The global substation automation market size was estimated to be US$ 132.5 billion in 2020 and is expected to reach US$ 221.5 billion by 2032 at a CAGR of 4.8%.
Substation automation is the act of controlling and directing orders from distant users utilizing data or information from intelligent electronic devices (IEDs) within a substation. It connects power plants and grids to ensure that electricity is delivered consistently and reliably. It contains reclosers, programmable logic controllers, capacitor banks, smart meters, transformers, switches, and digital relays, among other things. The SAS is a software-based substation automation solution that improves asset performance while lowering human involvement and operational expenses. As a result, it's employed in a variety of sectors, including oil and gas, transportation, mining, and steel production.
Rapid industrialization and a growing need for cost-effective energy management systems are propelling the market forward globally. By managing voltage variations, automated substations help to reduce outages and overall operating expenses. Energy transmission and distribution (T&D) networks rely heavily on them. Market expansion is being fueled by a variety of technical improvements, as well as the integration of main equipment with contemporary sensors, protective relays, programmable logical controllers, and digital transducers.
Furthermore, the market's prospects are bolstered by the growing trend of smart cities and widespread use of smart grids, especially in emerging markets. Other factors such as increasing retrofitting and updating of obsolete substation equipment, government aid for substation automation, and significant research and development (R&D) efforts are expected to further enhance the market.
The market for smart grids is growing as the need for efficient energy transmission, cheaper utility operations and administration costs, and ultimately lower power bills for customers grows. As a result of increased integration of large-scale renewable energy systems and enhanced security, smart grids are also becoming increasingly widespread in substation automation. Smart grid communication technology offers utilities, their suppliers, and their consumers with predictive data and advice on how to appropriately manage electricity.
Furthermore, cutting-edge technologies are being used to establish smart grids in substations and electrical networks. You'll need comprehensive data from transmission network substations to analyze and control the smart grid. The market is being driven by trends toward improving and rebuilding existing classic substations, as well as building new contemporary substations.
Substation automation, which employs modern technology, may help reduce operating and maintenance costs while also enhancing plant production. It also performs interlocking and smart load shedding operations to ensure the electrical power network's high performance, dependability, and safety.
Smart grids can reduce energy losses during transmission and distribution, improve reliability and productivity, and manage energy demand intelligently and cost-effectively. Smart grid development is gaining major financing across the world due to all of these benefits. In May 2018, Natural Resource Canada, for example, invested USD 949,000 in a next-generation smart grid initiative. The grid project intends to promote the use of renewable energy sources and the development of technology to integrate new clean energy sources without jeopardizing the present networks' stability and reliability.
Global Substation Automation Market- Share Analysis, by Geography (2022)
The report titled “Global Substation Automation Market- Global Market Share, Trends, Analysis and Forecasts, 2023-2032” offers market estimates for a period 2019 to 2032, wherein 2021 is the historic period, 2022 is the base year, and 2023 to 2032 is forecast period.
Additionally, the study takes into consideration the competitive landscape, wherein the report would provide company overview and market outlook for leading players in the Global Substation Automation Market. Furthermore, the report would reflect the key developments, global & regional sales network, business strategies, research & development activities, employee strength, and key executive, for all the major players operating in the market.
The goal is for mobile systems to function independently in uncertain and dynamic situations in order to complete their objectives. It is critical to examine and model the environment appropriately for this aim. To achieve precise location, the data collected by sensors must be integrated. Furthermore, the seen surroundings must be unified into a precise map representation. The robot can design an ideal collision-free path to a given target and execute difficult handling tasks after acquiring this information.
The research provides in-depth analysis of prominent players holding majority share of the global market with a focus on all operating business segment and would identify the segment of the company focusing on Global Substation Automation Market. Further, market share of prominent companies in the Global Substation Automation Market would also be estimated. The study takes into consideration the key competitive information such as business strategy, product portfolio, key development, SWOT analysis, and research and development focus of all the Global Substation Automation Market companies.
The Global Substation Automation Market study would take into consideration the participants engaged throughout the supply chain and value chain of the market, along with their contribution. Product portfolio would focus on all the products under the relevant business segment of the company. Similarly, the recent development section would focus on the latest developments of company such as strategic alliances and partnerships, merger and acquisition, new product launched and geographic expansion in the Global Substation Automation Market.
The research offers a competitive landscape based on an in-depth analysis of the top industry competitors' key strategies in the Global Substation Automation Market Hitachi ABB Power Grids (Switzerland), Siemens Energy (Germany), General Electric (US), Cisco (US), Schneider Electric (France), Eaton Corporation (Ireland), Honeywell (US), Schweitzer Engineering Laboratories (US), NovaTech Automation (US), and CG Power and Industrial Solutions (CG Power and Industrial Solutions) are among the companies profiled in the report. To increase their market position, these organizations use both organic and inorganic growth tactics, such as product launches and innovations, collaborations, contracts, and mergers and acquisitions
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The substation automation market is expected to reach US$ 221.5 billion by 2032.
The substation automation market is expected to grow at a CAGR of 4.8% by 2032.
Hitachi ABB Power Grids (Switzerland), Siemens Energy (Germany), General Electric (US), Cisco (US), Schneider Electric (France), Eaton Corporation (Ireland), Honeywell (US), Schweitzer Engineering Laboratories (US), NovaTech Automation (US), and CG Power and Industrial Solutions (CG Power and Industrial Solutions)
The global substation automation market size was estimated to be US$ 132.5 billion in 2020.
The market is being propelled ahead by rapid industrialization and a growing need for cost-effective energy management systems all over the world.
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