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Electric Power Substation Automation Market
The electric power substation automation market is driven by factors such as grid modernization initiatives and increase in demand for electricity globally.
WILMINGTON, DELAWARE , UNITED STATES, February 16, 2024 /EINPresswire / -- According to a new report published by Allied Market Research, titled, Electric Power Substation Automation Market Size, Share, Competitive Landscape and Trend Analysis Report by Offering (Software, Hardware, Services), by Type (Transmission Substation, Distribution Substation), by Component (Intelligent Electronic Devices (IEDs), Programmable logic controller (PLC), Supervisory Control and Data Acquisition (SCADA), Others): Global Opportunity Analysis and Industry Forecast, 2023-2032
The global electric power substation automation market was valued at $4.4 billion in 2022, and is projected to reach $6.9 billion by 2032, growing at a CAGR of 4.5% from 2023 to 2032.
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Electric power substation automation refers to the integration of advanced technologies and systems to enhance the monitoring, control, and management of electrical substations. Substations are key components of the power grid that facilitate the transmission, distribution, and transformation of electricity. Automation in substations involves the deployment of intelligent devices, communication networks, and software applications to enable real-time data collection, analysis, and decision-making processes.
The electric power substation automation market is anticipated to expand significantly during the forecast period owing to grid modernization initiatives and increase in demand for electricity globally. In addition, the electric power substation automation market is anticipated to benefit regional grid expansion during the forecast period. On the contrary, the high initial investment and complexity of integration are expected to hamper the electric power substation automation market growth during the forecast period.
Substation automation plays a vital role in the renewable energy industry. As the adoption of renewable energy sources like solar and wind power continues to grow, substations equipped with automation technologies facilitate the integration of these intermittent energy sources into the grid. Automation allows for real-time monitoring of renewable energy generation, efficient power flow management, and grid stability, ensuring smooth integration and optimal utilization of renewable energy resources.
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The electric power substation automation market analysis is segmented on the basis of offering, type, component, and region. Based on offering, the hardware segment held the highest market share in 2022, accounting for more than one-third of the global electric power substation automation market revenue, and is estimated to maintain its leadership status throughout the forecast period, as IEDs are a crucial component of hardware in substation automation. Moreover, the hardware segment is projected to manifest the highest CAGR of 4.99% from 2023 to 2032, driven by increase in focus on intelligent and modular devices, cybersecurity measures, remote monitoring and diagnostics capabilities, IoT integration, edge computing, advanced communication technologies, and enhanced environmental performance.
Based on type, the distribution substation segment held the highest market share in 2022, accounting for nearly three-fifths of the global electric power substation automation market revenue and is estimated to maintain its leadership status throughout the forecast period. In addition, the distribution substation segment is projected to manifest the highest CAGR of 4.67% from 2023 to 2032, due to factors such as increase in distributed energy resources, smart grid implementation, power demand growth and urbanization, grid resilience and outage management, energy efficiency and demand-side management focus, aging infrastructure and retrofitting, advanced communication and sensor technologies, and regulatory support. These trends and growth factors present significant opportunities for automation solution providers in the distribution substation sector.
Based on component, the intelligent electronic devices (IEDs) segment held the highest market share in 2022, accounting for nearly two-fifths of the global electric power substation automation market revenue and is estimated to maintain its leadership status throughout the forecast period. In addition, the intelligent electronic devices (IEDs) segment is projected to manifest the highest CAGR of 4.91% from 2023 to 2032, due to factors such as growing demand for automation, grid modernization initiatives, integration of renewable energy sources, increasing complexity of power systems, focus on grid resilience and reliability, need for enhanced monitoring and diagnostics, regulatory compliance, cybersecurity concerns, and technological advancements. These factors collectively create a strong demand for IEDs in the electric power substation automation market.
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for around one-third of the global electric power substation automation market revenue. The Asia-Pacific region is expected to witness the fastest CAGR of 5.37%from 2023 to 2032, owing to the increase in infrastructure of utilities and adoption of smart grid technologies.
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Key Benefits for Stakeholders:
➡️ This study comprises analytical depiction of the Electric power substation automation market size along with the current trends and future estimations to depict the imminent investment pockets.
➡️ The overall Electric power substation automation market analysis is determined to understand the profitable trends to gain a stronger foothold.
➡️ The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
➡️ The current market forecast is quantitatively analyzed from 2023 to 2032 to benchmark the financial competency.
➡️ Porter's five forces analysis illustrates the potency of the buyers and suppliers in the Electric power substation automation.
➡️ The report includes the market share of key vendors and Electric power substation automation market trends.
David Correa
Allied Market Research
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