Substation Automation Market Size to Top US$ 67.29 Bn Driven by Digitization in Power Grids: FMI
In a recent market analysis, Future Market Insights (FMI) investigates recent developments in the global substation automation market. The study highlights current dynamics across various segments of the market comprising component, site, rated voltage, control system, application, and end-use. It also divulges compelling insights into trends, opportunities, threats, and challenges to help readers understand the current market scenario.
DUBAI, UAE, Nov. 29, 2021 /PRNewswire/ -- Global sales of substation automation are expected to increase at 6% CAGR between 2021 and 2031, estimates Future Market Insights (FMI). With a favorable demand outlook, the substation automation market size is projected to top US$ 37.8 Bn in 2021 and is expected to reach US$ 67.29 Bn by 2031.
After countering the initial slowdown caused by the COVID-19 outbreak, recovery of the substation automation market is anticipated. As per the report, sales of substation automation are expected to grow at a robust 8.20% CAGR in terms of value between 2021 and 2031.
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Growing demand for retrofit substation automation across various end-use sectors is expected to augment growth of the market. In addition to this, surging applications of digital systems across manufacturing units, civic and power utilities, and the oil & gas sector will continue propelling sales of substation automation in the forthcoming years.
Substation automation systems streamline asset management and enhance operational and maintenance capabilities with minimal human intervention. The installation of these systems also reduces repair costs and prevents forced outages.
Disturbance analysis is another benefit offered by substation automation. The implementation of these systems records fault waveform and time stamp the measured operational data. Owing to these factors, applications of substation automation are expected to rise in manufacturing facilities across various industries.
Further, sales of substation automation are expected to gain momentum in commercial and civic power utilities. As per the U.S. Energy Information Administration (EIA), approximately 20% of the electricity generated in the country was from renewable energy sources.
Growing demand for effective power supply across commercial and residential sectors is expected to propel the adoption of substation automation in the forthcoming years.
"Growing adoption of substation automation in smart grids to enable remote monitoring and to avoid grid failures is expected to improve sales. In addition to this, increasing applications of substation automation software to improve financial performance, customer services, and organizational effectiveness will continue augmenting the growth of the market through 2031," says an FMI analyst.
Key Takeaways:
- In terms of component, sales of substation automation software are projected to rise at a remarkable pace over the assessment period.
- Based on control system type, total sales of SCADA-based substation automation are expected to top US$ 34 Bn by 2031.
- Demand for substation automation in manufacturing units is anticipated to account for 20% of the total sales in 2021.
- Sales of substation automation in the U.S. are anticipated to reach a valuation of US$ 6.8 Bn by 2031.
- China is expected to dominate the East Asia substation automation market, with sales growing at 6.8% CAGR over the assessment period.
- By 2031, India is expected to command 40% of the total substation automation sales in the South Asia market.
- Demand for substation automation in Japan and South Korea is projected to increase at 5.9% and 6.2% CAGR, respectively.
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Prominent Drivers:
- Growing government-backed investments in smart cities across counties such as India, China, and Brazil are expected to give tailwinds to substation automation sales.
- Surging establishment of data centers to support digital activities across various end-use sectors is expected to boost demand for substation automation systems.
Competitive Landscape
Leading players operating in the global substation automation market are aiming at production facility expansions through mergers, acquisitions, and collaborations. Players are also entering into partnerships to expand their product portfolios to cater to a growing consumer pool. For instance:
- In November 2020, Kuwait's Ministry of Electricity and Water (MEW) contracted Siemens Energy to provide 116 high-voltage substations. The advanced maintenance services offered by these substations will improve performance, reduce operating costs, and deliver more reliable network operations for the Ministry of Electricity in Kuwait.
- In November 2020, Schneider Electric acquired a controlling stake in ETAP Automation Inc. (Dubai), to improve the integration of renewables, fuel cells, microgrids, and battery storage technologies to the power grid.
Leading players operating in substation automation market profiled by FMI include:
- General Electric
- SIEMENS AG
- Eaton
- Mitsubishi Electric Automation
- CISCO
- Emerson Electric Co.
- ABB
- Schneider Electric
- Rockwell Automation
- Fuji Electric Co., Ltd.
- Nari Group
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More Insights on FMI's substation automation Market
The latest market study on the substation automation market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global substation automation market potential, its growth, trends, and opportunities, the market is segmented on the basis of:
Component:
- Hardware
- IEDs
- Bay Controller
- Feeder and Motor
- Protection Relay
- Tele controller / IECs
- Circuit Breaker Control & Management
- Line Differential
- Others
- Software
- Data Visualization and Monitoring
- Data Analysis
Site:
- Process Level/ Electric Control unit
- Bay Leve
- Substation Level
Rated Voltage:
- Low Voltage
- Medium Voltage
- High Voltage
Control System:
- SCADA based
- HMI based
- RI/O (Remote Input-Output) based
Application:
- Transmission Substation
- Distribution Substation
End-Use:
- Commercial and Civic Power Utilities
- Oil & Gas terminals
- Mining & Metallurgy
- Manufacturing Unit
- Railways
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa (MEA)
Key Questions Covered in Substation Automation Market Report
- The report offers detailed insights into substation automation market demand outlook for 2021-2031.
- The market study also highlights projected sales growth for substation automation market between 2021 and 2031.
- Substation automation market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry.
- Substation automation market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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SOURCE Future Market Insights
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