Global Substation Monitoring System Market 2023-2030

Global Substation Monitoring System Market 2023-2030

Global Substation Monitoring System Market Size, Share & Trends Analysis Report by Component (Hardware and Software), by Communication Technology (Wired and Wireless), and by Industry (Utility, Oil and Gas, Mining, Steel and Transportation), Forecast Period (2024-2031)

The global substation monitoring system market is anticipated to grow at a CAGR of 9.2% during the forecast period (2024-2031). The growing adoption of a smooth and uninterrupted supply of power from generating locations to the load centers is the key factor supporting the growth of the market globally.To improve the reliability, efficiency, and financial sustainability of the electricity supply around the globe. Modernization of substations helps strengthen to power transmission network to meet current and future demands. The market players are also focusing on introducing substation monitoring system solutions that further bolster the market growth.For instance, in February 2023, GE Renewable Energy’s Grid Solutions business announced it had been awarded a multi-million-dollar contract from the Nepal Electricity Authority (NEA) to automate 39 substations of various ratings across Nepal, including the construction of six Master Control Centers (MCCs).

Segmental Outlook

The global substation monitoring system market is segmented on the components, communication technology, and industry. Based on the component, the market is sub-segmented into hardware (distribution network feeders, smart sensors, microcontrollers, cameras, intelligent electronic devices (IEDs) and software (asset management, production management, performance management). Based on the communication technology, the market is sub-segmented into wired and wireless. Further, on the basis of industry, the market is sub-segmented into utility, oil and gas, mining, steel and transportation. Among the industry, the utility sub-segment is anticipated to hold a considerable share of the market owing to the rise in the development of advanced computer technology, modern electronic technology, communication technology and information processing technology to recombine and optimize the functions of substation secondary equipment.

The Software Sub-Segment is Anticipated to Hold a Considerable Share of the Global Substation Monitoring System Market

Among the components, the software sub-segment is expected to hold a considerable share of the global substation monitoring system market. The segmental growth is attributed to the growing influence of the technology providers to co-develop an entirely new solution intended to revolutionize the energy transition and help achieve a climate-neutral economy. For instance, in November 2021, Capgemini joined the Edge for Smart Secondary Substations (E4S) Alliance, created to develop a standard, flexible, manageable and interoperable platform for next-generation Smart Grids. In combination with edge computing leads to lower total cost of ownership (TCO), faster time to market for new applications and more efficient management and delivery of electricity.

Regional Outlook

The global substation monitoring system market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America. Among these, Asia-Pacific is anticipated to hold a prominent share of the market across the globe, owing to the growing demand for lower distribution and transmission losses in developing countries like India is driving the growth of the market for substation monitoring systems.

The North America Region is Expected to Grow at a Significant CAGR in the Global Substation Monitoring System Market

Among all regions, the North America region is anticipated to grow at a considerable CAGR over the forecast period. Regional growth is attributed to the high demand for power owing to the growth of new cities, the transmission and distribution network operators and power producers have further increased their investments in systems that reduce outages, lower operating costs and provide effective real-time control. The key players include ABB, Siemens AG, General Electric, Emerson Electric Co., Schneider Electric and others.

Market Players Outlook

The major companies serving the substation monitoring system market include ABB Ltd., Eaton, General Electric, Mitsubishi Electric Corp., Siemens AG, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market.For instance, in September 2023, Elewit and Red Eléctrica partnered to optimize the remote management of substations through AI, IoT and data analytics. The two Redeia companies are working on this initiative that combines different technologies to bolster the efficiency of maintenance processes and improve the availability of substation assets.

The Report Covers

Market value data analysis of 2023 and forecast to 2031.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global substation monitoring system market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.