According to a new report published by Allied Market Research, titled โ๐๐ฅ๐๐๐ญ๐ซ๐ข๐ ๐๐จ๐ฐ๐๐ซ ๐๐ฎ๐๐ฌ๐ญ๐๐ญ๐ข๐จ๐ง ๐๐ฎ๐๐ฌ๐ญ๐๐ญ๐ข๐จ๐ง ๐๐ฎ๐ญ๐จ๐ฆ๐๐ญ๐ข๐จ๐ง ๐๐๐ซ๐ค๐๐ญ “The electricity substation automation market was valued at $4.4 billion in 2022, and is estimated to reach $6.9 billion by 2032, growing at a CAGR of 4.5% from 2023 to 2032.
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Electric power substation automation refers to the integration of advanced technologies and systems to improve the monitoring, control and management of electrical substations. Stations are important components of the power grid that facilitate the transmission, distribution and transformation of electricity. Automation in substations involves the implementation of intelligent devices, communication networks and software applications to enable real-time data collection, analysis and decision-making processes.
In terms of end-use industry, the electrical substation automation industry serves a wide range of sectors. A prominent industry is the utilities sector, which includes power utilities, transmission system operators, and distribution utilities. These entities rely on substation automation to optimize scheduling operations, ensure reliable power supply and improve overall system efficiency. Industrial sectors such as manufacturing, mining and oil and gas also benefit from substation automation as it allows them to monitor power consumption, detect faults and maintain a stable and uninterrupted power supply for their operations.
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Moreover, substation automation plays a crucial role in the renewable energy industry. As the adoption of renewable energy sources such as solar and wind energy continues to grow, substations equipped with automation technologies facilitate the integration of these intermittent energy sources into the grid. Automation ensures real-time monitoring of renewable energy generation, efficient power flow management and grid stability, ensuring smooth integration and optimal resource utilization for renewable energy sources.
Therefore, electrical power station automation serves the utility, manufacturing, mining, oil and gas, and renewable energy end-use sectors. By enabling efficient monitoring, control and management of substations, automation technologies contribute to improved grid reliability, optimized energy consumption and improved operational efficiency in these industries.
The electrical power station automation market analysis is segmented on the basis of supply, type, component and region. On the basis of offering, the growth of the electricity substation automation market is bifurcated into software, hardware and services. In 2022, the hardware segment dominated the market, in terms of revenue, and is expected to gain a large market share until 2032. The market trend for substation automation system hardware is towards intelligent and modular devices, cybersecurity measures, industrial automation, remote monitoring and diagnostic capabilities, IoT integration, edge computing, advanced communications technologies and improved environmental performance.
Based on the type, the electric power substation automation market share is separated into transmission substation and distribution substation. The distribution substation segment has bought the largest share in 2022 and is expected to grow at a significant CAGR from 2023 to 2032. The distribution substation. Segment is driven by factors such as increase in distributed energy resources, smart grid deployment, power demand growth and urbanization, grid resilience and outage management, energy efficiency and management focus, aging infrastructure and retrofitting, advanced communication and sensor technologies, and regulatory support.
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Based on component, the electrical power drift automation market size is separated into intelligent electronic devices (IEDs), programmable logic controller (PLC), supervisory control and data acquisition (SCADA) and others. The intelligent electronic devices (IEDS) segment acquired the largest share in 2022 and is expected to grow at a significant CAGR from 2023 to 2032.
Regionally, the trends of the electricity substation automation market are analyzed in North America (US, Canada and Mexico), Europe (UK, Germany, France and Rest of Europe), Asia Pacific (China, Japan, India, South Korea and the rest of Asia Pacific) and Lamea (Latin America, the Middle East and Africa).
๐๐๐ฒ ๐ ๐ข๐ง๐๐ข๐ง๐ ๐ฌ ๐๐ ๐๐ก๐ ๐๐ญ๐ฎ๐๐ฒ ๐๐ญ๐ฎ๐๐ฒ
The hardware segment was the highest revenue contributor to the market.
The distribution substation segment was the highest revenue contributor to the market.
The intelligent electronic devices (IEDs) and supervisory control and data acquisition (SCADA) segments collectively accounted for approximately 65.65% market share in 2022, with the former constituting approximately 37.15% share.
The intelligent electronic devices (IEDs) and supervisory control and data acquisition (SCADA) segments are expected to witness significant CAGRs of 4.91% and 4.46%, respectively, during the forecast period.
The North America region was the highest revenue contributor, in 2022.
Key players profiled in the report include Abb Ltd, Cisco, Eaton, Hitachi Energy Ltd., Honeywell International Inc., Itrron Inc., Novatech, LLC., Rockwell Automation, Schneider Electric and Siemens. Market players have adopted various strategies such as product launch and product development to expand their foothold in the electricity substation automation market.
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