Electric Power Substation Automation Market Size, Share, Analysis, Trends, Growth Report, 2032
Electric Power Substation Automation Market By Module (Hardware, Communication Network Technology, And SCADA) By Automation Stage (Retrofit ), By Types (Transmission, Distribution, and Collector Substation), By Application (Utilities and Industry), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2024 – 2032
| Market Size in 2023 | Market Forecast in 2032 | CAGR (in %) | Base Year |
|---|---|---|---|
| USD 4.44 Billion | USD 6.54 Billion | 4.4% | 2023 |
Electric Power Substation Automation Market Insights
Zion Market Research has published a report on the global Electric Power Substation Automation Market, estimating its value at USD 4.44 Billion in 2023, with projections indicating that it will reach USD 6.54 Billion by 2032. The market is expected to expand at a compound annual growth rate (CAGR) of 4.4% over the forecast period 2024-2032.
The report explores the factors fueling market growth, the hitches that could hamper this expansion, and the opportunities that may arise in the Electric Power Substation Automation industry. Additionally, it offers a detailed analysis of how these elements will affect market demand dynamics and market performance throughout the forecast period.
Electric power substation automation is a revolution in the management of networks. The substation is a base for some of the most important functions of the utility and is a part of the electrical generation, transmission, and distribution system. Electric power substation automation is a combination of numerous control and data acquisition functions on an automated platform with a minimum number of units to augment reliability and thereby reduce the cost of operation of the substation automation system.
Electric power substation automation is one of the major developments in substation technology and is also a leading aspect of the smart grid revolution. Electric power substation deals with the generation, transmission, and distribution of electricity. Substation automation increases the level of convenience of operations, as it enables an electric utility to remotely monitor, control and coordinate the distribution component installed in the substation.
Electric Power Substation Automation Market: Growth Factors
The electric power substation automation market is mainly driven by the rising demand for smart grid solutions. Demand for electric power substation automation increases due to the advancement in smart grid technology. However, some factors such as a shortage of skilled workforce and high investment costs are expected to hamper the growth of the electric power substation automation industry.
Electric Power Substation Automation Market: Segmentation
The study segments the global electric power substation automation market on the basis of the module, automation stage, type, applications, and regional segment. The different module includes in the electric power substation automation market such as hardware, communication network technology, and SCADA. The automation stage segment of the electric power substation automation market is categorized into retrofit and new construction automation stages. Transmission, distribution, and collector substations are the types of electric power substations. Based on application, the electric power substation automation market is segmented into utilities and industries.
Electric Power Substation Automation Market: Report Scope
| Report Attributes | Report Details |
|---|---|
| Report Name | Electric Power Substation Automation Market |
| Market Size in 2023 | USD 4.44 Billion |
| Market Forecast in 2032 | USD 6.54 Billion |
| Growth Rate | CAGR of 4.4% |
| Number of Pages | 110 |
| Key Companies Covered | Schneider Electric, ABB Ltd., Eaton Corporation, Siemens AG, Alstom S.A, CISCO Systems (U.S), Amperion (U.S), and Ingeteam |
| Segments Covered | By Module, By Automation Stage, By Type, By Application And By Region |
| Regions Covered | North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA) |
| Base Year | 2023 |
| Historical Year | 2018 to 2022 |
| Forecast Year | 2024 - 2032 |
| Customization Scope | Avail customized purchase options to meet your exact research needs. Request For Customization |
Electric Power Substation Automation Market: Regional Analysis
Major regional segments analyzed in this study include North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa, further bifurcation of the region on the country level, which includes the U.S., Germany, UK, France, China, Japan, and India. Asia Pacific dominated the electric power substation automation market owing to the rising number of smart grid projects in this region.
Electric Power Substation Automation Market: Competitive Space
Some of the key players in electric power substation automation include
- Schneider Electric
- ABB Ltd.
- Eaton Corporation
- Siemens AG
- Alstom S.A
- CISCO Systems (U.S)
- Amperion (U.S)
- Ingeteam.
This report segments the global electric power substation automation market as follows:
Global Electric Power Substation Automation Market: Module Segment Analysis
- Hardware
- Communication Network Technology
- SCADA
Global Electric Power Substation Automation Market: Automation Stage Segment Analysis
- Retrofit
- New construction automation stage
Global Electric Power Substation Automation Market: Type Segment Analysis
- Transmission
- Distribution
- Collector Substation
Global Electric Power Substation Automation Market: Application Segment Analysis
- Utilities
- Industry
Global Electric Power Substation Automation Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- Middle East & Africa
Table Of Content
Methodology
FrequentlyAsked Questions
The term "electric power substation automation" refers to the process of utilizing cutting-edge technology for control, monitoring, and communication in order to improve the effectiveness, dependability, and safety of electrical substations. These substations are extremely important to the process of power distribution because they reduce the high voltage of electricity coming from power plants and transform it into a lower voltage that is more suitable for use by consumers.
The electric power substation automation market is mainly driven by the rising demand of smart grid solution.
Electric Power Substation Automation Market, estimating its value at USD 4.44 Billion in 2023, with projections indicating that it will reach USD 6.54 Billion by 2032. The market is expected to expand at a compound annual growth rate (CAGR) of 4.4% over the forecast period 2024-2032
Asia Pacific dominated electric power substation automation market owing to rising number of smart grid projects in this region.
Some of the key players in electric power substation automation include Schneider Electric, ABB Ltd., Eaton Corporation, Siemens AG, Alstom S.A, CISCO Systems (U.S), Amperion (U.S), and Ingeteam.
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