Substation Automation Market Analysis: Major Players, Lucrative Segments And Top Geographies
17 Jul, 2023
The global substation automation market size is expected to grow from $32.00 billion in 2022 to $34.23 billion in 2023 at a compound annual growth rate (CAGR) of 6.99%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global substation automation market size is expected to reach $45.41 billion in 2027 at a CAGR of 7.32%.
Global Substation Automation Market Key Driver
The rising need for electricity is projected to drive the expansion of the substation automation market in the coming years. Electric power is defined as the quantity of energy transferred per unit of time. The rising demand for electricity has resulted in a greater requirement for more efficient management of the electrical grid system. Substation automation includes automating the monitoring and control of power supply at substations to maintain a consistent and stable supply of electricity, detecting and addressing issues in real time, and preventing power outages.
Get a sample of the global substation automation market reportGlobal Substation Automation Market Segments
The global substation automation market is segmented:
1) By Component: Hardware, Software
2) By Rated Voltage: Low Voltage, Medium Voltage, High Voltage
3) By Communication: Optical Fiber Communication Channel, Power Line Communication Channel, Copper Wire Communication Channel, Ethernet, Other Communication
4) By Module: Supervisory Control and Data Acquisition (SCADA), Intelligent Electronic Devices (IED), Communication Network, Other Module
5) By End-User Industry: Utilities, Steel, Oil And Gas, Mining, Transportation
6) By Geography: The regions covered in the substation automation market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions, North America accounts for the largest share in the global substation automation market.
Major Substation Automation Industry Players
ABB Ltd., Cisco Systems Inc., Eaton Technologies Pvt. Ltd., General Electric, Schneider Electric SE, Siemens AG, Ingeteam, Encore Networks, Schweitzer Engineering Laboratories Inc., Toshiba Energy Systems And Solutions Corporation, SAE-IT Systems GmbH And Co. KG, Mitsubishi Electric Automation, Emerson Electric Co., ENTEC Electric And Electronic, Fuji Electric Co. Ltd.
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Substation Automation Market Overview
Substation automation is the set of hardware and software components that monitor and operate an electrical system both locally and remotely. Substation automation's major objective is to enhance the operation and upkeep of these vital power grid substations, which transform, distribute, and regulate electrical energy.
Substation Automation Global Market Report 2023 provides data on the global substation automation market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The substation automation market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.