PUBLISHER: The Business Research Company | PRODUCT CODE: 1465745
PUBLISHER: The Business Research Company | PRODUCT CODE: 1465745
Electric power substation automation involves the integration of control, monitoring, and communication technologies within power substations, aimed at improving operational efficiency, reliability, and safety of electrical power systems. This entails the deployment of modern protection and control systems utilizing advanced communication technology and protocols, ultimately delivering cost-effective solutions.
In the realm of electric power substation automation, the main offerings consist of software, hardware, and services. Software encompasses the set of instructions, programs, and data enabling a computer to execute specific tasks, including the control and monitoring of various substation components such as switches, transformers, and relays. The module category is further divided into types such as intelligent electronic devices (IEDs), supervisory control and data acquisition (SCADA), communication networks, and others, with automation stages including retrofit and new installation. Application segments are categorized into transmission substations and distribution substations, serving end-users such as utilities and industry.
The electric power substation automation research report is one of a series of new reports from The Business Research Company that provides electric power substation automation market statistics, including the electric power substation automation industry's global market size, regional shares, competitors with an Electric power substation automation market share, detailed electric power substation automation market segments, market trends and opportunities, and any further data you may need to thrive in the electric power substation automation industry. This electric power substation automation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The electric power substation automation market size has grown strongly in recent years. It will grow from $22.23 billion in 2023 to $23.87 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The expansion observed in the historical period can be attributed to the demand for energy efficiency, a rising need for electricity, a heightened focus on grid resilience, efforts to enhance grid security, and the increased integration of renewable energy sources.
The electric power substation automation market size is expected to see strong growth in the next few years. It will grow to $30.27 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The anticipated growth in the forecast period can be attributed to the increasing implementation of smart grid initiatives, the ongoing trend of digitalization and Industry 4.0, the integration of distributed energy resources (DERs), a heightened focus on grid modernization, and the rapid pace of urbanization and electrification. Key trends expected in the forecast period include technological innovation, an increased adoption of artificial intelligence (AI) and machine learning, the growth of IoT-enabled devices, the integration of blockchain technology, and an increased adoption of cloud-based solutions in electric power substation automation.
The electric power substation automation market is expected to experience growth driven by the increasing demand for energy. Energy demand, reflecting the amount of energy required across various sectors, is on the rise due to factors such as population growth, urbanization, and global industrialization. Electric power substation automation plays a crucial role in managing and optimizing power distribution, improving grid reliability, minimizing downtime, and reducing operational costs. This capability enables swift responses to issues, reducing downtime and enhancing the overall reliability of the power supply. According to a report from the Energy Institute (EI) in June 2023, global electricity generation increased by 2.3% in 2022, with a significant surge of 20.5 EJ in primary energy consumption in non-OECD countries, led by China contributing 72% of the total rise. This increase in energy demand is a key driver for the electric power substation automation market.
Major players in the electric power substation automation market are actively developing advanced solutions, such as digital substation solutions, to ensure efficient and reliable power distribution. Digital substations involve the integration of digital communication, intelligent electronic devices (IEDs), sensors, and advanced software for real-time data exchange and decision-making within the substation infrastructure. In January 2024, Hitachi Energy, a Switzerland-based energy industry company, launched the SAM600 3.0, an innovative product for digital substations. The SAM600 integrates conventional instrument transformers into modern IEC 61850-9-2 process bus substation automation, protection, and control systems, enabling safe, efficient, and extendable retrofits for any substation. This technological advancement revolutionizes communications within the substation, providing robust, fast, and responsive messaging over Ethernet.
In March 2022, Schneider Electric SE, a France-based company specializing in digital automation and energy management, acquired Aurtra Pty Ltd. for an undisclosed amount. This strategic acquisition involves integrating Aurtra's advanced sensors and software to prevent transformer failures, optimize operating expenses, and extend transformer life. The acquisition reinforces Schneider Electric's position as a leading digital service provider in the electrical distribution value chain. Aurtra Pty Ltd., based in Australia, provides solutions for electric power distribution networks and substations, contributing to advancements in substation automation technologies.
Major companies operating in the electric power substation automation market are Hitachi Ltd., Siemens AG, General Electric Company, Cisco Systems Inc., Schneider Electric SE, Honeywell International Inc., ABB Ltd., Toshiba Corporation, Larsen & Toubro Limited, Eaton Corporation plc, Trilliant Inc., Alstom SA, Rockwell Automation Inc., Yokogawa Electric Corporation, Belden Inc., WAGO Kontakttechnik GmbH & Co. KG, Itron Inc., Landis+Gyr, Schweitzer Engineering Laboratories Inc., Ingeteam S.A., TenneT Company, S&C Electric Company, Giza Systems, Axiomtek Co. Ltd., Efacec Engenharia e Sistemas S.A., Mitsubishi Electric Corporation, NovaTech LLC, Amperion Inc., Encore Networks Inc., Beckwith Electric Co. Inc., IEC Infrared Systems
North America was the largest region in the electric power substation automation market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the electric power substation automation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the electric power substation automation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The electric power substation automation market consists of revenues earned by entities by providing services such as monitoring and control services, maintenance and support services, integration services, consulting and advisory services, and software development and customization services. The market value includes the value of related goods sold by the service provider or included within the service offering. The electric power substation automation market also includes sales of remote terminal units (RTUs), communication equipment, power quality analyzers, human-machine interface (HMI) devices, and control relays. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Electric Power Substation Automation Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on electric power substation automation market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for electric power substation automation ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The electric power substation automation market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.