Substation Automation Market: Worldwide Industry Analysis and New Market Opportunities Explored By 2022

  The substation automation market value is expected to top US$ 37.48 Bn in 2021. High demand for retrofit conventional substations will improve sales through 2031. Application of substation automation will remain high across manufacturing units. Future Market Insights (FMI) also projects sales in commercial & civic power utilities and oil & gas terminal to catch up over the assessment period.

Besides this, surging number of data centers intended to support the expanding digital activities worldwide post COVID-19 will enable the substation automation market size to grow by 6% CAGR between 2021 and 2031. As per FMI, substation automation market will account for 18% of sales in industrial automation market in 2021.

Due to the global pandemic, demand for substations declined slightly in 2020. The effect of COVID-19 on demand from several end-use industries like power generation, mining, and general manufacturing was less, which drove substation automation sales in various regions.

Expansion of manufacturing units in developing countries will create a conducive environment for substation automation sales. This trend will continue resulting in high demand for both substation automation hardware and software.

Key Takeaways from Substations Market Study

  • The demand from manufacturing sector is set to account for over 22% of the market share on value basis by the end of forecast period.
  • The East Asia and South Asia & Pacific will remain a primary markets, backed by rising industrial sector and growing urbanization. These regions will cumulatively account for 43% of the demand registered in globally in 2021.
  • Within North America, the U.S. will account for over 61% of sales in 2021.
  • Italy, the UK, and Spain are expected to spearhead growth in Europe.

“As competition increases, some of the leading substation automation system producers are focusing on collaboration to strengthen their footprint. Through this, they also aim at offering innovations,” says a Future Market Insights analyst.

Competitive Analysis:

Key players in the substation automation market account for around 65% of the market share. In order to achieve more sales top companies are creating contracts with end users and developing custom products according to needs of the customer along with that manufacturers have focused on enhancing their sales network in order to achieve strong global presence.

Some of the key players in this industry include but are not limited to ABB, General Electric, SIEMENS AG, Schneider Electric, Emerson Electric Co. CISCO, Rockwell Automation, Mitsubishi Electric Automation, TOSHIBA ENERGY SYSTEMS & SOLUTIONS CORPORATION, Fuji Electric Co., Ltd. Eaton and Ingeteam.

Increasing power generation globally has fueled the demand for automation products. Driven by this, the substation automation market will grow by 6.0% CAGR between 2021 and 2031 in comparison just 3.0% CAGR registered during 2016-2020.

The growth of the market is driven by substation automation system’s capabilities to optimize the management of capital assets and enhance operation and maintenance efficiencies with minimal human intervention.

Moreover, the number of failures gets reduced drastically by mere installation of a few automation devices. Automated substations installation reduces repair costs and avoids forced outages.

Disturbance analysis is an added advantage when these systems are implemented, as they have inherent capabilities to record the fault waveform and time stamp the measured operational data.

Access Full report: https://www.futuremarketinsights.com/reports/substation-automation-market

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