Substation Automation Market Projected to reach $54.2 billion by 2026

Substation Automation Market is estimated to be USD 54.2 billion by 2026 (forecast year) from USD 39.9 billion in 2021 (estimated year), at a CAGR of 6.3% between 2021 to 2026. The substation automation market is experiencing growth due to the increasing demand for low-cost and flexible solutions in industries such as utilities, oil & gas, and railways. Government funding initiatives to replace aging infrastructure are also helping to reduce energy and revenue losses, prevent power outages and blackouts, and drive the need for more automated substations. Additionally, the rising demand for renewable energy projects and the increasing adoption of electric and hybrid vehicles are expected to create new growth opportunities for players in the substation automation market.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=208537744

Transmission substations to dominate the substation automation market, by Type.

The increasing demand for electricity is leading to a corresponding increase in the need to replace aging infrastructure, including power delivery systems. Existing infrastructure is unable to sustain bulk power movements or meet modern standards, resulting in a growing risk of power outages. As a result, investor-owned utilities are investing more in upgrading transmission substation infrastructure.

Substation automation market for mining industry estimated to be the fastest growing segment, by end-user industry during the forecast period

The mining industry is increasingly adopting substation automation solutions for the effective management of digital data. Mining plants use a significant amount of energy to run equipment and monitor worker safety, which results in high energy consumption costs. Therefore, mining companies are adopting substation automation solutions to control energy consumption and establish energy efficiency policies. These solutions provide critical information on energy consumption, which helps mining companies balance production and energy consumption, increase productivity, and reduce energy waste.

North America is projected to hold the largest share of substation automation market in 2026

North America is currently the most promising market for substation-related projects in industries such as utilities, renewable energy, and oil & gas. Utilities in the region are making significant investments in upgrading and expanding transmission and distribution infrastructure to improve reliability and capacity. The focus is on establishing next-generation distribution and transmission infrastructure and increasing the use of renewable sources for power generation, particularly wind and solar projects, to boost revenue growth in the substation automation market. The low operating expenses of renewable energy sources, such as wind systems, are a key factor driving growth in the renewables segment, as they eliminate fuel costs and reduce environmental impact by emitting fewer greenhouse gases.

Inquiry Before Buying @ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=208537744

The report profiles key players, including Hitachi ABB Power Grids (Switzerland), Siemens Energy (Germany), General Electric (US), Cisco (US), Schneider Electric (France), Eaton Corporation (Ireland), Honeywell (US), Schweitzer Engineering Laboratories (US), NovaTech Automation (US), and CG Power and Industrial Solutions (India). These companies focus on adopting both organic and inorganic growth strategies, such as product launches and developments, partnerships, contracts, and mergers and acquisitions to strengthen their position in the market.

News also Covered: https://www.prnewswire.com/news-releases/substation-automation-market-worth-54-2-billion-by-2026–exclusive-report-by-marketsandmarkets-301247153.html