Valuation of the Substation Automation Market to $49.3 Billion by 2031, TMR Report

Transparency Market Research

Transparency Market Research

Significant functional and operational benefits of smart grids for reduced energy losses, improved reliability and productivity, and to meet energy demand in a cost-effective manner, drive the shift to substation automation

Albany NY, United States, May 3, 2022 (GLOBE NEWSWIRE) — Analysts at TMR estimate that the substation automation market will grow at a CAGR of 6.3% for the forecast period from 2021 to 2031. The increasing adoption of technology for secure and reliable electricity supply to meet the exploding power demand is fueling the growth of the substation automation market. The susceptibility of existing substations to failures and the risk of failure of the aging power grid forces governments to automate energy distribution at all levels. This promotes the upgrade to substation automation.

Increasing practices to supplement conventional energy production with renewable and non-conventional energy sources necessitating the establishment of smart grids are creating opportunities in the substation automation market. Substation automation enables intelligent and interactive power distribution to switch between energy sources for optimal utilization of grid capacity.

Substation automation involves the integration of next-generation technologies that help reduce operational and maintenance costs and improve plant productivity. Substation automation provides high performance, energy efficiency, grid security, reliability of the existing electrical supply and better integration of renewable energy into the existing grid.

Asia-Pacific is expected to become an important region in the substation automation market in the coming years. Investments in smart grid technologies by governments in developing countries to minimize massive losses from conventional power grids are boosting the market for substation automation in the region.

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Substation Automation Market – Key Report Findings:

  • The need to minimize the operational costs and productivity losses of power substations forces governments to automate incrementally. Practical challenges of completely replacing old substations in one go leads governments to start implementing intelligent electronic devices, integrating with central systems and then full automation. For example, Penelec, the subsidiary of FirstEnergy, announced the completion of work in Clarion County, Pennsylvania, which will replace manually operated switches on the line with remote controls.

  • Significant operational benefits of intelligent electronic devices lead to their increasing integration with central systems. Intelligent electronic devices can send or receive data/control to or from an external source for centralized grid automation.

  • Recognition of substation automation as an advanced technology in electrical engineering leads to increasing automation of age-old substations. Enhanced electrical protection, advanced failure, performance and reliability, real-time substation information display in a control center, event recording capabilities, remote switching and advanced supervisory control are some of the functionalities of substation automation. These combined functionalities make electricity distribution hassle-free and fault detection and recovery faster.

  • North America is an important region in the substation automation market. Significant investments by power departments to modernize transmission and distribution due to aging and ailing infrastructure constraints make North America a key region in the substation automation market.

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Substation Automation Market – Growth Factors

  • Exploding power demand and the susceptibility of traditionally aging power grids to failures and malicious attacks are driving the substation automation market

  • Intensive efforts by governments to upgrade to smart grids for efficient electricity transmission, cost-efficient operations and lower administrative costs, and ultimately lower consumer energy bills are fueling the growth of the substation automation market

How Substation Automation Market Is Recovering After Covid19

Major Players in Substation Automation Market

Some of the major players in the substation automation market are;

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The substation automation market is segmented as follows;

Substation Automation Market, by Component:

Substation automation market, by module

Substation automation market, by communication network

Substation Automation Market Segment By Application:

Substation Automation Market, by End-Use Industry

Substation Automation Market by Regions:

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Rohit Bhisey
Transparency Market Research
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