Global Substation Automation Market Report, Industry Size, Share, Statistics & Growth 2026

The Substation Automation Market size is projected to reach USD 54.2 billion by 2026, at a CAGR of 6.3% during forecast period.

The growth of the substation automation market is fueled by surging requirement to retrofit conventional substations, rising use of digital technology to improve grid efficiency in smart cities, increasing demand for electric and hybrid vehicles, and increasing focus on upgrading IEC 61850 standard to resolve interoperability issue among intelligent electronic devices deployed in substations.

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

Substation Automation companies include:

• 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),
• CG Power and Industrial Solutions (India.

Driver: Increasing investments in smart cities and smart grid infrastructure development projects

Substation automation helps reduce operational and maintenance costs and increase plant productivity using enhanced technologies. It also ensures high performance, reliability, and safety of electrical power network performing interlocking and smart load shedding functions. Smart grids can reduce energy losses during transmission and distribution, improve reliability and productivity, manage energy demand smartly and cost-effectively. Considering all these benefits, heavy investments are being made for the development of smart grids across the world. For instance, in May 2018, Natural Resource Canada announced an investment of USD 949,000 for a next-generation smart grid project.

Opportunity: Huge prospects for substation automation market due to increasing investments in renewable energy projects to meet growing energy demand

Solar and wind are currently the mainstream options in the power sector, with most countries generating more than 20% of their electricity using solar and wind energy sources. According to the International Energy Agency (IEA), the share of renewable sources in world electricity generation reached 25% in 2019. By 2050, renewable power will be able to provide the bulk of global power demand, which would be approximately 86%.

The mining industry is focusing on adopting modern substation automation solutions for the effective management of digital data. Mining plants use a tremendous amount of energy to run equipment and monitor worker safety to reduce accidents. As a result, mining companies end up spending more than they gain after selling raw materials. Hence, to control energy consumption and ensure production–energy balance, mining companies are adopting substation automation solutions to get critical information on energy consumption and accordingly establish energy efficiency policies, thereby increasing productivity and reducing energy waste.

North America has emerged as the worlds most promising market for substation-related projects with reference to industries such as utilities, renewable energy, and oil & gas. Utilities in North America are making considerable investments in replacing, upgrading, and expanding new and existing transmission and distribution infrastructure to improve the reliability and capacity of transmission and distribution networks. Utilities in the US focus on establishing next-generation distribution and transmission infrastructure and increasing the use of renewable sources for power generation, especially through wind and solar projects, to boost their revenue growth in the substation automation market. The key factor driving the growth of the renewables segment is low operating expenses. For instance, the use of wind systems in power generation eliminates the fuel cost and reduces the environmental impact as these systems emit less smog and greenhouse gases.

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

Hitachi ABB Power Grids (Switzerland) held the majority of the global substation automation market share in 2020. The company is a world leader in grid automation and grid integration, particularly high-voltage products, transformers, and asset management solutions. The company is well acknowledged among leading utilities of the world, which helped the company record high sales in the year 2020. Siemens Energy (Germany) followed in second place with a wide product portfolio of energy-efficient solutions for utilities and heavy industries and asset management software solutions. Surged adoption of smart substations in renewable energy projects and increasing demand for electric and hybrid vehicles has led to the market growth of these companies.