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The substation automation market size is forecast to increase by USD 17.54 billion at a CAGR of 7.01% between 2023 and 2028.
The substation automation industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The utilities segment is estimated to witness significant growth during the forecast period. The utilities sector is experiencing a significant shift towards substation automation to enhance the efficiency and reliability of electrical power grids. With increasing electricity demand and the push towards carbon neutrality, utility companies are investing in advanced technologies such as digital systems, communication networks, and intelligent electronic devices to optimize their distribution systems. Substation automation solutions enable real-time monitoring and automatic rerouting, ensuring system performance and reliability. Intelligent grid technologies, including circuit breakers, load tap controllers, recloser controllers, and capacitor bank controllers, are integral to these systems. Utilities can diagnose issues, predict outages, and maintaIn their assets more effectively through digital technologies, ultimately improving safety, reliability, and worker safety. The adoption of smart grid programs and smart city infrastructure further enhances the benefits of substation automation.
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The Utilities segment was valued at USD 19.55 billion in 2018 and showed a gradual increase during the forecast period.
APAC is estimated to contribute 35% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The North American the market is experiencing growth due to the adoption of advanced technologies and the need to modernize aging electrical power grids. The US and Canada, with mature electrical infrastructure, are key markets for substation automation. Demand is primarily driven by the upgrading and digitization of conventional substations, as well as the development of smart electric substations. The transition to a low-carbon economy and the increasing adoption of renewable energy projects further boost the market. Advanced technologies, such as communication networks, control systems, and intelligent electronic devices, are integral to these upgrades. The smart grid program, including distribution automation, fault detection, monitoring, and predictive data, enhances system performance and reliability.
Utilities and industrial companies are investing In these solutions to improve power management, safety, and worker safety. The integration of communication capabilities, such as Ethernet and remote monitoring, enables real-time data exchange and enhances grid communication technology. The market is expected to continue growing as the energy transition progresses and the demand for electricity consumption and transmission increases.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.The market's growth is further fueled by the increasing focus on raw materials processing industries, which require substantial power supplies and demand robust power management solutions. The market is poised for significant expansion, as the global shift towards sustainable energy sources and the need for more efficient power distribution continue to gain momentum.
The substation automation market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the substation automation market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, substation automation market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence In the industry.
ABB Ltd. - The company specializes in providing advanced substation automation offerings, including Smart Substation Control and Protection (SSC) systems, enhancing power grid efficiency and reliability. These solutions enable real-time monitoring, automated fault detection, and swift response to system anomalies
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The global electrical power grid is undergoing a significant transformation as advanced technologies are being integrated to address the challenges posed by aging infrastructure and increasing electricity demand. The integration of digital systems and communication networks into electrical power transmission and distribution is a key aspect of this transition. The need for automation in substations arises from the complexity and size of electrical power grids, which require efficient and reliable power management. Conventional substations, which rely on manual inspection and maintenance, face potential issues in terms of reliability and safety. Substation automation, which involves the use of digital technologies and intelligent electronic devices, offers solutions to these challenges.
Digital substation products, such as control systems, capacitor bank controllers, recloser controllers, and load tap controllers, enable automatic rerouting and fault detection, ensuring system performance and reliability. Communication networks, including Ethernet and other grid communication technologies, facilitate real-time monitoring and remote control of substation equipment, such as circuit breakers and switchgears. The adoption of digital technologies In the power industry is driven by various factors, including the need for energy efficiency, carbon neutrality, and the integration of renewable energy projects. Industrial companies are investing in modernization and upgrading of existing substations, as well as In the development of new smart electric substations.
The integration of digital technologies into electrical power grids also offers benefits in terms of safety and security. Intelligent grid technologies, such as smart sensors and predictive data analysis, enable early fault detection and prevention of outages. Remote monitoring and control of substation equipment and distribution circuits also enhance worker safety and reduce the need for manual inspection. The use of digital technologies In the power industry is also contributing to the development of smart cities and smart city infrastructure. Smart grids, which incorporate digital technologies and communication networks, enable efficient power management and distribution, reducing electricity consumption and improving system reliability.
The transition to a digital power grid network also presents challenges, including the need for investment in new equipment and services, as well as the integration of digital technologies into existing infrastructure. The implementation of digital technologies In the power industry requires careful planning and coordination between utilities, industrial companies, and other stakeholders. In conclusion, the market is experiencing significant growth as digital technologies are being integrated into electrical power grids to address the challenges of aging infrastructure and increasing electricity demand. The adoption of digital technologies offers benefits in terms of reliability, safety, efficiency, and sustainability, but also presents challenges in terms of investment and integration. The power industry is undergoing a major transformation, and the successful implementation of digital technologies will be key to meeting the energy needs of the future.
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Market Scope |
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Report Coverage |
Details |
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Page number |
188 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 7.01% |
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Market growth 2024-2028 |
USD 17.54 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
5.89 |
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Key countries |
US, China, Germany, France, and India |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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