Substation Automation Market Size, Share & Forecast – 2029
Substation Automation Market was valued at USD 31.4 billion in 2021, and is estiamted to reach USD 52.0 billion in 2029, growing at a CAGR of 6.5% during 2022-2029.
The factors driving the growth of Substation Automation Market includes rise in the number of smart cities around the world, growing demand for electric and hybrid vehicles, expansion of the smart grid network and increasing incidences of power outages. Moreover, growing adoption of fiber optic cables, rising emphasis on generating electricity through wind and solar energy and advancements in communication technology, are some of the additional factors supplementing the Global Substation Automation Market. In addition, the increasing investments by leading players on research and development, strategic mergers, and acquisitions between key companies, rising disposable incomes, rapid urbanization, and growing population growth rates, are further propelling the Substation Automation Market size.
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However, growth of the Substation Automation Market is hindered due to high cost of installing wireless sensor networks.
The leading players operating in the market are CG Power and Industrial Solutions Limited, Schneider Electric SE, General Electric, Schweitzer Engineering Laboratories, Inc., Eaton Corporation plc, Honeywell International Inc., Novatech LLC, ABB Group, Cisco Systems, Inc., Siemens AG, Rockwell Automation, Inc. and Larsen & Toubro Limited and among others.
Based on Type, the Distribution Substations segment is predicted to grow at a significant CAGR during the forecast period
Emerging need to upgrade the ageing grid infrastructure and growing demand for electricity, are some of the factors responsible for the segment’s growth.
Based on Industry, the Utility segment is projected to grow at a robust CAGR over the forecast period
Increasing application of substation automation in generating and distributing power in the utility along with rise in the installation of smart grids across the globe, are propelling growth of the segment.
Based on Region, the Asia-Pacific region is anticipated to expand at a remarkable CAGR during the forecast period
Rise in the number of smart grid projects, rapid growth in the manufacturing sector, growing sales of electric vehicles across India, China, and South Korea, increasing per capita incomes, improvements in living standards and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific region.
Key Development
In Jul 2018, ABB completed the acquisition of GE Industrial Solutions (GEIS), GE’s global electrification solutions business. GEIS will be integrated into ABB’s Electrification Products (EP) division. This acquisition will expand company’s product portfolio and strengthen its position in the market.
Market Segmentation
Segmentation by Module
Intelligent Electronic Devices
Communication Networks
Wired Communication
Wireless Communication
SCADA Systems
Segmentation by Offering
Hardware
Smart Meters
Programmable Logic Controllers
Protective Relays
Load Tap Changers
Recloser Controllers
Capacitor Banks
Others
Software
Asset Management
Production Management
Performance Management
Services
Training & Development
Upgrades & Retrofits
Installation & Commissioning
Repair, Testing, & Maintenance
Segmentation by Type
Transmission Substations
Distribution Substations
Segmentation by Installation Type
Retrofit Installation
New Installation
Segmentation by Industry
Utility
Non-Renewables
Renewables
Solar Projects
Wind Projects
Steel
Mining
Oil & Gas
Transportation
Segmentation by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
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