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Substation Automation Global Market Report 2023

Feb 27, 2024

Major players in the substation automation market are ABB Ltd., Cisco Systems Inc., Eaton Technologies Pvt. Ltd., General Electric, Schneider Electric SE, Siemens AG, Ingeteam, Encore Networks, Schweitzer Engineering Laboratories Inc.

New York, Aug. 02, 2023 (GLOBE NEWSWIRE) -- announces the release of the report "Substation Automation Global Market Report 2023" - , Toshiba Energy Systems And Solutions Corporation, SAE-IT Systems GmbH And Co. KG, Mitsubishi Electric Automation, Emerson Electric Co., ENTEC Electric And Electronic and Fuji Electric Co. Ltd.The global substation automation market is expected to grow from $32.00 billion in 2022 to $34.23 billion in 2023 at a compound annual growth rate (CAGR) of 6.99%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The substation automation market is expected to reach $45.41 billion in 2027 at a CAGR of 7.32%.The substation automation market consists of revenues earned by entities by providing substation automation services such as planning, designing, and engineering of substation automation systems, and testing and maintenance of systems.The market value includes the value of related goods sold by the service provider or included within the service offering.The substation automation market also includes sales of Remote Terminal Units (RTUs), Programmable Logic Controllers (PLCs), Human Machine Interfaces (HMIs) and Power Quality Monitoring devices.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.Substation automation is the set of hardware and software components that monitor and operate an electrical system both locally and remotely. Substation automation’s major objective is to enhance the operation and upkeep of these vital power grid substations, which transform, distribute, and regulate electrical energy.North America was the largest region in the substation automation market in 2022.Asia-pacific is expected to be the fastest-growing region in the forecast period.The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.The main components of substation automation are hardware and software.Hardware refers to external and internal devices and equipment that enable execute key operations such as input, output, storage, communication, and processing.Hardware in substation automation is used to monitor and control the electrical equipment in substations.The substation automation is available in low voltage, medium voltage, and high voltage that serves optical fiber communication channel, power line communication channel, copper wire communication channel, Ethernet, and other communication.The modules that it carries are SCADA (supervisory control and data acquisition), IED (intelligent electronic devices), communication network, and other modules that are used by utilities, steel, oil and gas, mining, and transportation industries.The rise in demand for electric power is expected to propel the growth of the substation automation market going forward.Electric power refers to the measure of the amount of energy that is transferred per unit of time.The rise in demand for electric power has led to an increased need for more efficient management of the electrical grid system.Substation automation performs various tasks, such as automating the monitoring and control of power supply at substations to ensure a steady and stable supply of electricity, detect and address faults in real time, and prevent power outages.For instance, in January 2022, according to a report by the International Energy Agency (IEA), a France-based intergovernmental organization that provides data on energy, global electricity demand from renewable sources increased by 6% in 2021, which amounts to an increase of over 1,500 terawatt-hours, the largest ever recorded. Additionally, coal-fired electricity generation grew by 9%, gas-fired electricity generation grew by 2%, and nuclear electricity generation increased by 3.5%. Therefore, the rise in demand for electric power is driving the growth of substation automation.The increasing digitization of substation automation systems is a key trend gaining popularity in the substation automation market.Major market players are concentrating their efforts on creating digitized substation automation systems to monitor and analyze the electrical power grid system in real time.For instance, in May 2022, Doble Engineering Company, US-based diagnostic testing solutions for the electric power industry released the Doble F6880 Digital Network Analyzer.This device is intended to locate and fix communication and network performance issues in IEC 61850 digital substation systems.The F6880 connects to station networks via copper or optical fiber Ethernet cables, digitizes the data, and checks for any deviations from the baseline engineering designs using IEC 61850 sampled values and Generic Object Oriented Substation Events (GOOSE). This makes it possible to efficiently troubleshoot any malfunctioning digital signals.In November 2020, Schneider Electric, a France-based company that specializes in energy management and automation solutions, acquired a controlling stake in ETAP Automation for an undisclosed amount.With this acquisition, Schneider Electric focuses on expanding its digital offering to provide increasingly complex mission-critical power systems.The acquisition will enable Schneider Electric to integrate ETAP’s digital twin technology and electrical power systems solutions into its own offerings, which include energy management and automation solutions for various industries. ETAP is a US-based company that provides software for electrical systems and specializes in substation automation, power system modeling, and analysis.The countries covered in the substation automation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.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 resale along the supply chain, either further along the supply chain or as part of other products.The substation automation market research report is one of a series of new reports that provides substation automation market statistics, including substation automation industry global market size, regional shares, competitors with a substation automation market share, detailed substation automation market segments, market trends and opportunities, and any further data you may need to thrive in the substation automation industry. This substation automation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.Read the full report: ReportlinkerReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.__________________________