Press release
Electric Power Substation Automation Market Forecast 2025-2034: Comprehensive Analysis And Growth Opportunities
Electric Power Substation Automation Market
What Is the Projected Growth of the Electric Power Substation Automation Market?
The market size of electric power substation automation has seen significant expansion in the past few years. It's projected to escalate from $23.87 billion in 2024 to $25.57 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 7.1%. Factors that contributed to this growth during the historic period include increased energy efficiency demand, a surge in electricity demand, emphasis on grid stability, improved grid security, and a rise in integration of renewable energy.
The market size of the electric power substation automation is predicted to witness significant expansion in the upcoming years. The market is set to reach $31.96 billion in 2029, with a compound annual growth rate (CAGR) of 5.7%. The anticipated surge in the forecast period is due to factors like the growth of smart grid initiatives, digitalization and Industry 4.0, incorporation of distributed energy resources (DERs), emphasis on grid modernization, and the swift pace of urbanisation and electrification. Major trends expected during the forecast period include technological innovation, escalating adoption of AI and machine learning, expansion of IoT-enabled gadgets, integration of blockchain technology, and the embrace of cloud-based solutions.
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What Are the Different Electric Power Substation Automation Market Segments?
The electric power substation automation market covered in this report is segmented -
1) By Offering: Software, Hardware, Services
2) By Module: Intelligent Electronic Devices (IEDs), Supervisory Control And Data Acquisition (SCADA), Communication Network, Other Modules
3) By Automation Stage: Retrofit, New Installation
4) By Application: Transmission Substation, Distribution Substation
5) By End-Use: Utilities, Industry
Subsegments:
1) By Software: SCADA (Supervisory Control And Data Acquisition), HMI (Human-Machine Interface) Software, Communication Protocols, Asset Management Software, Monitoring And Control Software
2) By Hardware: Programmable Logic Controllers (PLCs), Remote Terminal Units (RTUs), Sensors And Actuators, Intelligent Electronic Devices (IEDs), Circuit Breakers And Switchgear
3) By Services: Installation And Commissioning Services, Maintenance And Support Services, Consulting And Integration Services
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What Are the Primary Drivers Shaping the Electric Power Substation Automation Market?
As energy demand intensifies, the electric power substation automation market is anticipated to experience robust growth. This need for energy rise is driven by elevating consumer needs, industrial output, and sectoral requirements as a result of global industrialization, population expansion, and urbanization. With the ability to efficiently manage and optimize power distribution, electric power substation automation enhances grid reliability, reduces operational expenditure, and mitigates downtime. This feature allows for speedy resolution of issues, thereby minimizing downtime and improving the dependability of power provision. For instance, a report from the UK's Energy Institute (EI), a professional membership organization in the energy sector, stated that in June 2023, the world's electricity production had increased by 2.3% in 2022. Additionally, there was a noteworthy upward movement of 20.5 EJ in primary energy consumption in non-OECD countries compared to pre-pandemic levels, 72% of which was accounted for by China alone with 14.6 EJ. Hence, the burgeoning energy demand fuels the advancement of the electric power substation automation market.
Which Companies Are Leading in the Electric Power Substation Automation Market?
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
What Are the Major Trends Shaping the Electric Power Substation Automation Market?
Prominent organizations in the electric power substation automation market are advancing their tech development, with a particular focus on digital substations solution for effectual and consistent power distribution. The strategy merges digital interfacing, intelligent electronic devices (IEDs), sensors, and high-tech software, all aimed at facilitating instantaneous data sharing and decision-making within the substation infrastructure. For certain illustration, the Switzerland-based energy industry operator, Hitachi Energy, unveiled its SAM600 3.0 in January 2024. This state-of-the-art product, adapted for digital substations, amalgamates conventional instrument transformers into contemporary IEC 61850-9-2 process bus substation automation, protection, and controlling systems, thereby making any substation retrofit safer, more efficient, and amplify its extension possibilities. This development significantly enhances rapid and resilient messaging over Ethernet, thereby transforming communication within the substation.
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What Are the Top Revenue-Generating Geographies in the Electric Power Substation Automation Market?
North America was the largest region in the electric power substation automation market in 2024. 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Electric Power Substation Automation Market?
2. What is the CAGR expected in the Electric Power Substation Automation Market?
3. What Are the Key Innovations Transforming the Electric Power Substation Automation Industry?
4. Which Region Is Leading the Electric Power Substation Automation Market?
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