Global Substation and Automation Market - Size
Base Year For Estimation
2023
Forecast Data Period
2024-2030
Historical Data Period
2018-2021
Source: Envision Intelligence Analysis & Experts Insights.
*Graph shown for illustrative purpose only, the final report will have the graph with actual data and data labels
Substation automation is an integral part of an electrical system for generation and refers to using data from intelligent electronic devices and control commands from remote users. The substation has become an essential need for power companies and utilities about growing demand for energy globally.
Global Substation and Automation Market Segments Size & Growth:
The market is valued at $37.56 Billion in 2017 and is expected to reach $55.19 Billion by 2024 at a CAGR of 6%. The major growth factors contributing to the market include low-cost substation automation solutions in the solar industry, growing demand for retrofitting conventional substations, integration of functions with digital technology to improve grid efficiency in smart cities and net power stations and smart grid in different industries are leading to the substation automation market growth.
Global Substation and Automation Market Segments Share:
Global substation automation market is classified into Module, offering, type, installation type, end-users, and geography. Based on the module, the market is segmented into intelligent electronic devices, communication networks, and SCADA systems. Among which SCADA systems are witnessing the highest market growth rate and estimated to grow at a considerable growth rate at a CAGR of 9% during the forecast period owing to the growing advancements in smart grid technology. Based on the offering, the market is categorised into hardware, software, and service. Among which software is
Global Substation and Automation Market - Growth
Source: Envision Intelligence Analysis & Experts Insights.
*Graph shown for illustrative purpose only, the final report will have the graph with actual data and data labels
the prominent factor for the growth of the substation automation to gather the data from intelligent electronic devices. Based on the type, substation market is segmented into Transmission substation and distribution substation. In which transmission substation is the key element as a communication channel is a major element in transmission, which communicate across remote areas with improved efficiency of power utilities. Based on installation type, the market is segmented into retrofit installation and new installation. In which retrofit is expected to witness the major share as there is a scope of new technology or features to be developed in the place of older featured products with an automated system. Based on end users, the market is classified into utility, steel, mining, oil & gas and transportation among which utility is the major segment held the largest share of the substation automation and integration market. The utility industry is one of the booming application areas about substation automation and integration, owing to the high demand-supply gap in energy in most of the developing and developed industries. Geographically, the market is categorised into North America, Asia-Pacific, Europe, South America and the Middle East and Africa. North America dominated the market with a significant revenue share of over 32%. Emerging countries such as China and India are anticipated to drive the substantial demand
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Global Substation and Automation Market - Porter's Five Force Analysis
Source: Envision Intelligence Analysis & Experts Insights.
*Graph shown for illustrative purpose only, the final report will have the graph with actual data and data labels
in this region, owing to the increasing demand for energy efficiency and smart power infrastructure. Europe is anticipated to witness a considerable growth owing to the increasing demand for smart grid solutions in Western Europe.
Global Substation and Automation Market Trends:
- The Smart Grid technology aims at raising operational efficiencies of operators by increasing the flow of information and automation to enable better and faster decisions, hence reducing operational cost.
- SCADA systems are becoming increasingly ubiquitous. Thin clients, web portals, and web-based products are gaining popularity with most major vendors with additional security aspects.
- Cybersecurity for substation automation with intelligent electronic devices.
Global Substation and Automation Market Research Report includes:
An executive summary condensing the whole report such that essential authority can rapidly twist up doubtlessly acquainted with brief overview and conclusion.
To have complete market analysis, industry value chain analysis, Porter’s Five Force Analysis, PESTLE, SWOT analysis, and Y-o-Y analysis were carried to understand the market more comprehensively.
Regional and global diversity is analysed with the major countries and the unions. Scrutinizing the revenue generation on Year-On-Year
Identifying DROC in the current market and their impact in altering the market dynamics.
Competitive landscape analysis to identify the mergers and acquisitions which will have a comparative financial analysis with major competitors.
Expertise investment opportunities by an analyst to the individual and organisation to have a better foothold in the market.
The major market players are
- Schneider Electric
- ABB Ltd
- Cisco Systems Inc.
- Siemens AG
- General Electric
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