Report Feature
Substation Automation Market Trends and Forecast
The future of the substation automation market looks promising with opportunities in the utility, steel, oil & gas, mining, and transportation. The global substation automation market is expected to reach an estimated $43.6 billion by 2028 with a CAGR of 6.6% from 2023 to 2028. The major drivers for this market are growing investments by government in the development of smart cities and smart grid infrastructure development projects, increasing adoption of digital technologies to improve grid efficiency in smart cities, and surging requirement for efficient electricity transmission across the globe.
A more than 150-page report is developed to help in your business decisions. Sample figures with some insights are shown below.
Substation Automation Market by Segment
The study includes a forecast for the global substation automation market by offering, type, component, end use industry, and region, as follows:
Substation Automation Market by Offering [Shipment Analysis by Value from 2017 to 2028]:
- Hardware
- Software
- Services
Substation Automation Market by Type [Shipment Analysis by Value from 2017 to 2028]:
- Transmission Substations
- Distribution Substations
Substation Automation Market by Component [Shipment Analysis by Value from 2017 to 2028]:
- IEDs
- Communication Networks
- SCADA Systems
Substation Automation Market by End Use Industry [Shipment Analysis by Value from 2017 to 2028]:
- Utilities
- Steel
- Oil & Gas
- Mining
- Transportation
Substation Automation Market by Region [Shipment Analysis by Value from 2017 to 2028]:
- North America
- Europe
- Asia Pacific
- The Rest of the World
List of Substation Automation Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies substation automation companies cater to increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the substation automation companies profiled in this report include:
- Cisco Systems
- Eaton
- General Electric
- Hitachi ABB
- Ingeteam
- Itron
- Mitsubishi Electric
- NovaTech
- Schneider Electric
- Schweitzer Engineering Laboratories
- Siemens AG
- Trilliant
Substation Automation Market Insights
- Lucintel forecasts that hardware is expected to witness largest growth over the forecast period due to the introduction of the IEC 61850 standard for substations that facilitates the incorporation of all control, measurement as well as monitoring functions in one protocol and also enables interoperability between intelligent electronic devices (IEDs)
- Utilities is expected to witness highest growth over the forecast period due to the growing initiative by government in modernization of power grids and rising investments for power generation through renewable sources.
- APAC is expected to witness the highest growth over the forecast period due to growing demand for rural electrification, presence of major players, increasing investments in the manufacturing activities across emerging economies in this region.
Features of the Substation Automation Market
- Market Size Estimates: Substation automation market size estimation in terms of value ($B)
- Trend And Forecast Analysis: Market trends (2017-2022) and forecast (2023-2028) by various segments and regions.
- Segmentation Analysis: Substation automation market size by various segments, such as by offering, type, component, end use industry, and region.
- Regional Analysis: Substation automation market breakdown by North America, Europe, Asia Pacific, and the Rest of the World.
- Growth Opportunities: Analysis on growth opportunities in different by offering, type, component, end use industry, and regions for the substation automation market.
- Strategic Analysis: This includes M&A, new product development, and competitive landscape for the substation automation market.
- Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQ
Q1. What is the substation automation market size?
Answer: The global substation automation market is expected to reach an estimated $43.6 billion by 2028.
Q2. What is the growth forecast for substation automation market?
Answer: The global substation automation market is expected to grow with a CAGR of 6.6% from 2023 to 2028.
Q3. What are the major drivers influencing the growth of the substation automation market?
Answer: The major drivers for this market are growing investments by government in the development of smart cities and smart grid infrastructure development projects, increasing adoption of digital technologies to improve grid efficiency in smart cities, and surging requirement for efficient electricity transmission across the globe.
Q4. What are the major segments for substation automation market?
Answer: The future of the substation automation market looks promising with opportunities in utility, steel, oil & gas, mining, and transportation markets.
Q5. Who are the key substation automation companies?
Answer: Some of the key substation automation companies are as follows:
Answer: The global substation automation market is expected to reach an estimated $43.6 billion by 2028.
Q2. What is the growth forecast for substation automation market?
Answer: The global substation automation market is expected to grow with a CAGR of 6.6% from 2023 to 2028.
Q3. What are the major drivers influencing the growth of the substation automation market?
Answer: The major drivers for this market are growing investments by government in the development of smart cities and smart grid infrastructure development projects, increasing adoption of digital technologies to improve grid efficiency in smart cities, and surging requirement for efficient electricity transmission across the globe.
Q4. What are the major segments for substation automation market?
Answer: The future of the substation automation market looks promising with opportunities in utility, steel, oil & gas, mining, and transportation markets.
Q5. Who are the key substation automation companies?
Answer: Some of the key substation automation companies are as follows:
- Cisco Systems
- Eaton
- General Electric
- Hitachi ABB
- Ingeteam
- Itron
- Mitsubishi Electric
- NovaTech
- Schneider Electric SE
- Schweitzer Engineering Laboratories
- Siemens AG
- Trilliant
Q6. Which substation automation segment will be the largest in future?
Answer: Lucintel forecasts that hardware is expected to witness largest growth over the forecast period due 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).
Q7. In substation automation market, which region is expected to be the largest in next 5 years?
Answer: APAC is expected to witness the highest growth over the forecast period due to growing demand for rural electrification, presence of major players, increasing investments in the manufacturing activities across emerging economies in this region.
Q8. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% Customization Without any Additional Cost.
Answer: Lucintel forecasts that hardware is expected to witness largest growth over the forecast period due 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).
Q7. In substation automation market, which region is expected to be the largest in next 5 years?
Answer: APAC is expected to witness the highest growth over the forecast period due to growing demand for rural electrification, presence of major players, increasing investments in the manufacturing activities across emerging economies in this region.
Q8. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% Customization Without any Additional Cost.
Table of Contents
1. Executive Summary
6.2 Emerging Trends in the Global Substation Automation Market
6.1.1 Growth Opportunities for the Global Substation Automation Market by Offering
6.1.2 Growth Opportunities for the Global Substation Automation Market by Type
6.1.3 Growth Opportunities for the Global Substation Automation Market by Component
6.1.4 Growth Opportunities for the Global Substation Automation Market by End Use Industry
6.1.5 Growth Opportunities for the Global Substation Automation Market by Region
Methodology
Lucintel has been in the business of market research and management consulting since 2000 and has published over 1000 market intelligence reports in various markets / applications and served over 1,000 clients worldwide. This study is a culmination of four months of full-time effort performed by Lucintel's analyst team. The analysts used the following sources for the creation and completion of this valuable report:
- In-depth interviews of the major players in this market
- Detailed secondary research from competitors’ financial statements and published data
- Extensive searches of published works, market, and database information pertaining to industry news, company press releases, and customer intentions
- A compilation of the experiences, judgments, and insights of Lucintel’s professionals, who have analyzed and tracked this market over the years.
Extensive research and interviews are conducted across the supply chain of this market to estimate market share, market size, trends, drivers, challenges, and forecasts. Below is a brief summary of the primary interviews that were conducted by job function for this report.
Thus, Lucintel compiles vast amounts of data from numerous sources, validates the integrity of that data, and performs a comprehensive analysis. Lucintel then organizes the data, its findings, and insights into a concise report designed to support the strategic decision-making process. The figure below is a graphical representation of Lucintel’s research process.
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Key Questions
- • What are some of the most promising, high-growth opportunities for the substation automation market by offering (hardware, software, and services), type (transmission and distribution), component (IEDs, communication networks and SCADA systems ), end use industry (utilities, steel, oil & gas, mining, and transportation), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
- • Which segments will grow at a faster pace and why?
- • Which region will grow at a faster pace and why?
- • What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
- • What are the business risks and competitive threats in this market?
- • What are the emerging trends in this market and the reasons behind them?
- • What are some of the changing demands of customers in the market?
- • What are the new developments in the market? Which companies are leading these developments?
- • Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
- • What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
- • What M&A activity has occurred in the last 5 years and what has its impact been on the industry? For any questions related to substation automation market or related to substation automation companies , substation automation market size, substation automation market share, substation automation analysis , write Lucintel analyst at email: helpdesk@lucintel.com we will be glad to get back to you soon.
