New York, US, May 26, 2022 (GLOBE NEWSWIRE) — Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Substation Automation Market” information by Component, Model, Communication Channel, and Region – Forecast to 2030” market size will touch USD 60.2 billion at a 7.1% CAGR by 2030.
|Market Size||USD 60.2 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Component, Communication, Module, Industry|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||SAE IT-Systems GmbH & Co. KG (Germany), Ametek (US), Toshiba Corporation (Japan), Axiomtek Co. Ltd. (Taiwan), Texas Instruments (US), Power System Engineering, Inc. (US), Larsen & Toubro Limited (India), Cooper Industries (US), Cisco Systems, Inc. (US), Grid Net (US), Encore Networks (US), EATON Corp. (US), Tropos Network (US), General Electric (US), ABB Group (Switzerland), Siemens AG (Germany), Schneider Electric (France),|
|Key Market Opportunities||Increasing investment in renewable energy projects to fulfill the need for energy provides various growth opportunities|
|Key Market Drivers||Increasing investment by the government, as well as individuals in smart grid infrastructure development projects coupled with increasing investment for the making of smart cities|
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Substation Automation Market Drivers
Growing Adoption in Utility Industry to Boost Market Growth
The increasing adoption of substation automation in the utility industry will boost market growth over the forecast period. This is due to the increasing government initiatives for modernizing power networks coupled with rising investments in the generation of renewable energy.
The growing need for reliable and safe electricity supply will offer robust opportunities for the market over the forecast period. Substations get electricity from the transmission at a high voltage and reduce the voltage to the right level for using the same for local distribution.
Restraints and Challenges
High Installation Cost to act as Market Restraint
The high installation cost of IEDs in the substation, cyber-attacks, and slowdown in the power generation industry may act as market restraints over the forecast period.
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The global substation automation market is bifurcated based on component, communication, module, and industry.
By component, the substation automation market is segmented into recloser controller, capacitor bank controller, smart meter, load tap controller, and others.
By communication, copper wire communication channel will lead the market over the forecast period.
By module, SCADA will dominate the market over the forecast period.
By industry, utility will spearhead the market over the forecast period.
The global substation automation market was hampered by supply chain interruptions, variations in demand share, economic conditions, and the immediate and long-term effects of the new coronavirus. This outbreak has put a halt to economic activity, plunging the global economy into a deep slump. Furthermore, because the origins are in China, the global supply chain is experiencing closure and extraordinary disruption. With the lifting of global lockdowns and restrictions, the market is expected to return to normal in the coming days.
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North America to Command Substation Automation Market
The North American area holds the highest market share in the global substation automation market, for the rising popularity of the communication technologies combined with an improved intelligent electronic device that drives market demand in this region. Furthermore, the presence of several major significant competitors in this region fuels market demand. North America’s commanding position might be ascribed to the US and Canadian governments’ various financing efforts for power system upgrades. North American governments are also putting money into the deployment of new energy and power technology, which will help the area make the transition to stronger, smarter, and more effective electric grid networks.
The growth of the North American substation automation market is spurred by ageing grid infrastructure and stringent government regulations regulating the adoption of the sustainable power technologies. Several prominent competitors in the worldwide substation automation market are concentrating their efforts in North America on energy generation, transmission, and distribution. In the global market, key players in North America are focusing on implementing intelligent power transmission & distribution systems, such as substation automation technology, and establishing value-grab income streams. Because of the growing popularity and use of advanced intelligent electronic devices and communication technologies, North America is seeing rapid market expansion. This is assisting the expansion of the substation automation market as well as the advancement of electrical technology in nations such as the United States and Canada. North America’s dominant position can be attributed to many financial schemes for electricity grid modernization implemented by the US & Canadian governments. Governments are also funding the deployment of contemporary energy and power technology, which will aid the region’s transition to smarter, stronger, and more efficient electric grid networks. The expansion of the substation automation market is fueled by ageing grid infrastructure and stringent government laws requiring the implementation of sustainable power technologies.
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APAC to Have Significant Growth in Substation Automation Market
During the projected period, APAC is expected to have the highest CAGR. Governments in various APAC countries have taken several measures to strengthen the power and energy sector, propelling the substation automation market forward. The Indian government has started a number of initiatives to resurrect power distribution utilities & electrify villages. The government in India, the government is implementing a smart infrastructure strategy. The grid digitalization is part of the smart power infrastructure, which helps supply uninterrupted electricity to residential, industrial, and commercial end users. Furthermore, the Chinese government will invest USD 31 billion in 2020 to upgrade its grid infrastructure via adding automated substations.
During the projected period, the market is expected to gain significant market share. The market’s dominance in this region of the world is largely owing to increased investments in power transmission and distribution. In Asia Pacific, China has the largest share while Japan and India are likely to see significant revenue growth. China, Japan, India, Malaysia, and Thailand are among of the key countries in the Asia Pacific area that are focused on grid stability all over their distribution networks. Furthermore, Asia Pacific is expected to rise at a strong rate throughout the forecast period, owing to rising need for rural electrification & the adoption of equipment that improves substation safety and efficiency. The presence of enterprises bringing in electrical equipment innovations will also contribute to area growth.
Dominant Key Players in Substation Automation Market Covered are:
- SAE IT-Systems GmbH & Co. KG (Germany)
- Ametek (US)
- Toshiba Corporation (Japan)
- Axiomtek Co. Ltd. (Taiwan)
- Texas Instruments (US)
- Power System Engineering, Inc. (US)
- Larsen & Toubro Limited (India)
- Cooper Industries (US)
- Cisco Systems, Inc. (US)
- Grid Net (US)
- Encore Networks (US)
- EATON Corp. (US)
- Tropos Network (US)
- General Electric (US)
- ABB Group (Switzerland)
- Siemens AG (Germany)
- Schneider Electric (France)
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