Global Substation Automation Market Size, Trends & Growth Opportunity and By Type (Transmission Substations and Distribution Substations), By Installation Type (New Installations and Retrofit Installations), By Offering (Hardware, Software, and Services),

Global Substation Automation Market Size, Trends & Growth Opportunity and By Type (Transmission Substations and Distribution Substations), By Installation Type (New Installations and Retrofit Installations), By Offering (Hardware, Software, and Services), By Region and Forecast till 2027.

Global Substation Automation Market

The Global Substation Automation Market is expected to grow from US$ 154.2 Billion in 2021 to US$ 203.8 Billion by 2027; it is estimated to grow at a CAGR of 4.76% from 2021 to 2027.

An essential component of the electrical system for the production, transmission, and distribution of power is substation automation. Substations are used to vary the characteristics of electric forces such as voltage and frequency, among other things, by combining different types of bias. Substations are used to accept energy from transmission lines at high voltage and lower the voltage to the appropriate level so it can be used for original distribution.

Drivers: Reduced human intervention and increased system operational efficiency are the main market drivers in this sector. The market is expanding as a result of growing SCADA and communication technology advances as well as rising demand for renewable energy projects. The market for smart grids is expanding as a result of rising consumer demand for effective electricity transmission, declining operations and administration costs for utilities, and eventually cheaper power bills for end users. The development of smart grids in substation automation is also being fueled by improvements in security and the increasing integration of large-scale renewable energy sources.

Restraints: Although the global market for substation automation is expanding dramatically, various obstacles are limiting its expansion. A substation automation system requires a significant upfront investment that not everyone can afford, which reduces market demand. Additionally, as service-oriented architecture (SOA) and microprocessor usage has expanded, the cost of purchases has significantly increased, limiting market expansion. Another barrier to progress is ignorance.

Opportunities: The majority of countries already generate more than 20 percent of their electricity from solar and wind energy sources, making them the two most popular options in the power sector. The International Energy Agency (IEA) reports that in 2019, 25 percent of the world's electricity came from renewable sources. The majority of the world's energy consumption, or about 86 percent of it, will be met by renewable energy sources by 2050. Companies all across the world are focusing more on investing in renewable energy sources than they are in fossil fuels.

Impact of Covid-19

A sizable portion of the population has been impacted by the worldwide COVID 19 pandemic. A lot of people have lost their means of support as a result of this worldwide epidemic. It has impacted various industries' dynamics and expansion. Due to the vaccine scarcity, everyone is worried about their immunity and practises social seclusion. The lockdown situation caused a number of end-user industries to stop operating, which reduced demand for the substation automation industry and consequently reduced sales revenue. The networks that make up the supply chain were also broken, which decreased the profit margin.

Segmentation By Type: Substation Automation Market is classified on the basis of Type into Transmission Substations and Distribution Substations.

Segmentation By Installation Type: Substation Automation Market is classified on the basis of Installation Type into New Installations and Retrofit Installations.

Segmentation By Offering: Substation Automation Market is classified on the basis of Offering into Hardware, Software, and Services.

Segmentation By Region: Substation Automation Market is classified on the basis of Region into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Competitive Landscape: The key players of Substation Automation Market are ARTECHE, cgglobal., Cisco Systems, Inc., CrossCanyonEngineering.com, Eaton, Encore Networks, General Electric, Hitachi Energy Ltd, Honeywell International Inc, Itron Inc, and M B Control & Systems Pvt Ltd.

Industrial Development

The GE Group is scheduled to supervise the deployment of the digital substation, including advanced digital substation monitoring systems, controls, and software systems, which GE and Bond stated they would create for an offshore wind farm in February 2022. Between the offshore wind farm and the point of connectivity to the New York power grid, GE would supply the connection and power balance required.

The most advanced digital substation technology was combined with the predictive, prescriptive, and prognostic capabilities of Hitachi's market-leading lumada asset performance management (APM) solution when Hitachi ABB Power Grids launched its smart digital substation offering in February 2021.

Market Taxonomy

By Type

Transmission Substations

Distribution Substations

By Installation Type

New Installations

Retrofit Installations

By Offering

Hardware

Software

Services

By Region

North America

Europe

Asia Pacific

Latin America

Middle East & Africa

Key Questions Addressed by the Report

What are the Key Opportunities in Substation Automation Market?

What will be the growth rate from 2020 to 2027.

Which segment/region will have highest growth?

What are the factors that will impact/drive the Market?

What is the competitive Landscape in the Industry?

What is the role of key players in the value chain?