In 2015, the market for substation automation was valued at USD 114.0 million. This is due to increasing penetration in the industry to automate substation data and analyze it efficiently. To address the aging and distressed infrastructure, there is a greater emphasis on transmission and distribution investments. Utilities are putting more emphasis on enterprise-level information in order to improve reliability and security, as well as to better manage their assets and information. This is driving industry growth.
Asia Pacific Substation Automation Market Revenues by Component, 2014-2024 (USD billion)
Substation automation is booming due to the rapid development of communication and advanced SCADA technologies. Substation automation is dependent on the communication channel. All the IEDs and monitoring equipment located on the substation or on the field generate data which must be sent to the utility data centre, which can be located remotely.
Industry growth is being slowed by a lack of interoperability, global standards and connectivity. To address this problem, manufacturers in the sector are increasingly working to create common standards. ABB Ltd. is a key player in standardizing IEC 61850.
In 2015, the communication channel component held 27.1% of all market share. Utilities have increasingly integrated communication schemes into substations to capitalize on IDEs, control, protection and fault recording functions that are available in digital devices.
Programmable Logic Controllers (PLCs), which accounted for a greater than 14% of the revenue in 2015, are expected to see significant growth. PLC manufacturers are constantly developing new products to address the needs of SCADA and substation automatization applications. They are also cheaper than traditional RTUs, and offer benefits for substation automation and its related applications. The industry will continue to demand PLCs for protection and control, control, voltage regulation, system diagnostics and remote control.
Over the forecast period, SCADA is expected to experience significant growth at a CAGR close to 9%. The industry will benefit from technological advancements in MCUs and sensor technology to improve its communication system.
Due to regulations and increased dependability, the energy and power sector is now incompetent. The increasing adoption of SCADA systems will drive the demand for flexibility when investigating infrastructure. These systems can also monitor and control power generation and transmission, and increase overall efficiency.
IEDs also contributed significantly to the overall market and held a dominant revenue share of more than 75% in 2015. This was due to their upcoming deployment in the power sector. IEDs are needed to minimize losses and optimize efficiency. This is due to the increasing demand for high voltage in commercial buildings and other industries.
From 2016 to 2024, the copper wire communication segment will grow at a substantial CAGR of more than 12%. Because of its lower interference and attenuation, optical fiber communication is growing in popularity. The segment's growth is also due to investments in telecommunications technology and information technology.
Asia Pacific accounted for more than 22% of global industry share in 2015. This market is expected to grow steadily over the next decade. Industry growth is expected to be influenced by increased investments in developing countries to increase manufacturing activity. In addition, positive initiatives taken by governments in countries like India, China, Japan, and others have led to a rise in demand throughout the region.
Eaton Corporation Plc., General Electric Company, ABB Ltd., Cromptongreaves Ltd., Cisco Systems, Inc., Larsen & Toubro Limited, Verson Electric Pvt. are the key industry players. Ltd., Schneider Electric SE, Siemens AG, Trilliant Holdings, Inc. Manufacturers such as CGGlobal are expanding their global presence by increasing substation automation businesses in Western Europe, Asia Pacific and Africa.
b. Global substation automation market was valued at USD 140.7 billion in 2019, and is forecast to grow to USD 148.6 trillion in 2020.
How is the substation automation market growing?b. Global substation automation market will grow at a compound annual rate of 5.6% between 2016 and 2024, to reach USD 185.8 billion by 2024.
Which substation automation segment had the largest market share?b. With a share of 69.6%, the IEDs module segment dominated substation automation markets in 2019, This is due to the imminent deployment of IEDs modules across the power sector as well as the growing demand for high voltage across commercial buildings, and industries to operate machine machines.
What are the major players in the substation automation marketb. Among others, there are Eaton; General Electric; ABB and Cisco; Cromptongreaves Ltd.; Larsen & Toubro Limited.; Schneider Electric; and Siemens.
What are the main factors that drive the substation automation marketb. The market is growing because of the need for increased efficiency in operation, higher quality, higher production, high uptime and easy monitoring and control.
Up Market Research published a new report titled “Substation Automation Market research report which is segmented by Component (Digital Transducer/Smart Meter, Digital Relays, Load Tap Controller, Capacitor Bank Controller, Programmable Logical Controller, Recloser Controller, Communication Channel), by Communication Channel (Ethernet, Optical Fiber Communication, Copper Wire Communication, Power Line Communication), by Module (Communication Network, SCADA, IEDs), By Players/Companies Eaton; General Electric; ABB; Cisco; Crompton Greaves Ltd; Larsen & Toubro Limited; Schneider Electric; and Siemens amongst others”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Substation Automation Market Research Report |
By Component | Digital Transducer/Smart Meter, Digital Relays, Load Tap Controller, Capacitor Bank Controller, Programmable Logical Controller, Recloser Controller, Communication Channel |
By Communication Channel | Ethernet, Optical Fiber Communication, Copper Wire Communication, Power Line Communication |
By Module | Communication Network, SCADA, IEDs |
By Companies | Eaton; General Electric; ABB; Cisco; Crompton Greaves Ltd; Larsen & Toubro Limited; Schneider Electric; and Siemens amongst others |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 214 |
Number of Tables & Figures | 150 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Component (Digital Transducer/Smart Meter, Digital Relays, Load Tap Controller, Capacitor Bank Controller, Programmable Logical Controller, Recloser Controller, Communication Channel), by Communication Channel (Ethernet, Optical Fiber Communication, Copper Wire Communication, Power Line Communication), by Module (Communication Network, SCADA, IEDs).
Substation Automation Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
Key Benefits for Industry Participants & Stakeholders:
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Substation Automation Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
How you may use our products:
Reasons to Purchase the Substation Automation Market Report:
Some other reports from this category!