Power Substation Automation and Integration Market

Global Power Substation Automation and Integration Market Size (2024 to 2029)

The size of the global power substation automation and integration market is expected to be worth USD 50.79 billion by 2029 from USD 38.31 billion in 20244, growing at a CAGR of 5.8% from 2024 to 2029.

Power substation automation and integration is a collection of components that are used to collect and monitor the system. This automatic system increases the efficiency and productivity of the substation. Earlier, the individuals were responsible for collecting the faults manually, which resulted in a lack of service to the clients. But with the automation of the substations, the records and faults are easily available and can be rectified without any delay. The introduction of intelligent electronic devices made the substations more intelligent. They can collect and record data in a few seconds, process complex situations, and analyze the problem. After that, the commands are sent to the required department to clear the fault. Furthermore, these devices can store information in their internal storage for a certain duration of time and transfer this information when required for further study and analysis.

Global Power Substation Automation and Integration Market Drivers:      

Global electricity consumption has continued to go up rapidly, so power substation automation is the need of the hour and companies need to provide services to the customers without any delay. The power substation automation and integration market is growing rapidly with demand for renewable energy projects, as well as increased usage of electric and hybrid vehicles. An increase in infrastructure developments, and power consumption in industries, the oil and gas industry are contributing to the global market growth. The benefits of power substation automation and integration, which include local and global alarm warnings, fault detection without any manual intervention, intelligent energy devices, diagnostics of disturbances, and storage of data for future use, are key factors fuelling the growth of the power substation automation and integration market. Moreover, the use of modern technology such as smart grids can solve complex operations and management expenses, resulting in cheaper power bills for consumers both in commercial and industrial settings. Previously, many power companies were incurring huge losses, which impacted power supply quality, but with automation, this has changed.

The wide range of applications and the benefits derived from power substation automation and integration are the significant factors propelling the growth of the market globally. The growing demand for higher efficiency and minimum delay of services is driving the use of automated substations in a variety of sectors including Industries, oil and gas, and railways.

Global Power Substation Automation and Integration Market Restraints:

The lack of suitable investments is a significant barrier to market expansion because the installation cost of the automated substation is higher. There is also the additional burden of maintaining and operating these power plants which is a major concern for the government as well as private power companies.

REPORT COVERAGE:

This research report on the global power substation automation and integration market has been segmented and sub-segmented based on module, type, communication, end-user and region:

Global Power Substation Automation and Integration Market - By Module:

• IED
• RTU
• BCU
• SCADA

Based on the module segment, the intelligent electronic devices segment is growing in the power substation automation and integration market. IEDs provide many benefits, such as automatic control of the transformers and timely checking of the overloading of the transformers, analyzing and storing the information. Due to this, many companies have started using IEDs in automated substations to reduce costs and increase productivity.

Global Power Substation Automation and Integration Market - By Communication:

• Wired
• Wireless

According to communication, the wireless segment is expected to grow because it allows for more cost-effective network installation during substation reconstruction. There is no trenching expense as compared to the wired communication and enabling network access for workers at the substation.

 Global Power Substation Automation and Integration Market - By Types:

• Transmission
• Distribution

Throughout the anticipated period, the distribution segment is expected to have a high market share. Distribution substations are used for shorter distances and lower voltage electricity transportation and are generally located near the end users. As a result, it has the potential for commercial growth.

 Global Power Substation Automation and Integration Market - By End-User:

• Utility
• Industry

At present, the utilities segment occupies the largest share of the market and is projected to grow throughout the forecast period.  Because of the enormous imbalance between power demand and supply in most developing and developed industries, the utility business is one of the leading application areas for power substation automation and integration. In the utility industry, power substation integration and automation systems have a wide range of applications. Energy is generated, transmitted, and distributed via substation automation and integration. The utility sector comprises network modernization and smart grid installation.

Global Power Substation Automation and Integration Market – By Region:

• North America
• Europe
• The Asia Pacific
• Latin America
• The Middle East and Africa

Geographically, North America has the largest market share and is projected to grow in the power substation automation and integration market. Installing power automated substations requires financial initiatives because of the high cost, and the governments in the USA and Canada are funding the power and energy. 

Asia-Pacific and Europe are the second and third largest markets for power automation substations and integration, respectively. In addition, India has also started the initiative to electrify all its villages, which has resulted in the growth of the market.

KEY MARKET PLAYERS:

Companies playing a major role in the global power substation automation and integration market include Hitachi ABB Power Grids (Switzerland), Industrial Solutions (India), Siemens Energy (Germany), Schweitzer Engineering Laboratories (US), General Electric (US), Cisco (US), Schneider Electric (France), Eaton Corporation (Ireland), Honeywell (US), Nova-Tech Automation (US) and CG Power.

RECENT HAPPENINGS IN THE MARKET:

• In January 2021, SEL launched the new SEL-3350 Automation Controller, which provides a lower price point and a smaller 1U form factor.
• Grid Solutions from GE Renewable Energy and BOND Civil & Utility Construction from New York created a consortium to install a digital onshore substation for the 816 MW Empire Wind 1, is one of the first projects in New York for wind farms.