Global Substation Automation Market to Reach Over 56,644.87 Million by 2031
Category : IT And Telecommunications | Published Date : Aug 2024 | Type : Press Release
Substation Automation Market Scope & Overview:
Substation automation combines hardware and software to manage electrical systems locally and remotely. It controls power system devices and is widely used in the utility sector, offering features such as protection, control, automation, monitoring, and communication. Its benefits include increased reliability, early fault detection, improved worker safety, and enhanced utilization of smart infrastructure.
Consegic Business Intelligence analyzes that the Global Substation Automation Market size was valued at USD 32,606.93 Million in 2023, is projected to grow by USD 34,356.62 Million in 2024, and is expected to register a CAGR of 7.1% to reach USD 56,644.87 Million by 2031.
This report comprises Substation Automation Market Share, Size & Industry Analysis, By Offering (Hardware, Software, and Service), By Type (Transmission Substation and Distribution Substation), Installation (New Installations and Retrofit Installations), Application (Control Function, Monitoring Function, Alarming Function, Measurement Function, Voltage Regulation, Alarm, and Signals and Others), End-User (Energy & Utility, Oil & Gas, Manufacturing, Mining, Transportation and Others), By Region (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa), and Forecast, 2024-2031.
This report contains detailed information on Substation Automation Market Trends, Opportunities, Value, Growth Rate, Segmentation, Geographical Coverage, Company Profile, In-depth Expert Analysis, Revenue Forecast, Competitive Landscape, Growth Factors, Restraint or Challenges, Environment & Regulatory Landscape, PESTLE Analysis, PORTER Analysis, Key Technology Landscape, Value Chain Analysis, and Cost Analysis.
As per the report analysis, the surge in renewable energy is driving the growth of the Substation Automation market. The increasing investment in smart metropolises is expected to create new opportunities in the market.
Segmental Analysis :
The Substation Automation market is segmented based on offering, type, installation, application, end-user, and region.
Based on the offering, the market is trifurcated into Hardware, Software, and Service.
- The hardware segment held the largest market share in 2023 as hardware includes sensors, transducers, remote terminal units, intelligent electronic devices, and redundancy devices. All of which are crucial for the substation automation ecosystem.
- The software segment is anticipated to witness the CAGR over the forecasted period as it offers benefits such as reduced risks, decreased maintenance expenses, inexpensive flexibility, and more.
Based on the type, the market is bifurcated into Transmission Substations and Distribution Substations.
- The transmission substation segment held the largest market share in 2023 and is expected to register the fastest CAGR during the forecasted period due to the increasing power need and advancements in digital transmission substations.
Based on the installation, the market is bifurcated into New Installations and Retrofit Installations.
- The new installations contributed the highest market share in 2023, as they are required to improve infrastructure and integrate renewable energy sources into the power grid.
Based on the application the market is segmented into control function, monitoring function, alarming function, measurement function, voltage regulation, alarm and signals, and others.
- In 2023 the control function held the largest market share due to its functions and benefits such as substation protection, fault detection, and electricity flow analysis among others.
- Over the forecasted period, the monitoring function is anticipated to register the fastest CAGR due to its functions like preventive maintenance, data analysis, and others.
Based on the end users the market is segmented into energy & utility, oil & gas, manufacturing, mining, transportation, and others.
- The energy & utility segment accounted for the highest revenue share in 2023 and is also expected to witness the fastest CAGR over the forecasted period. This is mainly due to the wide applications of substations in the sector.
By region, the market is segregated into regions including North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
- North America is estimated to reach over USD 18,970.37 Million by 2031 from a value of USD 10,917.07 Million in 2023, driven by the well-established energy industry in the region.
- Asia Pacific region was valued at USD 7,953.10 Million in 2023. Out of this, China accounted for the maximum revenue share of 29.1%. The growth in the region is due to increasing investments in renewable energy sources and growing power generation.
| Report Attributes | Report Details |
| By Offering | Hardware, Software, and Service |
| By Type | Transmission Substation and Distribution Substation |
| By Installation | New Installations and Retrofit Installations |
| By Application | Control Function, Monitoring Function, Alarming Function, Measurement Function, Voltage Regulation, Alarm and Signals and Others |
| By End-User | Energy & Utility, Oil & Gas, Manufacturing, Mining, Transportation and Others |
| By Region | North America(U.S., Canada, Mexico) Europe(U.K., Germany, France, Spain, Italy, Russia, Benelux, Rest of Europe) APAC(China, South Korea, Japan, India, Australia, ASEAN, Rest of Asia-Pacific) Middle East & Africa(GCC, Turkey, South Africa, Rest of MEA) LATAM(Brazil, Argentina, Chile, Rest of LATAM) |
Top Key Players & Competitive Landscape :
The competitive landscape encompasses major innovators, aftermarket service providers, industry giants, and niche players, all of which are thoroughly examined by Consegic Business Intelligence in terms of their strengths, weaknesses, and value-addition potential. This report includes detailed profiles of key players, market share analysis, mergers and acquisitions, resulting market fragmentation, and emerging partnership trends and dynamics.
List of prominent players in the Substation Automation Industry:
- Schneider Electric (France)
- Hitachi Energy Ltd. (Japan)
- Cisco (Japan)
- Operation Technology, Inc. (U.S)
- Rockwell Automation (U.S)
- ABB (Switzerland)
- Siemens (Germany)
- General Electric (U.S)
- Schweitzer Engineering Laboratories, Inc. (U.S)
- Eaton (Ireland)
Recent Industry Developments :
- In May 2024, Systems with Intelligence Inc. Launched the DVS3000 Substation Hardened Digital Video Server for electric utility, industrial, and oil & gas applications.
- In January 2024, Hitachi Energy launched the SAM600 3.0, a modular process interface unit (PIU) that advances digital substation technology.
- In December 2023, Arteche, a Spanish company focused on energy sector solutions, received a €29 million loan from the European Investment Bank (EIB).
- In October 2023, Hitachi Energy reached more than 150 GW of high-voltage direct current (HVDC) connections worldwide, sufficient to satisfy Japan's maximum power usage.
- In January 2023, Hitachi Energy acquired an Italian power equipment designer and manufacturer for electric mobility and rail called COET.
- In January 2023, ABB introduced the Smart Substation Control and Protection SSC600 SW, the first virtualized protection and control solution.
