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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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Report ID: 3908 | Published On: Feb 06, 2023
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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


Substation Automation Market
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Major Macro-Economic Indicators Impacting the Market Growth
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 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.


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


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

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 Economic Impact

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Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.

Key Questions Answered in the Report

1) What are the major factors driving the growth of the substation automation market?

Ans: The increasing acceptance of intelligent electronic devices is estimated to boost the market growth.

2) What would be the CAGR of substation automation market over the forecast period?

Ans: The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2022 – 2031.

5) Who are the major players dominating the substation automation market?

Ans: The major players in the market are AMETEK, Inc., Axiomtek Co. Ltd., Toshiba Corporation, Texas Instruments Incorporated, Larsen & Toubro Ltd., Cisco Systems, Inc., Eaton Corporation PLC, General Electric Company, and others.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the substation automation market?

Ans: The market is segmented by type, communication mode, stage, end-user, and by region.

8) Which segment captures the largest market size in end-user segment in the substation automation market?

Ans: The electronics segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.

8) What are the challenges affecting the market growth?

Ans: High installation cost, and issues of cybercrime, are estimated to hamper the market growth.

8) Which region will provide more business opportunities for growth of the substation automation market in future?

Ans: The North America region is anticipated to provide more business opportunities over the forecast period owing to the increasing adoption of smart meters in the region.

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