The Substation Automation Market size is expected to grow from USD 32.29 billion in 2023 to USD 44.25 billion by 2028, at a CAGR of 6.50% during the forecast period (2023-2028).
With the widening supply and demand gap, the power management has become one of the most critical worldwide concern areas. Energy consumption is increasing at one of the fastest rates globally; hence, the requirement of substation automation systems in the present-day substations to efficiently control and deliver power is highly sought.
The global substation automation market appears to be highly competitive. Market leaders are investing in research and development to innovate their products continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, and a cost-effective product portfolio. Some of the key developments in the market are:
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