Electric Power Substation Automation Market to Reach $6.9 Billion, Globally, by 2032 at 4.51% CAGR

Allied Market Research published a report, titled, “Electric Power Substation Automation Market by Offering (Software, Hardware, and Services), Type (Transmission Substation and Distribution Substation), and Component (Intelligent Electronic Devices (IEDs), Programmable Logic Controller (PLC), Supervisory Control and Data Acquisition (SCADA), and Others): Global Opportunity Analysis and Industry Forecast, 2023–2032”. According to the report, the global electric power substation automation industry generated $4.4 billion in 2022, and is projected to reach $6.9 billion by 2032, registering a CAGR of 4.5% from 2023 to 2032.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 & 𝐓𝐎𝐂 :  https://www.alliedmarketresearch.com/request-sample/984

Prime determinants of growth

The electric power substation automation market is anticipated to expand significantly during the forecast period owing to grid modernization initiatives and increase in demand for electricity globally. In addition, the electric power substation automation market is anticipated to benefit regional grid expansion during the forecast period. On the contrary, the high initial investment and complexity of integration are expected to hamper the electric power substation automation market growth during the forecast period.

Covid-19 Scenario

·        The pandemic had posed challenges due to disruptions in supply chains and project delays, but it had also created opportunities by highlighting the importance of resilient and remote-operable infrastructure for power grid automation.

·        Overall, the outbreak of the COVID-19 pandemic had a mixed impact on th egrowth of the global electric power substation automation market.

The hardware router segment to maintain its leadership status throughout the forecast period.

Based on offering, the hardware segment held the highest market share in 2022, accounting for more than one-third of the global electric power substation automation market revenue, and is estimated to maintain its leadership status throughout the forecast period, as IEDs are a crucial component of hardware in substation automation. Moreover, the hardware segment is projected to manifest the highest CAGR of 4.99% from 2023 to 2032, driven by increase in focus on intelligent and modular devices, cybersecurity measures, remote monitoring and diagnostics capabilities, IoT integration, edge computing, advanced communication technologies, and enhanced environmental performance.

𝐈𝐧𝐪𝐮𝐢𝐫𝐲 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 : https://www.alliedmarketresearch.com/purchase-enquiry/984

The distribution substation segment to maintain its leadership status throughout the forecast period.

Based on type, the distribution substation segment held the highest market share in 2022, accounting for nearly three-fifths of the global electric power substation automation market revenue and is estimated to maintain its leadership status throughout the forecast period. In addition, the distribution substation segment is projected to manifest the highest CAGR of 4.67% from 2023 to 2032, due to factors such as increase in distributed energy resources, smart grid implementation, power demand growth and urbanization, grid resilience and outage management, energy efficiency and demand-side management focus, aging infrastructure and retrofitting, advanced communication and sensor technologies, and regulatory support. These trends and growth factors present significant opportunities for automation solution providers in the distribution substation sector.

The intelligent electronic devices (IEDs) segment to maintain its leadership status throughout the forecast period.

Based on component, the intelligent electronic devices (IEDs) segment held the highest market share in 2022, accounting for nearly two-fifths of the global electric power substation automation market revenue and is estimated to maintain its leadership status throughout the forecast period. In addition, the intelligent electronic devices (IEDs) segment is projected to manifest the highest CAGR of 4.91% from 2023 to 2032, due to factors such as growing demand for automation, grid modernization initiatives, integration of renewable energy sources, increasing complexity of power systems, focus on grid resilience and reliability, need for enhanced monitoring and diagnostics, regulatory compliance, cybersecurity concerns, and technological advancements. These factors collectively create a strong demand for IEDs in the electric power substation automation market.

North America to maintain its dominance by 2032.

Based on region, North America held the highest market share in terms of revenue in 2022, accounting for around one-third of the global electric power substation automation market revenue. TheAsia-Pacific region is expected to witness the fastest CAGR of 5.37%from 2023 to 2032, owing to the increase in infrastructure of utilities and adoption of smart grid technologies. 

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐅𝐨𝐫 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧 @ https://www.alliedmarketresearch.com/request-for-customization/984

Leading Market Players: -

·        ABB Ltd.

·        Cisco

·        Eaton

·        Hitachi Energy Ltd.

·        Honeywell International Inc.

·        Itron Inc.

·        NovaTech, LLC.

·        Rockwell Automation

·        Schneider Electric

·        Siemens

The report provides a detailed analysis of these key players of the global electric power substation automation market. These players have adopted different strategies such as product launch, product development, partnership, investment, acquisition, contract, branding, and expansion to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

Key Benefits For Stakeholders:

·        This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the electric power substation automation market analysis and electric power substation automation market outlook from 2021 to 2031 to identify the prevailing market opportunity.

·        The market research is offered along with information related to key drivers, restraints, and opportunities.

·        Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.

·        In-depth analysis of the market segmentation assists to determine the prevailing market opportunities.

·        Major countries in each region are mapped according to their revenue contribution to the global market.

·        Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.

·        The report includes the analysis of the regional as well as global electric power substation automation market trends, key players, market segments, application areas, and market growth strategies.

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