Luton, Bedfordshire, United Kingdom, Feb. 24, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Substation Automation Market.
The global substation automation market size is expected to grow at 6.9% CAGR from 2021 to 2028. It is expected to reach above USD 56.4 billion by 2028 from USD 36.2 Billion in 2021. The substation automation market refers to the use of modern communication and automation technologies to monitor, control, and protect electrical substations. Electrical substations are an important part of the power grid infrastructure, and they are responsible for transforming high voltage power from the transmission system to lower voltage power that can be distributed to homes and businesses.
Substation automation systems are used to improve the reliability, efficiency, and safety of electrical substations. They can include various types of equipment, such as intelligent electronic devices (IEDs), communication networks, and software applications.
The substation automation market is driven by several factors, including the increasing demand for reliable and efficient power delivery, the need to reduce operational costs, and the growing adoption of smart grid technologies. In addition, the increasing focus on renewable energy sources and the integration of distributed energy resources (DERs) is expected to drive the demand for substation automation systems.
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What is automation in substation?
Substation automation system is a collection of hardware and software components that are used to monitor and control an electrical system, both locally and remotely.
Growth Factor:
Slowdown in Power Generation Industry to Limit the Market Growth
The COVID-19 disease had slowed the growth of the power generation industry in 2020. Electricity demand was depressed by 20% during periods of full lockdown in several countries. With this decrease in power demand, there has been very few investments from utilities for automating substations since 2020.
Since COVID19 has delayed deliveries from China, renewable energy companies are not able to comply with deadlines for equipment fitting. For instance, in India alone, 3,000 MW of solar and wind energy projects were delayed due to the lockdown.
BYD (China), the world’s leading producer of rechargeable batteries, was unable to test new models of rechargeable batteries due to the pandemic, and this has led to a reduction in delivery volumes of rechargeable batteries in the European market.
High Installation Cost of IEDs in Substations to act a Market Restraint
The initial phase of automating the substation is capital-intensive, which may restrain the growth of the global substation automation market. The increasing use of advanced technologies such as microprocessor and service-oriented architecture (SOA) and the rising requirement to embed several IEDs in substations have increased the purchase costs of these substations.
Moreover, an effective deployment of smart substations requires strong coordination across customary organizational boundaries, significant process change, and rigorous governance. High investments for fruitful deployment of smart substations could add to the governments’ economic burden. High operational and maintenance costs after the deployment are also a big concern for utility providers.
| Report Attribute | Details |
| Substation Automation Market size value in 2021 | USD 36.2 billion |
| Revenue forecast in 2028 | USD 56.4 billion |
| Market Growth rate | CAGR of 6.9% from 2021 to 2028 |
| Base year for estimation | 2021 |
| Historical data | 2018 - 2020 |
| Forecast period | 2021 - 2028 |
| Quantitative units | Revenue in USD Million, volume in units, CAGR from 2021 to 2028 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, trends |
| Segments covered | By Type; By Application and By Region |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | U.S.; Canada; Mexico; Germany; France; Italy; U.K.; China; India; Japan; Brazil; Saudi Arabia |
| Key companies profiled | Hitachi Abb Power Grids, Siemens Energy, General Electric, Cisco, Schneider Electric, Eaton Corporation, Novatech Automation, Cadillac Automation and Controls, And Others. |
| Customization scope | Free report customization with purchase. Addition or alteration to country, regional & segment scope. |
Companies Covered in Substation Automation Market Report:
- Hitachi Abb Power Grids
- Siemens Energy
- General Electric
- Cisco
- Schneider Electric
- Eaton Corporation
- Novatech Automation
- Cadillac Automation
- Controls and Others.
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Report Benefits
- Develop business strategies by understanding the trends shaping and driving the Market.
- Drive revenues by understanding the key trends, innovative products and technologies, market segments, and companies likely to impact the Substation Automation Market in the future.
- Formulate effective sales and marketing strategies by understanding the competitive landscape and by analyzing the company share of Substation Automation Market leaders.
- Identify emerging players with potentially strong product portfolios and create effective counter-strategies to gain a competitive advantage.
- Track sales in the global and country-specific Market.
- Organize your sales and marketing efforts by identifying the market categories and segments that present maximum opportunities for consolidations, investments and strategic partnerships.
Industry 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.
- In September 2020, GE was awarded a substation equipment contract to help power the Arctic LNG 2 project in Russia. According to the contract, GE would supply a 110-kV F35 GIS for LNG trains. GE’s compact GIS will help ensure reliable power supply to the project’s production trains
Key Market Segments: Substation Automation Market
By Type
- Transmission Substation
- Distribution Substations
By Application
- Utilities
- Steel
- Oil & Gas Mining
- Transportation
By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East and Africa
Frequently Asked Questions About This Report
- How big is the Substation Automation Market?
- What is the Substation Automation Market growth?
- Which segment accounted for the largest Substation Automation Market share?
- Who are the key players in the Substation Automation Market?
- What are the factors driving the Substation Automation Market?
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