implementation of smart grid technologies and the increasing adoption of renewable energy sources. Smart grids use advanced communication and automation technologies to efficiently manage power generation, transmission, and distribution, resulting in improved efficiency, reliability, and cost-effectiveness. The implementation of smart grids has been a major driver for substation automation systems, as they enable utilities to monitor and control their networks more effectively, reducing the risk of power outages and improving system performance.
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Europe is also expected to witness substantial growth in the substation automation market, driven by the growing need for efficient and reliable power systems and the increasing adoption of renewable energy sources. The region has set ambitious targets for reducing greenhouse gas emissions and increasing the share of renewable energy sources in the energy mix, which has led to significant investments in renewable energy projects and smart grid technologies. Substation automation systems can help utilities manage their networks more efficiently, enabling the integration of renewable energy sources and reducing carbon emissions.
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