According to the latest report by IMARC Group, titled “Substation Automation Market Report: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global substation automation market exhibited moderate growth during 2015-2020. Looking forward, IMARC Group expects the global substation automation market to grow at a CAGR of around 6% during 2021-2026.
Substation automation is the process of using data from intelligent electronic devices (IEDs). It is used for employing control and automation capabilities within the substation while controlling commands from remote users. It uses substation and feeder operating functions and applications for optimizing the management of capital assets. Its deployment is also known to improve the operating efficiency of the system by minimizing human intervention. Consisting of circuit breakers, transformers, microprocessor-based relays and motor-operated air switches, these systems offer numerous benefits, such as detecting fault locations, minimizing outages, reducing operating and maintenance costs, enhancing information management and offering security control with multiple access levels. As a result, it is widely being adopted across numerous industry verticals, including mining, oil and gas, and transportation.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviors of the consumers globally–our estimates about the latest market trends and forecast values after considering the impact of this pandemic. These observations will be integrated into the report.
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Global Substation Automation Market Trends:
The global market is primarily driven by the continual developments in the transmission and distribution (T&D) infrastructure. Automated substations are a key component of electricity T&D processes. Significant investments to improve the aging T&D infrastructure, along with the increasing adoption of renewable energy and natural gas power, is creating a positive outlook for the market. Additionally, the growing demand for the development of smart grids, in confluence with the emerging trend of smart cities, is catalyzing the demand for substation automation. Technological advancements, such as SCADA and development in communication technologies, are also anticipated to provide a thrust to the market growth. Additionally, various manufacturers are integrating primary equipment with modern sensors, protective relays, programmable logic controllers and digital transducers, which are projected to spur the market growth. This will be further supported by rapid industrialization, growing requirement for retrofitting and improvement of existing substation equipment, along with favorable government initiatives and extensive research and development (R&D).
Global Substation Automation Market 2021-2026 Analysis and Segmentation:
Some of the major players operating in the industry include:
- ABB Asea Boveri Brown Ltd.
- Eaton Corporation plc
- General Electric Company
- Aetheros, Inc.,
- Larsen & Toubro Limited
- Power System Engineering, Inc.,
- SAE IT-systems GmbH & Co. KG, Schneider Electric SE
- Siemens Aktiengesellschaft.
Market Breakup by Module Type:
- Intelligent Electronic Devices
- Communication Networks
- SCADA Systems
Market Breakup by Component:
- Hardware
- Reclose Controllers
- Programmable Logical Controllers
- Capacitor Banks
- Smart Meters
- Load Tap Changers
- Digital Relays
- Fiber-Optic Cables
- Others
- Software
- Production Management Software
- Asset Management Software
- Performance Management Software
- Services
- Installation and Commissioning
- Upgradation and Retrofitting
- Testing, Repair and Maintenance
- Others
Market Breakup by Communication Channel:
- Ethernet
- Copper Wire Communication
- Power Line Communication
- Optical Fiber Communication
- Others
Market Breakup by Substation Type:
- Transmission
- Distribution
Market Breakup by Installation Type:
- New Installation
- Retrofit Installation
Market Breakup by End-Use Industry:
- Utility
- Transportation
- Metals & Mining
- Oil and Gas
- Others
Market Breakup by Region:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa.
Key Highlights of the Report:
- Market Performance (2015-2020)
- Market Outlook (2021- 2026)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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