The Substation Automation Market (henceforth, referred to as the market studied) is expected to reach USD 51 Billion by the year, registering a CAGR of 5.8% over the forecast period

– The growth of substation automation market is likely to driven by factors like rise in electricity demand globally, high demand for smart grids and inceasing need of upgradation of the existing networks.Furthermore power generation companies are looking for cost saving opportunities provided by the application of automated substations.

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– The increased need to reduce transmission and distribution loss is also fuelling the growth of substation automation market. In addition, the need to reduce outrage time by real time monitoring of faults and using automated systems to resume services is also boosting the growth of substation automation market.
– The rise in the demand for renewable energy projects in the substation automation market is likely to support the growth of the market throughout the forecast period. In addition to this, the rising need for retrofitting conventional substations is another major aspect that is predicted to enhance the market growth in the near future.
– The integration of functions, along with the digital technology so as to improve the efficiency of grid, particularly in smart cities is accelerating the development of the global substantial automation market. Also the demand for low-cost substation automation solutions, especially in the solar sector is expected to encourage the growth of the global substation automation market.

Key Market Trends

High Demands Of Smart Grid to Drive the Market Growth

– The increasing demand of Smart Grids are expected to fuel the market growth. The Smart Grid represents an unprecedented opportunity to move the energy industry into a new era of reliability, availability, and efficiency that will contribute to our economic and environmental health.
– Factors such as growing distress related to environment safety are the major factor driving the high demand for smart grid systems. In addition, increasing supportive government regulations & policies to implement smart meters is among the key factors boosting the demand for smart grid solutions and services.
– The increasing demand for efficient transmission of electricity,Reduced operations and management costs for utilities, and ultimately lower power costs for consumers are driving the growth of smart grids in the market.Additionally the increasing integration of large-scale renewable energy systems and improved security among others are fueling the growth of smart grids in substation automation.
– Owing to the need of upgradation and replacement of an aging energy infrastructure, smart grid is one of the best solution which is used in substation automation as it allows for automatic rerouting when equipment fails or outages occur and minimize outages and minimize the effects.These Grid technologies are expected to futher drive the market growth for substation automation.

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Asia Pacific to Register Highest Market Growth

– Asia Pacific is projected to have the fastest growth, owing to the increasing demand of rural electrification resulting in new projects, energy efficiency and smart power infrastructure in developing nations such as China and India in this region.
– The rising dependence on electricity, the demand of power system for advanced technologies, the requirement of minimizing the maintenance & operation prices, and the government implementation of incentives in favour of substation automation market are primarily driving the market in the Asia Pacific.
– The increasing investments aimed to boost the manufacturing activities across developing economies worldwide are expected to favorably impact the industry growth. Moreover, favorable initiatives from governments in countries such as India, China, and Japan have led to rising in demand across the entire region.
– The rapid industrialization and upcoming power utilities are the major factors boosting the growth in this region. Furthermore, the growing investment in renewable energy in APAC and investments in expanding the business in the region by manufacturers such as CG Global are making the region as a emerging market for substation automation.

Competitive Landscape

The global substation automation market appears to be extremely competitive.Market leaders are investing in research and development for innovating their products continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, and cost-effective product portfolio.Some of the key developments in the market are:

– March 2020 – ABB and TRANSCO pioneered a truly unique substation-to-substation solution that will better utilize the existing digital technology, whilst improving availability and reliability of the mission-critical application across the UAE and the Middle East.
– August 2019 – Cisco announces acquisition of Sentryo to provide automated device visibility and protection for Operational Technology assets.

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