According to Future Market Insights (FMI), global substation automation sales are expected to grow at a CAGR of 6% between 2023 and 2033. The substation automation market is expected to exceed $37. 8 billion in 2023 and reach $67. 29 billion by 2033 in a positive call to the forecast.
The recovery of the substation automation market is expected after overcoming the initial delay of the COVID-19 outbreak. The research predicts that between 2023 and 2033, substation automation sales will grow at a CAGR of 8. 20% in terms of value.
The increasing demand for substation automation modernization across all end-use sectors is expected to augment the growth of the market. In addition, the increase in virtual systems programs in production units, utilities, and the oil and fuel sector will continue to drive substation automation sales in the coming years.
Substation automation systems streamline asset control, operational and maintenance functions with minimal human intervention. Installing these systems also reduces fixed prices and prevents forced breakdowns.
Disturbance investigation is another advantage of substation automation. The implementation of those systems records the waveform of defects and timestamps the measured operational data. Due to these factors, substation automation programs are expected to accumulate in the sectors’ production facilities. .
Additionally, substation automation sales are expected to gain momentum in advertising and municipal utilities. According to the US Energy Information Administration (EIA), about 20% of the energy generated in the country came from renewable energy sources.
The growing demand for effective power in the advertising and residential sectors is expected to drive the adoption of substation automation in the coming years.
“Sales are expected to increase the adoption of substation automation in smart grids to enable remote monitoring and avoid grid outages. In addition to this, the scaling up of substation automation software programs to monetary performance, visitor services, and organizational powerhouse will continue to drive market expansion through 2031,” says FMIArray analyst.
Key Takeaways from the Substation Automation Market Study:
In terms of components, sales of substation automation software are expected to grow at a remarkable rate during the evaluation period. Depending on the type of control system, total sales of SCADA-based substation automation are expected to exceed $34 billion through 2031. The call for substation automation in production assemblies is expected to account for 20% of total sales in 2021.
Sales of substation automation in the U. S. are expected to increase in the number of substation automation sales in the U. S. The U. S. is expected to reach a value of $6. 8 billion by 2031. China is expected to dominate the substation automation market in East Asia, with sales growing at a CAGR of 6. 8% during the evaluation period. By 2031, India is expected to account for 40% of the total substation automation sales in the South Asia market. Demand for substation automation in Japan and South Korea is expected to grow at a CAGR of 5. 9% and 6. 2%, respectively.
Important Drivers:
Growing government-backed investments in smart cities from countries such as India, China, and Brazil are expected to give a favorable boost to substation automation sales. The expansion of the status quo from knowledge hubs to virtual activities in various end-use sectors is expected to drive the Call for Substation Automation Systems.
More About FMI’s Substation Automation Market
The most recent market study on Substation Automation market conducted through Future Market Insights provides detailed segmentation for the forecast period 2021-2031. To have a greater share of the global Substation Automation market potential, its growth, trends, and opportunities, the market is segmented on the basis of:
Component:
Hardware IEDs Bay Controller Feeder and Motor Protection Relay Tele controller / IECs Circuit Breaker Control & Management Line Differential Others Software Data Visualization and Monitoring Data Analysis
Key Questions Covered in the Substation Automation Market Report
The report offers detailed insights into the substation automation market demand outlook for 2021-2031. The market study also highlights projected sales growth for the substation automation market between 2021 and 2031.
Substation Automation market studies identify the major expansion drivers, restraints, and other forces affecting the prevailing trends and assessing the existing market size, forecasts, and technological advancements within the industry. Analysis of the Substation Automation market percentage of key corporations in the industry and policy of methods such as mergers and acquisitions, joint ventures, collaborations or partnerships, etc.
Competitive Landscape
Leading players operating in the global substation automation market are aiming at production facility expansions through mergers, acquisitions, and collaborations. Players are also entering into partnerships to expand their product portfolios to cater to a growing consumer pool. For instance:
In November 2020, Kuwait’s Ministry of Electricity and Water (MEW) awarded Siemens Energy the power supply for 116 high-voltage substations. The complex maintenance facilities presented through those substations will improve performance, reduce operating costs, and provide more reliable grid operations to the Kuwaiti Ministry. In November 2020, Schneider Electric acquired a majority stake in ETAP Automation Inc. (Dubai), for the integration of renewables, fuel cells, microgrids and battery garage technologies into the electric power grid.
Key Companies Profiled:
Key Segments Covered in Substation Automation Industry Analysis
Substation Automation Market Through Components:
Substation Automation Market Through Site:
Substation Automation Market via Nominal Voltage:
Substation Automation Through Control System Market:
In-app substation automation market:
Substation Automation Market Through End User:
Substation Automation Market by Region:
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award winner, and member of the New York Chamber of Commerce) provides detailed insights into the points driving market demand. FMI is the world’s leading provider of market intelligence, advisory and advisory opportunities for the packaging, food and beverage, consumer technology, healthcare, industrial and chemical sectors. With an extensive team of more than 5,000 analysts worldwide, FMI provides global, regional, and local expertise in diverse industry spaces and trends in more than 110 countries.
Contact us:
Nandini Singh Sawlani
The Associate Vice President of Future Market Insights is deeply committed to uncovering actionable insights for customers and food and beverage stakeholders. It brings a combination of analytics, industry trends, and customer habits to put knowledge into perspective.
What she makes out of data becomes a delight to read. She has authored many opinions, including for publications like Process Industry Informer and Spinal Surgery News, as she understands the market pulse and consumers’ shifting preferences.
She likes to bring experts to a roundtable to weigh the impact of a trend on an industry. Catch up with her discussion on the impact of AI in packaging.