Global Substation Automation Market 2023-2027
The substation automation market is forecasted to grow by USD 15,173.09 million during 2022-2027, accelerating at a CAGR of 6.47% during the forecast period. The report on the substation automation market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.
The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. The market is driven by increasing need for efficient power transmission and distribution, advancements in communication and connectivity technologies, and growing demand for grid resilience and security.
Technavio's substation automation market is segmented as below:
- By End-user
- Utilities
- Steel
- Mining
- Transportation
- Oil and gas
- By Type
- Transmission
- Distribution
- By Geographical Landscape
- North America
- APAC
- Europe
- South America
- Middle East and Africa
This study identifies the technological advancements in substation automation as one of the prime reasons driving the substation automation market growth during the next few years. Also, rising demand for EVs and hybrid electric vehicles (HEVs) and rising use of digital technology to improve grid efficiency in smart cities will lead to sizable demand in the market.
The report on the substation automation market covers the following areas:
- Substation automation market sizing
- Substation automation market forecast
- Substation automation market industry analysis
The robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading substation automation market vendors that include ABB Ltd., Arteche Lantegi Elkartea SA, Beijer Electronics Group AB, Cisco Systems Inc., Eaton Corp. Plc, General Electric Co., Hitachi Ltd., Mitsubishi Electric Corp., OHB SE, Renewable Energy Systems Ltd., Schneider Electric SE, Schweitzer Engineering Laboratories Inc., Siemens AG, Texas Instruments Inc., The Weir Group Plc, Toshiba Corp., TRC Companies Inc., Trilliant Holdings Inc., ZIV Automation, and SHENZHEN GUOWANG NARI TECHNOLOGY CO. LTD.. Also, the substation automation market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage all forthcoming growth opportunities.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors.
The publisher presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters such as profit, pricing, competition, and promotions. It presents various market facets by identifying the key industry influencers. The data presented is comprehensive, reliable, and a result of extensive research - both primary and secondary. The market research reports provide a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast the accurate market growth.