Substation Automation Market: Future of Power Generation and Global Market Potential

Substation Automation Market is expected to reach US $57.48 billion by 2027, thanks to growth in the new installations segment. The report analyzes Substation Automation market dynamics by region, offering, end-user, type, communication, and stage.

Substation Automation Market Overview:

The global substation automation market was valued at US $38.10 Bn. in 2020, and it is expected to reach US $57.48 Bn. by 2027 with a CAGR of 6.05% during the forecast period. A substation automation system is a set of hardware and software components that are used to remotely monitor and control an electrical system. To improve the system's overall efficiency and productivity, a substation automation system automates some repetitive, monotonous, and error-prone processes. To control power-system devices, substation automation uses data from Intelligent electronic devices (IED), control and automation capabilities within the substation, and control orders from distant users. Because both full substation automation and substation integration are required, the phrases are sometimes used interchangeably. Processes linked with electricity generation and delivery are included in power-system automation. Power supply systems at the substation and on the pole are monitored and controlled to limit the number of outages and shorten the duration of those that do occur. Substation Automation Market To know about the Research Methodology :- Request Free Sample Report 2020 is considered a base year however 2020's numbers are on the real output of the companies in the market. Special attention is given to 2020 and the effect of lockdown on the demand and supply, and also the impact of lockdown for the next two years on the market. Some companies have done well in lockdown also and specific strategic analysis of those companies is done in the report.

Global Substation Automation Market Dynamics:

Investments In Sustainable Energy Infrastructure Development Projects Are Surging: After dropping for the fourth year in a series in 2020 because of the COVID-19 pandemic, power grid investments are likely to increase by approximately 10% in 2021 thanks to increased infrastructure spending in China, Europe, and the United States. As part of the goal to attain carbon-free power generation, ambitious expansion, and recovery plans are being integrated with policies to develop more resilient and digital grids. However, in the Net Zero Emissions by 2050 Framework, grid investment more than triples by 2030, with smart grids and digital investments accounting for approximately 40% of overall investments.Substation Automation Market Smart Grid Technology And Digitalization Are Being Actively Focused By Corporations, Governments, And Utilities: The power sector is being impacted by the digital revolution in the global economy. From digital substations, smart meters, and smart EV charging infrastructure to software solutions like digital twins, artificial intelligence, blockchain technology, and dynamic line rating, corporations, utilities, and governments are increasingly embracing digital technologies. For example, through its National Smart Grid Mission (launched in 2015), the Government of India advanced smart grid deployment and mobilized investments of US $300 million; in 2021, it introduced a Revamped Distribution Sector Scheme at a cost of more than US $40 billion and gross budgetary support of more than US $10 billion. The project intends to enhance power supply performance and consistency for consumers through a financially viable and operationally efficient distribution sector as part of stimulus measures for economic growth from the COVID-19 crisis. Substation Automation MarketIt offers financial assistance to help distribution companies reduce distribution losses and improve demand forecasting to better integrate renewable energy by upgrading distribution networks with innovative technological solutions like artificial intelligence, pre-paid smart metering, machine learning, and blockchain technology. IEDs At Substations Have An Extremely High Installation Cost: The first phase of substation automation is capital-intensive, which is likely to limit the global market growth. The mounting demand to integrate numerous IEDs in substations, as well as the increasing use of modern technologies like service-oriented architecture (SOA), and microprocessors, has increased the buying costs of these substations. Smart substation deployment also demands strong collaboration beyond traditional organizational boundaries, major process change, and strict governance. High investments in smart substation deployment may add to the government's financial burden. Surging Investments Into Renewable Energy Projects: Wind and solar energy are the most prevalent power generation options, with most countries generating more than 20% of their electricity from these sources. Renewable energy sources accounted for 25% of global electricity generation in 2019, according to the International Energy Agency (IEA). Renewable energy is likely to be able to meet the majority of global power demand by 2050, which is expected to be around 86%. Corporations having presence across the globe are investing their money into renewable energy infrastructure development projects rather than fossil fuels. Total investment in renewable energy sources was US $259 billion in 2019 and US $226 billion in 2020, according to the IEA's World Energy Investment 2020 report. The economic crisis caused by the COVID-19 pandemic contributed significantly to the downturn in 2020. Countries all around the world are attempting to develop new renewable energy projects for electricity generation. They are also investing in solar and wind projects to accommodate rising electricity demand while minimizing environmental implications, as well as non-renewable energy generation. With The Emergence Of COVID-19, The Power Generation Market Has Slowed: The COVID-19 outbreak has hampered the power generation industry's development in 2020. In several countries, electricity demand has been reduced by 20% during periods of total lockdown. Because of the lower electricity demand, utilities have made limited investments in substation automation in 2020. Although utilities have resumed full operations following the quarantine, because of the economic crisis that various end-user sectors are experiencing, substation automation is likely to develop slowly in the first half of 2021. The renewable energy sector is suffering as a result of COVID-19. Renewable energy providers are unable to meet equipment installation dates as a result of COVID-19 delaying delivery from China. The shutdown, for example, has caused 3,000 MW of solar and wind energy projects in India to be delayed. Due to the pandemic, BYD (China), the world's biggest producer of rechargeable batteries, was unable to test new models of rechargeable batteries, resulting in a drop in rechargeable battery delivery volumes in the European market.

Global Substation Automation Market Segment Analysis:

Based on Offering, the substation automation market is segmented as, software, hardware, and services. In 2020, the hardware segment was dominant and held almost xx% of the overall market share in terms of revenue. The development of the IEC 61850 standard for substations, which allows the integration of all control, measurement, and monitoring tasks into one protocol and improves interoperability between intelligent electronic equipment, is responsible for the market's development. The rising need to adapt traditional substations with modern-day monitoring and control capabilities is also driving demand for substation automation systems. SCADA systems are being installed in substations around the world by various governments and businesses. Utilities and heavy industries are rapidly implementing SCADA systems to gain better control and a complete view of substations, resulting in increased operational efficiency. Substation Automation MarketBased on Type, the substation automation market is segmented as, distribution, and transmission. Detailed information about each segment is covered in the MMR's report. Based on End-user, the substation automation market is segmented as, industries, and utilities. In 2020, the utilities segment was dominant and held xx% of the overall market share in terms of revenue. The market's growth can be attributed to rising government initiatives aimed at modernizing power grids and increasing investments in renewable energy generation. According to the International Energy Agency's (IEA) World Energy Investment 2020 report, total investment in renewable energy sources in 2019 and 2020 was US $259 billion and US $226 billion, respectively. In the environment, the wind industry has a substantial demand for substation automation solutions. Power generating corporations and government organizations are collaborating to develop and introduce automation to wind farm projects. Based on Communication, the substation automation market is segmented as, wired, and wireless. Detailed information about each segment is covered in the MMR's report. Based on Stage, the substation automation market is segmented as, retrofit installations, and new installations. During the forecast period, the new installations segment is likely to dominate and hold xx% of the overall market in terms of revenue. Also, new installations provide increased operating safety and reliability while requiring less maintenance. In the substation automation market, leading businesses have introduced various new installation projects to increase power flow, improve electric reliability, improve the quality of energy supply, and upgrade the power infrastructure.

Global Substation Automation Market Regional Insights:

Asia Pacific is likely to dominate the market growing at a CAGR of approximately xx% during the forecast period. Various governments in the Asian Pacific countries have taken several measures to strengthen the power and energy sector, which has uplifted the development of the substation automation market. The Indian government has started many initiatives to resurrect power distribution utilities and electrify villages. In India, the government is implementing a smart infrastructure vision. The digitalization of the grid is part of the smart power infrastructure, which helps supply uninterrupted electricity to industrial, residential, and commercial end-users. Also, the government of China invested US $31 billion in 2020 to upgrade countries grid infrastructure by adding automated substations. South Korea and Indonesia, for example, are both investing in grid modernization projects. In November 2019, CG Power Systems Indonesia, a subsidiary of CG Power and Industrial Solutions (CG), was granted a contract of US $24 million from the Indonesian national utility PT PLN (Persero) to construct and supply 25 units of power transformers. The order helped PLN achieve its ambitious aim of improving transmission grid performance. All of these variables are pointing the Asia Pacific’s substation automation market in the right direction. The objective of the report is to present a comprehensive analysis of the market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding the global market dynamics, structure by analyzing the market segments and projecting the global market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global market makes the report investor's guide.

Global Substation Automation Market Scope: Inquire before buying

Global Substation Automation Market
Report Coverage Details
Base Year: 2020 Forecast Period: 2021-2027
Historical Data: 2016 to 2020 Market Size in 2020: US $ 38.10 Bn.
Forecast Period 2021 to 2027 CAGR: 6.05% Market Size in 2027: US $ 57.48 Bn.
Segments Covered: by Offering • Hardware • Software • Services
by Type • Distribution • Transmission
by End-User • Industries • Utilities
by Communication • Wired • Wireless
by Stage • Retrofit Installations • New Installations

Global Substation Automation Market, by Region

• North America • Europe • Asia Pacific • The Middle East and Africa • South America

Global Substation Automation Market Key Players

Hitachi ABB Power Grids • Siemens Energy • General Electric • Cisco Systems • Schneider Electric • Eaton Corporation • Alstom SA • Amperion Inc • Schweitzer Engg Lab • Ametek • Texas Instruments • Grid Net • Larsen & Toubro Limited • Power System Engineering Inc. • Toshiba Corporation • Cooper Industries • Others

Frequently Asked Questions:

1. What is the forecast period considered for the Substation Automation market report? Ans. The forecast period for the global substation automation market is 2021-2027. 2. Which key factors are expected to hinder the growth of the Substation Automation market? Ans. The slowdown in the economic recovery because of the COVID-19 outbreak and the extremely high cost of IEDs installations are the key factors expected to hinder the market growth during the forecast period. 3. What is the compound annual growth rate (CAGR) of the Substation Automation market for the next 6 years? Ans. The global substation automation market is expected to grow at a CAGR of 6.05% during the forecast period (2021-2027). 4. What are the key factors driving the growth of the Substation Automation market? Ans. The surging investments into smart power infrastructure development projects and the active focus of governments, corporations, and utilities on smart grid technologies are the key factors expected to drive the growth of the market during the forecast period. 5. Which are the worldwide major key players covered for the Substation Automation market report? Ans. Hitachi ABB Power Grids, Siemens Energy, General Electric, Cisco Systems, Schneider Electric, Eaton Corporation, Alstom SA, Amperion Inc, Schweitzer Engg Lab, Ametek, Texas Instruments, Grid Net, Larsen & Toubro Limited, Power System Engineering Inc., Toshiba Corporation, Cooper Industries, and Others.
1. Global Substation Automation Market: Research Methodology 2. Global Substation Automation Market: Executive Summary 2.1. Market Overview and Definitions 2.1.1. Introduction to Global Substation Automation Market 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global Substation Automation Market: Competitive Analysis 3.1. MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2. Consolidation in the Market 3.2.1 M&A by region 3.3. Key Developments by Companies 3.4. Market Drivers 3.5. Market Restraints 3.6. Market Opportunities 3.7. Market Challenges 3.8. Market Dynamics 3.9. PORTERS Five Forces Analysis 3.10. PESTLE 3.11. Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • Latin America 3.12. COVID-19 Impact 4. Global Substation Automation Market Segmentation 4.1. Global Substation Automation Market, by Offering (2020-2027) • Hardware • Software • Services 4.2. Global Substation Automation Market, by Type (2020-2027) • Distribution • Transmission 4.3. Global Substation Automation Market, by End-User (2020-2027) • Industries • Utilities 4.4. Global Substation Automation Market, by Communication (2020-2027) • Wired • Wireless 4.5. Global Substation Automation Market, by Stage (2020-2027) • Retrofit Installations • New Installations 5. North America Substation Automation Market (2020-2027) 5.1. North America Substation Automation Market, by Offering (2020-2027) • Hardware • Software • Services 5.2. North America Substation Automation Market, by Type (2020-2027) • Distribution • Transmission 5.3. North America Substation Automation Market, by End-User (2020-2027) • Industries • Utilities 5.4. North America Substation Automation Market, by Communication (2020-2027) • Wired • Wireless 5.5. North America Substation Automation Market, by Stage (2020-2027) • Retrofit Installations • New Installations 5.6. North America Substation Automation Market, by Country (2020-2027) • United States • Canada • Mexico 6. European Substation Automation Market (2020-2027) 6.1. European Substation Automation Market, by Offering (2020-2027) 6.2. European Substation Automation Market, by End-User (2020-2027) 6.3. European Substation Automation Market, by Type (2020-2027) 6.4. European Substation Automation Market, by Communication (2020-2027) 6.5. European Substation Automation Market, by Stage (2020-2027) 6.6. European Substation Automation Market, by Country (2020-2027) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Substation Automation Market (2020-2027) 7.1. Asia Pacific Substation Automation Market, by Offering (2020-2027) 7.2. Asia Pacific Substation Automation Market, by End-User (2020-2027) 7.3. Asia Pacific Substation Automation Market, by Type (2020-2027) 7.4. Asia Pacific Substation Automation Market, by Communication (2020-2027) 7.5. Asia Pacific Substation Automation Market, by Stage (2020-2027) 7.6. Asia Pacific Substation Automation Market, by Country (2020-2027) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. The Middle East and Africa Substation Automation Market (2020-2027) 8.1. The Middle East and Africa Substation Automation Market, by Offering (2020-2027) 8.2. The Middle East and Africa Substation Automation Market, by End-User (2020-2027) 8.3. The Middle East and Africa Substation Automation Market, by Type (2020-2027) 8.4. The Middle East and Africa Substation Automation Market, by Communication (2020-2027) 8.5. The Middle East and Africa Substation Automation Market, by Stage (2020-2027) 8.6. The Middle East and Africa Substation Automation Market, by Country (2020-2027) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. Latin America Substation Automation Market (2020-2027) 9.1. Latin America Substation Automation Market, by Offering (2020-2027) 9.2. Latin America Substation Automation Market, by End-User (2020-2027) 9.3. Latin America Substation Automation Market, by Type (2020-2027) 9.4. Latin America Substation Automation Market, by Communication (2020-2027) 9.5. Latin America Substation Automation Market, by Stage (2020-2027) 9.6. Latin America Substation Automation Market, by Country (2020-2027) • Brazil • Argentina • Rest Of Latin America 10. Company Profile: Key players 10.1. Hitachi ABB Power Grids 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2. Siemens Energy 10.3. General Electric 10.4. Cisco Systems 10.5. Schneider Electric 10.6. Eaton Corporation 10.7. Alstom SA 10.8. Amperion Inc 10.9. Schweitzer Engg Lab 10.10. Ametek 10.11. Texas Instruments 10.12. Grid Net 10.13. Larsen & Toubro Limited 10.14. Power System Engineering Inc. 10.15. Toshiba Corporation 10.16. Cooper Industries 10.17. Others

About This Report

Report ID 21393
Category Automation & Process Control
Published Date Aug 2019
Updated Date Nov 2021
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