Commercial and civic power utilities is expected to be the primary end user of the substation automation market at present, likely to flourish at a CAGR of 6.5% until 2032. The substation automation market in Europe is expected to accumulate a market share value of 30% in 2022. North America substation automation market is expected to accumulate the highest market share of 36.0% in 2022
NEWARK, Del. , Sept. 8, 2022 /PRNewswire/ -- The global substation automation market is expected to be valued at US$ 29.12 Billion in 2022, as per a recently published Future Market Insights report. With the increasing demand for electric and hybrid vehicles, coupled with the rising use of digital technology to improve grid efficiency in smart cities, overall demand for substation automation is projected to grow at a CAGR of 6.7% between 2022 and 2032, totaling around US$ 55.69 Billion by 2032.
The increasing demand for efficient transmission of electricity, reduced operations and management costs for utilities, and ultimately lower power costs for consumers drive the growth of smart grids in the market. Also, the increasing integration of large-scale renewable energy systems and improved security among others are fueling the growth of smart grids in substation automation.
Smart grid communication technology provides predictive data and recommendations to the utilities, their suppliers, and their customers on how best to manage power. Moreover, smart grids are deploying by applying modern technologies in substations and power networks.
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To reach the smart grid, one needs complete information from substations in the transmission network to analyze and manage it. The trends towards upgrading and retrofitting the old conventional substations besides new modern substations are boosting the market growth.
Attributed to the need for upgradation and replacing an aging energy infrastructure, the smart grid is one of the best solutions used in substation automation as it allows for automatic rerouting when equipment fails or outages occur and minimize outages and minimize the effects. These Grid technologies are expected to drive the market growth for substation automation further.
Key Takeaways from the Market Study
Global substation automation market value to nearly double from 2022-2032
By component, substation automation hardware to account for 3/5th of global revenues in 2022
SCADA-driven substation automation to register highest growth, at a CAGR of 6.3%
Substation automation for commercial and civic power utilities to experience a CAGR of 6.5%
North America to present lucrative opportunities, accumulating 36% revenue in 2022
Asia Pacific to account for 32.5% of the global substation automation market revenue in 2022
Europe to account for 30% of global substation automation deployment in 2022
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"Factors such as increasing developments in SCADA and communication technologies, coupled with rising demand for renewable energy projects are expected to escalate the growth of the Substation Automation Market over the analysis period," remarks an FMI analyst.
Players in the global Substation Automation Market focus on expanding their global reach through various strategies, such as; partnerships, collaborations, and partnerships. The players are also making a significant investment in R&D to add innovations to their products which would help them in strengthening their position in the global market. Some of the recent developments among the key players are:
In February 2022, Schneider Electric and Enedis announced the launch of revolutionary solutions for new-generation substations. Both companies are expected to launch a project around a next generation of MV/LV substation devices as an alternative to the use of SF6 gas. This gas is used in MV electrical devices for its high insulation and dielectric properties.
In February, 2022, GE and Bond announced to build digital substation for offshore wind farm, the GE Group is expected to coordinate the implementation of the digital substation including advanced digital substation monitoring systems, controls, and software systems. GE would provide the connection and power balance needed between the offshore wind farm and the point of interconnection to the NY power grid.
Key Segments Covered In The Substation Automation Industry Analysis
Substation Automation Market by Component:
Substation Automation Market by Site:
Process Level/ Electric Control unit
Substation Automation Market by Rated Voltage:
Substation Automation Market by Control System:
RI/O (Remote Input-Output) based
Substation Automation Market by Application:
Substation Automation Market by End User:
Commercial and Civic Power Utilities
Substation Automation Market by Region:
Middle East and Africa (MEA)
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Know More About What the Substation Automation Market Repost Covers
Future Market Insights offers an unbiased analysis of the global Substation Automation Market, providing historical data for 2017-2021 and forecast statistics from 2022-2032. To understand opportunities in the Substation Automation Market, the market is segmented on the basis of component, site, rated voltage, control system, application, and end-use industry across six major regions.
About Industrial Automation Division at Future Market Insights
The industrial automation team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
3.1. Key Trends Impacting the Market
5. Global Substation Automation Market - Pricing Analysis
5.1. Regional Pricing Analysis By Component
5.2. Global Weighted Average Pricing Analysis Benchmark
6. Global Substation Automation Market Demand (in US$ Mn) Analysis 2017-2021 and Forecast, 2022-2032
6.1. Historical Market Value (US$ Mn) Analysis, 2017-2021
6.2. Current and Future Market Value (US$ Mn) Projections, 2022-2032
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