Substation Automation Market Valuation to Cross USD 49.3

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Albany NY, USA, May 03, 2022 (GLOBE NEWSWIRE) — TMR analysts estimate the substation automation market to grow at a CAGR of 6.3% for the forecast period from 2021 to 2031. Rising adoption of technology for power supply to meet exploding electricity demand is fueling the growth of the substation automation market. The susceptibility of existing substations to disturbances and the risk of outage in the aging power grid are forcing governments to automate power distribution at all levels. This promotes upgrading to substation automation.

The growing practices of supplementing conventional power generation with renewable and unconventional energy sources requiring the establishment of smart grids are creating opportunities in the substation automation market. Substation automation enables intelligent and interactive power distribution to switch between power sources for optimal utilization of grid capacity.

Substation automation involves the integration of next-generation technologies that help reduce operating and maintenance costs and improve plant productivity. Substation automation provides high performance, energy efficiency, power grid security, reliability of the existing power supply, and increased integration of renewables into the existing grid.

Asia-Pacific is expected to become a key region in the substation automation market in the coming years. Investments in smart grid technologies by governments in developing countries to minimize the huge losses incurred by conventional power grids are driving the substation automation market in the region.

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Substation Automation Market – Key Findings of the Report

  • The need to minimize operating costs and productivity losses of electrical substations is forcing governments to proceed with progressive automation. The practical challenges of completely and immediately replacing the old substation lead governments to initiate the implementation of smart electronic devices, integrating with central systems, and then full automation. For example, Penelec – the subsidiary of FirstEnergy – has announced the completion of work in Clarion County, Pennsylvania, where manually operated switches on the line have been replaced with remote control devices.
  • The significant operational advantages of smart electronic devices lead to their increasing integration with central systems. Smart electronic devices can send or receive data/commands to or from an external source for core network automation.
  • Recognition of substation automation as a cutting-edge technology in electrical engineering is leading to increasing automation of age-old substations. Enhanced power protection, advanced disturbances, performance and reliability, display of real-time substation information in a control center, event logging capabilities, remote switching and control of advanced supervision are some features of substation automation. These combined features simplify power distribution and speed up fault detection and restoration.
  • North America is a key region in the substation automation market. Substantial investments by energy departments to modernize transmission and distribution due to limitations of aging and struggling infrastructure make North America a key region in the substation automation market.

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Substation Automation Market – Growth Drivers

  • Exploding electricity demand and vulnerability of the traditional aging power grid to outages and malicious attacks is driving the substation automation market
  • Intensive efforts by governments to shift to smart grids for efficient electricity transmission, cost-effective operations and reduced administration expenses, and ultimately lower energy bills for consumers, are fueling the growth of the market for substation automation

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Substation Automation Market – Key Players

Some of the major players operating in the substation automation market are;

  • ABB Ltd.
  • Alstom S.A.
  • Cisco Systems Inc.
  • Eaton Corporation Plc.
  • Itron Inc.
  • Mitsubishi Electric Automation
  • Trilliant Inc.
  • Schneider Electric SE
  • Siemens AG
  • GE Energy Management
  • Echelon Corporation

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The substation automation market is segmented as follows;

Substation Automation Market, By Component

  • Material
    • IED
    • array controller
    • Charger and motor
    • Safety Relay
    • Telecontroller/IEC
    • Control and management of circuit breakers
    • Line differential
    • Others
  • Software

Substation Automation Market, By Module

  • SCADA
  • HMI
  • RI/O (Remote Entry-Exit)

Substation Automation Market, By Communication Network

  • ethernet
  • Power line communication
  • Communication by copper wire
  • Fiber optic communication

Substation Automation Market, By Application

Substation Automation Market, By End-Use Industry

Substation Automation Market, By Region

  • North America
    • WE
    • Canada
    • Rest of America
  • Europe
    • UK
    • Germany
    • France
    • The rest of Europe
  • Asia-Pacific (APAC)
    • China
    • India
    • Japan
    • South Korea
    • ASEAN
    • Rest of Asia-Pacific
  • Middle East and Africa (MEA)
    • GCC countries
    • South Africa
    • Rest of the Middle East and Africa
  • South America
    • Brazil
    • Rest of South America

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