Breaking News, Latest News, World News, India News, Cricket, Videos & Photos

Insights on the Substation Automation Global Market to 2026 – Featuring ABB, General Electric and Siemens Among Others


DUBLIN, Oct. 29, 2021 /PRNewswire/ — The “Substation Automation Market – Forecasts from 2021 to 2026” report has been added to ResearchAndMarkets.com’s offering.

Research and Markets Logo

The global substation automation market is evaluated at US$46.173 billion for the year 2019 and is projected to grow at a CAGR of 6.27% to reach a market size of US$70.675 billion by the year 2026.



Substation automation is the technique of controlling and directing orders from distant users utilizing data or information from intelligent electronic devices (IEDs) within a substation. It connects power plants and grids to ensure that power is delivered consistently and dependably. Numerous reclosers, programmable logic controllers and capacitor banks, smart meters, transformers, switches, and digital relays are all part of it. This software-based substation automation system (SAS) is used to optimize assets while minimizing human involvement and operational expenses. As a result, it finds widespread use in a variety of sectors, including oil and gas, transportation, mining, and steel.



Rapid industrialization, along with a growing need for cost-effective energy management systems throughout the world, is propelling the market forward. Automated substations control voltage variations and are an important part of energy transmission and distribution (T&D) systems, helping to reduce outages and total operating costs. Various technical advances, as well as the integration of main equipment with contemporary sensors, protective relays, programmable logical controllers, and digital transducers, are also boosting market expansion. Furthermore, the growing trend of smart cities and the widespread use of smart grids, particularly in developing nations, is boosting the market’s prospects. Other factors such as growing retrofitting and upgrade of old substation equipment, government efforts supporting substation automation, and significant research and development (R&D) activities are expected to propel the market even more.



The market for smart grids is growing due to the rising need for efficient energy transmission, cheaper utility operations, and administration expenses, and ultimately lower power bills for consumers. Smart grids in substation automation are also growing due to the increased integration of large-scale renewable energy systems and enhanced security, among other factors. Smart grid communication technology offers utilities, their suppliers, and their consumers’ predictive data and advice on how to effectively manage electricity. Furthermore, smart grids are being implemented through the use of contemporary technology in substations and power networks. To get to the smart grid, you’ll need comprehensive data from transmission network substations to evaluate and control it. The market is being driven by trends toward updating and retrofitting aging traditional substations as well as new contemporary substations.



Escalating investments in renewable energy projects to aid market expansion

Solar and wind energy are now the most popular power generation choices, with most nations generating more than 20% of their electricity from these sources. Renewable energy sources accounted for 25% of global electricity generation in 2019, according to the International Energy Agency. Renewable energy will be able to provide the majority of global power demand by 2050, which is expected to be about 86 percent. Companies all across the world are putting their money into renewable energy infrastructure rather than fossil fuels. Total investment in renewable energy sources was USD 259 billion in 2019 and USD 226 billion in 2020, according to the IEA’s World Energy Investment 2020 report. The economic crisis caused by the COVID-19 epidemic contributed significantly to the fall in 2020. Countries all around the world are attempting to develop new renewable energy projects for power generation. They are also investing in solar and wind projects to fulfill rising electricity demand while minimizing environmental consequences, as well as non-renewable energy generation.



Inclining new installations to augment market demand

The market for new substation automation installations is projected to expand as the need for new power plants and smart grids in various industries grows, as does the demand for automation, IEDs, sophisticated communication technologies, HMIs, and SCADA systems. In addition, new installations provide increased operating safety and dependability while requiring less maintenance. In the substation automation market, leading firms have developed numerous new installation projects to increase power flow, improve electric reliability, improve the quality of energy supply, and modernize the power infrastructure.



Increasing adoption in the utility sector is expected to contribute to escalating market size

The use of renewable energy by utilities as an end-user is expanding rapidly, owing to increased government initiatives to modernize power networks and growing investments in renewable energy generation. In the current environment, the wind sector has a higher demand for substation automation solutions; government organizations and power generating firms are collaborating to introduce automation to wind farm projects. General Electric (GE) and DTEK inked a deal in June 2019

to deliver high-voltage equipment for the 150 kV central power distribution station and two 150/35/10 kV substations, which would enable energy transmission from the Prymorska wind farm (Zaporizhia area) to the Ukrainian power grid. The wind farm will be home to the digital substation.



The wide range of services offered is leading to increasing market adoption

The fast increase in the number of projects including renewable energy sources such as solar and wind can be ascribed to the market’s strong development potential. For example, Sun Tech Power Holdings (China), a solar module manufacturer, intends to increase its investment in solar energy projects to fulfill China’s rising energy demand as a result of rapid urbanization. Several Chinese power firms, including State Grid Corporation of China, China Three Gorges Corporation, and State Power Investment Corporation, are working on 25 wind turbine contracts totaling about USD 586 billion to generate electricity.



High initial installation costs restrain the growth of the market

The first phase of substation automation is capital-intensive, which may limit the worldwide substation automation market’s growth. The expanding necessity to incorporate multiple IEDs in substations, as well as the increasing usage of sophisticated technologies like microprocessors and service-oriented architecture (SOA), has raised the purchasing costs of these substations. Smart substation implementation also necessitates strong cooperation beyond traditional organizational boundaries, considerable process change, and strict governance. High expenditures in smart substation deployment might add to the government’s financial burden.



Geographically, the substation automation market in 2019 was dominated by North America. North America’s dominant position may be attributed to various financial initiatives for electricity grid upgrading established by the US and Canadian governments. Governments in North America are also contributing funding to the deployment of new energy and power technology, which will aid the region’s transition to smarter, stronger, and more efficient electric grid networks. The expansion of the substation automation market in North America is fueled by aging grid infrastructure and rigorous government laws requiring the use of sustainable power technologies.

Key Topics Covered:



1. Introduction



2. Research Methodology



3. Executive Summary



4. Market Dynamics

4.1. Market Drivers

4.2. Market Restraints

4.3. Porter’s Five Forces Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. The Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Function

4.4. Function Value Chain Analysis



5. Global Substation Automation Market Analysis, By Module

5.1. Introduction

5.2. Communication Networks

5.3. SCADA Systems

5.4. Intelligent Electronic Devices



6. Global Substation Automation Market Analysis, By Offering

6.1. Introduction

6.2. Hardware

6.2.1. Protective Relays

6.2.2. Recloser Controllers

6.2.3. Load Tap Changers

6.2.4. Others

6.3. Software

6.4. Services



7. Global Substation Automation Market Analysis, By Installation Type

7.1. Introduction

7.2. Retrofit Installations

7.3. New Installations



8. Global Substation Automation Market Analysis, By Industry

8.1. Introduction

8.2. Energy and Power

8.3. Mining

8.4. Travel and Transport

8.5. Steel

8.6. Oil and Gas



9. Global Substation Automation Market Analysis, By Communication Channel

9.1. Introduction

9.2. Ethernet

9.3. Power line Communication

9.4. Copper wire Communication

9.5. Optical fiber Communication



10. Global Substation Automation Market Analysis, By Geography

11. Competitive Environment and Analysis

11.1. Major Players and Strategy Analysis

11.2. Emerging Players and Market Lucrativeness

11.3. Mergers, Acquisitions, Agreements, and Collaborations

11.4. Vendor Competitiveness Matrix



12. Company Profiles

12.1. ABB

12.2. General Electric

12.3. Siemens AG

12.4. NovaTech

12.5. Cisco

12.6. Toshiba Corporation

12.7. Eaton Corporation

12.8. Schweitzer Engineering Laboratories

12.9. NovaTech Automation

12.10. Cadillac Automation and Controls



For more information about this report visit https://www.researchandmarkets.com/r/nixdaz

Media Contact:

Research and Markets

Laura Wood, Senior Manager

press@researchandmarkets.com   



For E.S.T Office Hours Call +1-917-300-0470

For U.S./CAN Toll Free Call +1-800-526-8630

For GMT Office Hours Call +353-1-416-8900



U.S. Fax: 646-607-1904

Fax (outside U.S.): +353-1-481-1716

Cision View original content:https://www.prnewswire.com/news-releases/insights-on-the-substation-automation-global-market-to-2026—featuring-abb-general-electric-and-siemens-among-others-301411964.html

SOURCE Research and Markets



Source link

The content is by PR Newswire. Headlines of Today Media is not responsible for the content provided or any links related to this content. Headlines of Today Media is not responsible for the correctness, topicality or the quality of the content.

Comments are closed.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept

Privacy & Cookies Policy