Substation Automation Market to Grow with a CAGR of 6.19% through 2028
Increasing demand for reliable power supply and
Growing adoption of smart grid technology are likely to drive the market in the
forecast period.
According to TechSci Research report, “Substation
Automation Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Substation Automation
Market stood at USD 22.08 billion in 2022 and is anticipated to grow with a
CAGR of 6.19% in the forecast period.
One of the
primary drivers of the global Substation Automation market is the relentless
growth in energy demand worldwide, coupled with the imperative to modernize
aging power infrastructure. As populations expand, urbanize, and become more technologically
dependent, the need for electricity continues to surge. This escalating demand
necessitates more efficient and reliable methods of electricity generation,
transmission, and distribution. To meet these evolving energy needs, utilities
are increasingly investing in Substation Automation systems. These systems
encompass advanced technologies such as Supervisory Control and Data
Acquisition (SCADA), Intelligent Electronic Devices (IEDs), and communication
networks to enhance the control, monitoring, and protection of substations. By
automating various substation processes, utilities can respond more swiftly and
accurately to changing demand patterns and fault conditions, ensuring a stable
and resilient power supply. Moreover, as governments worldwide establish
ambitious goals for reducing greenhouse gas emissions, Substation Automation
plays a pivotal role in integrating renewable energy sources like wind and
solar into the grid. This driver emphasizes the critical role of Substation
Automation in adapting to the evolving energy landscape and ensuring
sustainable energy provision for the future.
The second major
driver of the global Substation Automation market is the pressing need to
improve grid reliability and resilience. Substations serve as crucial nodes in
the power grid, and any disruptions or failures can result in significant
economic losses and public inconvenience. Factors such as extreme weather
events, cyberattacks, and equipment aging pose constant threats to grid reliability.
Substation Automation systems bolster grid resilience by providing real-time
monitoring and control capabilities. These systems enable utilities to identify
and isolate faults quickly, reroute power flows, and restore service more
efficiently. Additionally, the integration of advanced analytics and predictive
maintenance within Substation Automation contributes to proactive asset
management, reducing downtime and preventing unexpected failures. sIn an era
where grid disturbances are becoming more frequent and severe, Substation
Automation is paramount in safeguarding power supply continuity and minimizing
the impact of disruptions. The increasing emphasis on grid resilience in the
face of climate change and other threats underscores the significance of
Substation Automation as a critical driver in the global energy sector.
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The Global Substation Automation Market is segmented
into component, module, communication channel and region.
Based on component, The Digital Transducer/Smart Meter
segment had the largest market share in 2022 & expected to maintain it in
the forecast period. Digital transducers and smart meters are crucial for
collecting real-time data on various electrical parameters within substations.
This data includes voltage, current, power quality, energy consumption, and
more. Utilities and grid operators rely on this data for monitoring substation
performance, identifying issues, and optimizing grid operations. The data
collected by smart meters and digital transducers plays a pivotal role in grid
management and optimization. It allows utilities to make informed decisions
about load balancing, voltage regulation, and distribution network management,
leading to improved grid efficiency and reliability. Smart meters are
instrumental in monitoring power quality, identifying disturbances, and helping
utilities take corrective actions swiftly. This leads to enhanced power quality
for consumers and reduces disruptions caused by voltage sags, surges, or
harmonics. Smart meters enable utilities to implement advanced metering
infrastructure (AMI) and offer consumers real-time insights into their energy
consumption. This promotes energy conservation and allows for more accurate
billing based on actual usage.
Based on the communication channel, The Ethernet
segment had the largest market share in 2022 and is projected to experience
rapid growth during the forecast period. Ethernet offers high data transfer
rates, typically ranging from 10 Mbps (megabits per second) to 100 Gbps
(gigabits per second) or more, depending on the specific technology used. This
high bandwidth capacity allows for the efficient transmission of large volumes
of data, making it ideal for real-time monitoring, control, and data exchange
in substations. Ethernet is known for its reliability and low latency, ensuring
that critical data reaches its destination quickly and consistently. Substation
automation systems require reliable communication to monitor and control power
grid operations accurately. Ethernet communication follows standardized
protocols and technologies, such as TCP/IP (Transmission Control
Protocol/Internet Protocol). This standardization promotes interoperability
among devices and systems from different vendors, reducing the risk of vendor
lock-in and simplifying integration efforts. Ethernet networks are highly
scalable, allowing substations to add new devices, sensors, and controllers
without significant infrastructure changes. This scalability is essential for
adapting to evolving grid requirements and accommodating the integration of
renewable energy sources and other advanced technologies. Ethernet supports a
wide range of communication media, including copper cables (e.g., Ethernet over
twisted pair), fiber optics (fiber-optic Ethernet), and wireless technologies
(Wi-Fi and Ethernet over wireless). This flexibility allows utilities to choose
the most suitable communication medium based on their specific needs and
environmental conditions. Ethernet communication can be secured through
encryption and other cybersecurity measures, making it suitable for protecting
sensitive substation data from cyber threats. Security is a critical concern in
modern substation automation.
Major companies operating in the Global Substation
Automation Market are:
- ABB Ltd
- Schneider
Electric SE
- Siemens
AG
- GE Grid
Solutions
- Hitachi Group
- Eaton
Corporation plc
- Emerson
Electric Co.
- Toshiba
Corporation
- Fuji
Electric Co., Ltd
- Larsen
& Toubro Ltd
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“The Global Substation Automation market is expected
to rise in the upcoming years and register a significant CAGR during the
forecast period. The growing demand for electricity is putting a strain on
power grids. Substation automation can help to improve the efficiency and
reliability of power grids, which can help to meet the increasing demand for
electricity. Transmission and distribution losses
account for a significant portion of the total energy losses in the power grid.
Substation automation can help to reduce these losses by improving the
efficiency of the power grid. Additionally, Smart grid technology is a new
generation of power grid that uses digital technologies to improve the
efficiency, reliability, and security of the grid. Substation automation is a
key component of smart grid technology. Therefore, the market of Substation Automation is
expected to boost in the upcoming years.,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“Substation Automation Market
- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented
By Component (Reclose Controller, Programmable Logical Controller, Capacitor
Bank Controller, Digital Transducer/Smart Meter, Load Tap Controller, and Communication
Channel), By Module (SCADA, IED, and Communication Network Technology), By
Communication Channel (Ethernet, Power Line Communication, Copper Wire
Communication, and Optical Fiber Communication), By Region, By Competition”, has evaluated
the future growth potential of Global Substation Automation Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision-makers make sound investment decisions., The report also identifies
and analyzes the emerging trends along with essential drivers, challenges, and
opportunities in the Global Substation Automation Market.
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