According to a market report by Lucintel, the future of the substation automation market looks promising with opportunities in the utility, steel, oil & gas, mining, and transportation markets. 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.
In this market, hardware, software and services are the major segments of substation automation market by offering. Lucintel forecasts that hardware is expected to witness the highest 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).
Within this market, 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.
Cisco Systems, Eaton, General Electric, Hitachi ABB, Ingeteam, Itron, Mitsubishi Electric, NovaTech, Schneider Electric, Schweitzer Engineering Laboratories, Siemens AG, and Trilliant are the major suppliers in the global substation automation market.
This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or write us at [email protected]