The worldwide Substation Automation Market Analysis is predicted to develop at a higher CAGR of 6%, reaching a larger percentage value of USD 51 billion by the end of the projected timeframe. This is a performance monitoring solution for substations that includes connection and monitoring and protection and control.

Several factors contribute to the market's rapid expansion. As a result of increased state and corporate engagement in smart grid megaprojects and increased funding for the creation of smart societies, the worldwide market for building automation is seeing strong growth. In addition, it aids in lowering operating and maintenance expenses. It also increases factory efficiency, which in turn increases the pace of market expansion. Electrical power is safe, reliable, and very effective with it.

Substation automation is a process for using data from Intelligent Electronic Devices. It refers to the control and automation of substation capabilities and the control of power system devices by remote user commands. Growing demand for better electricity services worldwide and growing demand for smart grids are the key drivers for the growth of the substation automation sector.

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Key Players

Some of the significant participants identified by MRFR operating in the global Substation Automation Market are Schneider Electric (France), General Electric (U.S.), Siemens AG (Germany), ABB Group (Switzerland), Tropos Network (U.S.), Cisco Systems, Inc. (U.S.), EATON Corp. (U.S.), Encore Networks (U.S.), Toshiba Corporation (Japan), Grid Net (U.S.), Cooper Industries (U.S.), Power System Engineering, Inc. (U.S.), Texas Instruments (U.S.), Larsen & Toubro Limited (India), Axiomtek Co. Ltd (Taiwan), Ametek (U.S.), SAE IT-systems GmbH & Co. KG (Germany), among others.

Competitive Analysis

The global market for substation automation continues to be highly competitive. To target, segment, and position their sensors on the global market and drive business growth, companies need to come up with innovative technological solutions to stay competitive. Industry leaders are investing in research and development to evolve their products continually and pursue market growth through a combination of strategic mergers and acquisitions, developments, and cost-effective product portfolios.

Market Dynamics

Growing demand for the retrofit of conventional substations and smart grids are some of the key drivers of market growth for substation automation. The smart grid contributes to the reliability and productivity of power systems. Moreover, the advanced smart substation automation system boosts the demand for the substation automation market as it is widely used in power system applications. The introduction of conventional protection is essential to the substation. The requirements of such systems are used for the protection and control of such automation. It tracks the state of the equipment. Such systems are equipped with intelligent electronic devices capable of protecting and controlling the system and providing high-performance remote power management functions.

Market Segmentation

The global market for substation automation has been segmented on the basis of component, module, communication channel, and industry.

On the basis of component, the global market for substation automation has been segmented into recloser controller smart meter, load tap controller, capacitor bank controller, and others.

On the basis of module, the global market for substation automation has been segmented into SCADA, intelligent electronic device, communication network, and others.

On the basis of the communication channel, the global substation automation market has been segmented into ethernet, power line communication, optical fiber communication, copper wire communication, and others.

On the basis of industry, the global substation automation market has been segmented into utility, transportation, mining, steel, and others.

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Regional Analysis

The global substation automation market is spanned across North America, Europe, Asia Pacific, and the rest of the world.

In North America, the substation automation market is experiencing high market growth due to the growing popularity of advanced intelligent electronic devices and communication technologies that are driving market growth in substation automation. In comparison, European countries are arising as substation automation market due to the rising demand for smart grids and are projected to rise at the highest CAGR during the review period. Asia Pacific countries such as China, Japan, and India are some of the world's leading market share regions.

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