Dublin, May 24, 2024 (GLOBE NEWSWIRE) -- The "Electric Power Substation Automation Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global electric power substation automation market has grown strongly in recent years. It will grow from $22.23 billion in 2023 to $23.87 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The expansion observed in the historical period can be attributed to the demand for energy efficiency, a rising need for electricity, a heightened focus on grid resilience, efforts to enhance grid security, and the increased integration of renewable energy sources.
The electric power substation automation market is expected to see strong growth in the next few years. It will grow to $30.27 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The anticipated growth in the forecast period can be attributed to the increasing implementation of smart grid initiatives, the ongoing trend of digitalization and Industry 4.0, the integration of distributed energy resources (DERs), a heightened focus on grid modernization, and the rapid pace of urbanization and electrification. Key trends expected in the forecast period include technological innovation, an increased adoption of artificial intelligence (AI) and machine learning, the growth of IoT-enabled devices, the integration of blockchain technology, and an increased adoption of cloud-based solutions in electric power substation automation.
The electric power substation automation market is expected to experience growth driven by the increasing demand for energy. According to a report from the Energy Institute (EI) in June 2023, global electricity generation increased by 2.3% in 2022, with a significant surge of 20.5 EJ in primary energy consumption in non-OECD countries, led by China contributing 72% of the total rise. This increase in energy demand is a key driver for the electric power substation automation market.
Major players in the electric power substation automation market are actively developing advanced solutions, such as digital substation solutions, to ensure efficient and reliable power distribution. In January 2024, Hitachi Energy, a Switzerland-based energy industry company, launched the SAM600 3.0, an innovative product for digital substations. The SAM600 integrates conventional instrument transformers into modern IEC 61850-9-2 process bus substation automation, protection, and control systems, enabling safe, efficient, and extendable retrofits for any substation. This technological advancement revolutionizes communications within the substation, providing robust, fast, and responsive messaging over Ethernet.
In March 2022, Schneider Electric SE, a France-based company specializing in digital automation and energy management, acquired Aurtra Pty Ltd. for an undisclosed amount. This strategic acquisition involves integrating Aurtra's advanced sensors and software to prevent transformer failures, optimize operating expenses, and extend transformer life. The acquisition reinforces Schneider Electric's position as a leading digital service provider in the electrical distribution value chain. Aurtra Pty Ltd., based in Australia, provides solutions for electric power distribution networks and substations, contributing to advancements in substation automation technologies.
North America was the largest region in the electric power substation automation market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the electric power substation automation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the electric power substation automation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Report Scope
Markets Covered:
1) By Offering: Software; Hardware; Services
2) By Module: Intelligent Electronic Devices (IEDs); Supervisory Control And Data Acquisition (SCADA); Communication Network; Other Modules.
3) By Automation Stage: Retrofit; New Installation
4) By Application: Transmission Substation; Distribution Substation
5) By End-use: Utilities; Industry
Key Companies Mentioned: Hitachi Ltd.; Siemens AG; General Electric Company; Cisco Systems Inc.; Schneider Electric SE
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Key Attributes
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024-2028 |
| Estimated Market Value (USD) in 2024 | $23.87 Billion |
| Forecasted Market Value (USD) by 2028 | $30.27 Billion |
| Compound Annual Growth Rate | 6.1% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes, but is not limited to:
- Hitachi Ltd.
- Siemens AG
- General Electric Company
- Cisco Systems Inc.
- Schneider Electric SE
- Honeywell International Inc.
- ABB Ltd.
- Toshiba Corporation
- Larsen & Toubro Limited
- Eaton Corporation plc
- Trilliant Inc.
- Alstom SA
- Rockwell Automation Inc.
- Yokogawa Electric Corporation
- Belden Inc.
- WAGO Kontakttechnik GmbH & Co. KG
- Itron Inc.
- Landis+Gyr
- Schweitzer Engineering Laboratories Inc.
- Ingeteam S.A.
- TenneT Company
- S&C Electric Company
- Giza Systems
- Axiomtek Co. Ltd.
- Efacec Engenharia e Sistemas S.A.
- Mitsubishi Electric Corporation
- NovaTech LLC
- Amperion Inc.
- Encore Networks Inc.
- Beckwith Electric Co. Inc.
- IEC Infrared Systems
For more information about this report visit https://www.researchandmarkets.com/r/zc3qzv
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