SUBSTATION AUTOMATION MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)


Substation Automation Market Analysis:

The Substation Automation Market is anticipated to experience growth from USD 32.29 billion in 2023 to USD 44.25 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 6.50% during the forecast period (2023–2028).

The management of power has become a critical global concern area due to the widening supply and demand gap. The consumption of energy is increasing at an unprecedented rate worldwide, necessitating the need for substation automation systems in modern-day substations to efficiently control and deliver power.

Substation automation offers protection, control, automation, monitoring, and communication capabilities as part of a comprehensive substation control and monitoring solution. The substation layout has become much cleaner, with the possibility of eliminating entire writing racks and cabinets or making them much smaller, depending on how users handle their I/Os to the Intelligent Electronic Devices (IEDs). High-speed microprocessor-based remote terminal units or smart electronic devices are utilized for substation automation and protection.

The migration towards future transmission and distribution substations is taking place to bring more automation and intelligence to the power grid network to address various utility concerns, such as reducing operational expenses and meeting new regulatory requirements, such as NERC-CIP (North American Electric Reliability Corporation — Critical Infrastructure Protection).

According to Smart Energy International, Europe is expected to spend USD 23.9 billion over the next decade to automate or monitor secondary substations. Utilities in countries such as France, Italy, and Spain are expected to be the highest investors in equipment and services, enabling the automation of substations.

The role of smart electric substations in smart cities has become more critical than the traditional one. The key benefits derived from substation automation are increased reliability, early detection of faults and quick diagnosis, improved worker safety, and enhanced utilization of the smart city infrastructure.

Furthermore, companies are collaborating to digitize the grid and make it data-driven to achieve carbon neutrality. For example, Enedis, Capgemini, and Minsait recently joined the Edge for Smart Secondary Substations Alliance, formed to develop a standard, flexible, manageable, and interoperable platform for next-generation smart grids.

Moreover, the Indian government has allocated INR 6,450 crore (~USD 868 million) for the Smart Cities Mission under Union Budget 2021–2022, compared to INR 3,400 crore (~USD 457 million) in FY2021.

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