In 2022, the market for substation automation is anticipated to be worth US$29.12 billion. The overall demand for substation automation is anticipated to grow at a CAGR of 6.7% between 2022 and 2032, reaching a total of approximately US$ 55.69 Billion by that year. This is due to the rising demand for electric and hybrid vehicles as well as the growing use of digital technology to improve grid efficiency in smart cities.
The process of using data from intelligent electronic devices is called substation automation. It refers to automating and controlling substation capabilities as well as commanding power system components from a distance. Equipment such as specialised software, unique sensors, and equipment that facilitates two-way communication are required to automate the electricity substations.
Additionally, there is the use of intelligent electronic components like digital transducers, programmable logical controls, and safety relays. Such machinery aids in the control and monitoring of substation machinery. Additionally, the frequency and duration of power outages are decreased with the aid of such equipment.
Reduced human intervention and increased system operating efficiency are the main market drivers in this sector. The market is expanding as a result of growing SCADA and communication technology developments as well as rising demand for renewable energy projects.
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North America Continue Dominance in the Global Substation Automation MarketIncreasing Investment in Energy Infrastructure in the Region
Additionally, there is the use of intelligent electronic components like digital transducers, programmable logical controls, and safety relays. Such machinery aids in the control and monitoring of substation machinery. Additionally, the frequency and duration of power outages are decreased with the aid of such equipment.
Reduced human intervention and increased system operating efficiency are the main market drivers in this sector. The market is expanding as a result of growing SCADA and communication technology developments as well as rising demand for renewable energy projects.
The size of the North American substation automation market is primarily being driven by the rising dependence on electricity, the need for advanced technology in the power system, the need to reduce maintenance and operating costs, and the implementation of government incentives.
Where is the Asia Pacific Substation Automation Market in terms of growth?Government Initiatives to Improve Power & Energy Sector in the Region
The Asia Pacific substation automation market is anticipated to reach a market share of 32.5% in 2022 and is anticipated to maintain the trend throughout the forecast period. The improvement of the power and energy sector has been the focus of numerous government initiatives in APAC nations, which has fueled the market for substation automation.
To revive power distribution utilities and electrify villages, the Indian government has introduced a number of programmes. The Indian government is implementing the concept of smart infrastructure across the nation.
The grid has been digitalized as part of the smart power infrastructure, which helps deliver uninterrupted electricity to end users in the industrial, residential, and commercial sectors. Furthermore, the Chinese government spent USD 31 billion in 2020 to upgrade its grid infrastructure by putting in automated substations. In a similar vein, nations like South Korea and Indonesia are funding grid modernization initiatives.
For instance, the Indonesian state utility PT PLN (Persero) awarded a contract to CG Power Systems Indonesia, a subsidiary of CG Power and Industrial Solutions (CG), in November 2019 for the production and supply of 25 units of power transformers valued at USD 24 million.
The order will help PLN achieve its ambitious goal of improving the performance of its transmission grid. All of these elements are pointing the APAC substation automation market in the direction of positive growth.
A healthy growth is also anticipated for Asia Pacific during the forecast period as a result of rising demand for rural electrification and the adoption of equipment that enhances substation safety and efficiency. Also, the presence of companies bringing in advancements in electrical equipment will further add up to regional growth.
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Growth of the Substation Automation Market unfolds in EuropeIncreasing Demand for Smart Grids in the Region
In Europe, the market for substation automation is anticipated to reach a market share of 30% in 2022. More than 50% of the electricity would be produced from RES, with the majority of them being connected to the MV and LV grids, in accordance with the European Union’s target of 32% of total energy consumption from renewable sources by 2030.
Additionally, in order to meet variable demand, EU policies have promoted the growth of decentralised electricity generation, electric vehicles, and energy storage.
Due to the rising demand for smart grids and the increased adoption of renewable energy, Europe is also becoming one of the major revenue-generating regions for the substation automation markets. During the forecast period, these factors are expected to propel the European Substation Automation Market forward.
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