Substation Automation Industry Size is Anticipated to Gain $54.2 Bn by 2026

Chicago, Jan. 24, 2023 (GLOBE NEWSWIRE) -- Substation Automation Market by Offering (Hardware, Software, Services), Type (Transmission, Distribution), Installation Type, End-use Industry, Component, Communication, and Region -2026", The key factors fueling the growth of this market include increasing investments in smart cities and smart grid infrastructure development projects, surging requirement to retrofit conventional substations, and increasing focus on upgrading IEC 61850 standard to resolve interoperability issue among intelligent electronic devices deployed in substations.

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Substation Automation Market Report Scope

This report categorizes the substation automation market based on offering, type, installation type, component, communication, end-user industr

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133 – Tables
83 – Figures

246 – Pages                     

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Hitachi ABB Power Grids (Switzerland) held the majority of the global substation automation market share in 2020. The company is a world leader in grid automation and grid integration, particularly high-voltage products, transformers, and asset management solutions. The company is well acknowledged among leading utilities of the world, which helped the company record high sales in the year 2020. Siemens Energy (Germany) followed in second place with a wide product portfolio of energy-efficient solutions for utilities and heavy industries and asset management software solutions. Surged adoption of smart substations in renewable energy projects and increasing demand for electric and hybrid vehicles has led to the market growth of these companies.

Another important player in the substation automation market is Siemens Energy (Germany). Its strong network of channel partners and distributors has strengthened its reach worldwide. In terms of growth strategies, Siemens Energy has strongly focused on product innovations. It has introduced various products and upgrades to strengthen its portfolio in the substation automation market. Siemens Energy’s major strengths include technological innovations and R&D capabilities; additionally, it invested a significant percentage of its revenue in R&D in 2020. Siemens Energy continuously upgrades its capabilities in the substation automation segment by introducing new products. For instance, in September 2020, Siemens Energy launched the new Unified Power Flow Controller—UPFC PLUS—that will help system operators stabilize the grid by dynamically controlling the load flow in alternating-current grids, thereby increasing the grid efficiency required in the ever-changing energy landscape.

 Recent Developments

• In January 2021, SEL launched the new SEL-3350 Automation Controller designed for applications that require midlevel I/O and computation. SEL-3350 can withstand harsh environments in utility substations, industrial control systems, and automation systems.
• In December 2020, Hitachi ABB Power Grids launched the new Remote Terminal Unit (RTU) 530 that extends the life of existing power distribution networks and supports the migration to modern technologies with enhanced security features, including secure communication, encryption, and security logging.
• In November 2020, Siemens Energy was contracted by Kuwait’s Ministry of Electricity and Water (MEW) to provide maintenance of 116 high-voltage substations. The advanced maintenance services provided to these substations will help maximize performance, lower operating costs, and deliver better and more reliable network operations for the Ministry of Electricity in Kuwait.
• In November 2020, Schneider Electric acquired a controlling stake in ETAP Automation Inc. (Dubai), the leading software platform for electrical power systems modeling and simulation, to accelerate and improve the integration of renewables, microgrids, fuel cells, and battery storage technologies to the power grid. The acquisition would pave the way for green data centers, resilient power grids, and decarbonized transport and energy generation.

What are some of the regulatory changes in the market?

the US Senate passed the American Energy Innovation Act (AEIA) that focuses on making modifications in the domestic energy laws, strengthening the country’s energy security, investing in clean energy technologies, and increasing its international competitiveness. Key provisions of the act include energy efficiency, renewable energy, energy storage, and grid modernization without compromising security. Also, the Federal Energy Regulatory Commission (FERC) proposes incentives for public utilities toward voluntary cybersecurity investments. Modernization of the grid infrastructure would create a demand for efficient IEDs and SCADA systems, thereby driving the substation automation market growth in North America. .

Related Reports:

1. The Microgrid Market size was estimated to be USD 26.9 billion in 2022 and is projected to reach USD 63.2 billion by 2027, at a CAGR of 18.6% during the forecast period.
2. The Digital Substation Market is projected to grow from USD 6.4 billion in 2020 to USD 9.1 billion by 2025, at a CAGR of 7.1% from 2020 to 2025.