The worldwide Substation Automation Market Analysis is predicted to develop at a higher CAGR of 6%, reaching a larger percentage value of USD 51 billion by the end of the projected timeframe. This is a performance monitoring solution for substations that includes connection and monitoring and protection and control.
Several factors contribute to the market's rapid expansion. As
a result of increased state and corporate engagement in smart grid megaprojects
and increased funding for the creation of smart societies, the worldwide market
for building automation is seeing strong growth. In addition, it aids in
lowering operating and maintenance expenses. It also increases factory
efficiency, which in turn increases the pace of market expansion. Electrical
power is safe, reliable, and very effective with it.
Substation automation is a process for using data from
Intelligent Electronic Devices. It refers to the control and automation of
substation capabilities and the control of power system devices by remote user
commands. Growing demand for better electricity services worldwide and growing
demand for smart grids are the key drivers for the growth of the substation
automation sector.
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Key Players
Some of the significant participants identified by MRFR
operating in the global Substation Automation Market are Schneider
Electric (France), General Electric (U.S.), Siemens AG (Germany), ABB Group
(Switzerland), Tropos Network (U.S.), Cisco Systems, Inc. (U.S.), EATON Corp.
(U.S.), Encore Networks (U.S.), Toshiba Corporation (Japan), Grid Net (U.S.),
Cooper Industries (U.S.), Power System Engineering, Inc. (U.S.), Texas
Instruments (U.S.), Larsen & Toubro Limited (India), Axiomtek Co. Ltd
(Taiwan), Ametek (U.S.), SAE IT-systems GmbH & Co. KG (Germany), among
others.
Competitive Analysis
The global market for substation automation continues to be
highly competitive. To target, segment, and position their sensors on the
global market and drive business growth, companies need to come up with
innovative technological solutions to stay competitive. Industry leaders are investing
in research and development to evolve their products continually and pursue
market growth through a combination of strategic mergers and acquisitions,
developments, and cost-effective product portfolios.
Market Dynamics
Growing demand for the retrofit of conventional substations
and smart grids are some of the key drivers of market growth for substation
automation. The smart grid contributes to the reliability and productivity of
power systems. Moreover, the advanced smart substation automation system boosts
the demand for the substation automation market as it is widely used in power
system applications. The introduction of conventional protection is essential
to the substation. The requirements of such systems are used for the protection
and control of such automation. It tracks the state of the equipment. Such
systems are equipped with intelligent electronic devices capable of protecting
and controlling the system and providing high-performance remote power
management functions.
Market Segmentation
The global market for substation automation has been segmented
on the basis of component, module, communication channel, and industry.
On the basis of component, the global market for substation
automation has been segmented into recloser controller smart meter, load tap
controller, capacitor bank controller, and others.
On the basis of module, the global market for substation
automation has been segmented into SCADA, intelligent electronic device,
communication network, and others.
On the basis of the communication channel, the global
substation automation market has been segmented into ethernet, power line
communication, optical fiber communication, copper wire communication, and
others.
On the basis of industry, the global substation automation
market has been segmented into utility, transportation, mining, steel, and
others.
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Regional Analysis
The global substation automation market is spanned across
North America, Europe, Asia Pacific, and the rest of the world.
In North America, the substation automation market is
experiencing high market growth due to the growing popularity of advanced
intelligent electronic devices and communication technologies that are driving
market growth in substation automation. In comparison, European countries are
arising as substation automation market due to the rising demand for smart
grids and are projected to rise at the highest CAGR during the review period.
Asia Pacific countries such as China, Japan, and India are some of the world's
leading market share regions.
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