Global Substation Automation Market is expected to foresee significant growth. APAC to lead the growth!

Substation automation refers to using data from intelligent electronic devices (IEDs) control & automation capabilities within the substation and control commands from remote users to control power system devices. Thus, rising investments in power transmission and distribution networks coupled with the growing augmentation and modernization of transmission and distribution networks across the globe, are expected to drive the market.

Furthermore, substation automation also offers benefits such as improved reliability by reducing outage duration, better fault detection and diagnostic analysis, and better management of system and component loading. Therefore, growing demand for energy coupled with increasing investment in automation activities by government and utility companies is expected to drive the global substation automation market at a CAGR of 7%, during the forecast period.

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With industries, schools, offices, and factories closed around the world as a result of the coronavirus pandemic, most countries’ energy needs were lower than usual. Even though residential energy consumption increased slightly, overall energy consumption decreased, owing primarily to industrial usage. Many activities were halted during the lockdown, including mobility, economic activity, construction, and manufacturing. Furthermore, COVID-19 impacted the operations of the substation automation market players and also affected the businesses of companies from the end-use industries.

Based on offering, the market has been categorized into hardware, software, and service. Amongst these, the hardware category is expected to hold a significant share during the forecast period. This is mainly due to the increasing advancements and dependability on automation systems to support the integration of power generation and distribution from renewable sources in the overall energy sector as well as the increase in demand for continuous energy supply across geographies and industries. Furthermore, the market growth can be attributed to the introduction of the IEC 61850 standard for substations, which enables the incorporation of all control, measurement, and monitoring functions in one protocol and facilitates interoperability between intelligent electronic devices (IEDs).

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Based on industry, the market is classified into utility, heavy industries, transportation, and others. In 2020, the utility sector accounted for the majority share in the market owing to growing energy demand as well as the launch of advanced systems by major players in the market. Furthermore, with growing industrialization and urbanization there has been an increasing demand for power generation from renewable sources such as wind and solar. According to the World Energy Investment 2020 report published by the International Energy Agency (IEA), total investment in renewable sources of power amounted to USD 259 billion and USD 226 billion for 2019 and 2020, respectively.

For a better understanding of the market adoption of the substation automation industry, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. In 2020, Asia-Pacific dominated the substation automation market owing to the increasing utilization of automated systems across industries and other applications. Substation automation systems offer high efficiency and are used in places where high voltage and minimal losses are critical parameters. Moreover, the surging consumption of electricity in developing countries such as India and China is escalating the adoption of smart and advanced systems coupled with the increasing need to upgrade existing energy and power infrastructure, which has positively influenced the market demand for these systems and solutions

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Some of the major players operating in the market include ABB Ltd., General Electric Company, Siemens Energy AG, Eaton Corporation Inc., Schneider Electric SA, Schweitzer Engineering Laboratories Inc., CG Power and Industrial Solutions, Cisco Systems Inc., NovaTech Automation, and Trilliant Networks Inc.

Global Substation Automation Market Segmentation

Market Insight, by Offering

• Hardware
• Software
• Services

Market Insight, by Type

• Transmission Substations
• Distribution Substations

Market Insight, by Industry

• Utility
• Heavy Industries
• Transportation
• Others

Market Insight, by Region

• North America
  • U.S.
  • Canada
  • Rest of North America
• Europe
  • Germany
  • United Kingdom
  • France
  • Spain
  • Italy
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • Australia
  • Rest of Asia-Pacific
• Rest of World

Top Company Profiles

• ABB Ltd.
  • General Electric Company
  • Siemens Energy AG
  • Eaton Corporation Inc
  • Schneider Electric SA
  • Schweitzer Engineering Laboratories Inc.
  • CG Power and Industrial Solutions
  • Cisco Systems Inc.
  • NovaTech Automation
  • Trilliant Networks Inc