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Substation Automation Market Segmentation by Type (Transmission, and Distribution); by Communication Mode (Wired, and Wireless); by Stage (Retrofit, and New); and by End User (Utility, Electronics, and Others) – Global Demand Analysis & Opportunity Outlook 2031

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IN THE NEWS

  • January 18, 2022: Eaton Corporation PLC to launch advanced intelligent power management UPS in North America market for power protection in IT environments.

  • July 20, 2021: ABB ltd. announced the acquisition of ASTI Group, with the insight to drive next generation of flexible automation.

Global Substation Automation Market Highlights over 2022 – 2031

The global substation automation market is estimated to grow at a CAGR of ~6% over the forecast period, i.e., 2022 – 2031. Substation Automation is a comprehensive control and monitoring solution that provides protection, remote control, automation, monitoring, and communication capabilities to electronic devices. The growth of the market can be attributed to the growing adoption of smart grid across the globe, along with the acceptance of intelligent electronic devices.

Substation Automation Market

In addition to this, increasing demand for efficient electricity transmission, backed by growth of smart grids, along with the need to reduce operations and management costs for utilities, are anticipated to boost the market growth. According to the data by the International Energy Agency (IEA), smart grid investments are expected to reach USD 290 billion in 2021, up from USD 270 billion in 2019.  Additionally, in 2019, USD 18 billion were invested in the smart grid infrastructure, while USD 21 billion was spent for installation of smart meters.

Global Expenditure in Smart Meters (in Billion USD), 2015-2019

The market is segmented by end-user into utility, electronics, and others, out of which, the electronics segment is anticipated to hold the notable share in the global substation automation market over the forecast period on account of the increasing government initiatives towards modernization of power grids, along with rising adoption of smart grids. CLICK TO DOWNLOAD SAMPLE REPORT

Major Macro-Economic Indicators Impacting the Market Growth

 Major Macro-Economic Indicators Impacting the Market Growth

In 2019, the world’s total energy supply was 606EJ, wherein the highest share in terms of source was captured by oil, accounting for 30.9%, followed by coal (26.8%), natural gas (23.2%), biofuels and waste (9.4%), nuclear (5.0%), hydro (2.5%), and other (2.2%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 1% due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.

Global Substation Automation Market Regional Synopsis

On the basis of geographical analysis, the global substation automation market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of evolving energy infrastructure, backed by the growing industrialization in developing countries. The growing demand for smart grids and smart electric meters to optimize energy utilization, along with the initiatives to promote the use of renewable is projected to promote market growth in the region.

The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the rising adoption of advanced electronic devices. Moreover, escalating adoption of smart grids in the region is also estimated to boost the market growth. For instance, over 90 million smart meters were installed throughout U.S. in 2019.

Substation Automation Market Share

The global substation automation market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global substation automation market includes the following segments:

By Type

  • Transmission
  • Distribution

By Communication Mode

  • Wired
  • Wireless

By Stage

  • Retrofit
  • New

By End User

  • Utility
  • Electronics
  • Others

Growth Drivers

  • Increasing Investments in Smart Cities
  • Rising Demand for Power amongst Industries

Challenges

  • Higher Cost of Installation
  • Issues with Cyber Crimes and Hacking

Top Featured Companies Dominating the Market

  • ABB Ltd.
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis 
  • SAE IT-Systems GmbH & Co. KG
  • AMETEK, Inc.
  • Axiomtek Co. Ltd.
  • Toshiba Corporation
  • Texas Instruments Incorporated
  • Larsen & Toubro Ltd.
  • Cisco Systems, Inc.
  • Eaton Corporation PLC
  • General Electric Company

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