The report was created after doing a lot of research. The majority of the study was done through primary research, in which analysts interviewed influential people inside the sector, as well as significant thought leaders.
To understand the substation automation market, secondary research involves consulting the product literature, annual reports, press announcements, and other documents of major companies.
Internet resources, statistical information from governmental organisations, websites, and trade groups were also incorporated in secondary research. To examine several facets of the worldwide substation automation market, analysts used top-down and bottom-up research methods.
An essential component of the electrical system for the production, transmission, and distribution of power is substation automation. The foundation of any grid are substation control systems. In order to reduce the voltage to a suitable level for local distribution, electrical power substations are used to accept energy from the transmission system at high voltage. Power substations are essential parts of the smart grid because they deliver electricity from power plants to households, companies, and factories. Due to an increase in the use of renewable and non-conventional energy sources and a rise in the need for smart grids, the worldwide substation automation market is anticipated to develop at a respectable rate during the forecast period.
What is Substation Automation?
A substation automation system is a combination of hardware and software elements used for both local and remote monitoring and control of an electrical system. A substation automation system can also automate tasks that are monotonous, time-consuming, and prone to mistakes in order to boost the system’s overall productivity and efficiency.
An essential component of the electrical system for the production, transmission, and distribution of power is substation automation. Substations are used to vary the properties of electric forces like voltage and frequency, among other things, by combining different types of bias. Substations are used to accept energy from transmission lines at high voltage and lower the voltage to the appropriate level so it may be utilised for original distribution.
An electrical firm has always placed a high priority on the continuous and high availability of an electrical substation. More defects result in more service interruptions for customers, which reduces income and is undesirable for any organisation. Engineers and operators have been interested in gathering useful information on various devices in a substation since the beginning of electrical systems so they can better assess the health of their system, anticipate potential issues, and, in the event of a fault, analyse and troubleshoot the issue as soon as possible to protect their high-value assets and to improve their continuous service to their clients.
Digital protection and control devices gained intelligence with the development of microprocessor technology. IEDs, or intelligent electronic devices, are being used in substations nowadays and they provide useful information that various utility user groups need, both operational and non-operational. Any device with one or more processors and the capacity to receive or deliver data or control from or to an external source is considered an IED (e.g., electronic multi function metres, digital relays, controllers). Utility companies may increase operating efficiency, increase dependability, and allow asset management programmes including enhanced planning, predictive maintenance, and life extensions with IED technology.
Analysts’ Viewpoint on Substation Automation Market Scenario
- An electrical system may be monitored and controlled locally and remotely using a substation automation system, which combines hardware and software components. Additionally, tedious, time-consuming, and error-prone jobs can be automated by a substation automation system in order to increase the system’s overall productivity and efficiency.
- In order to expand after the COVID-19 pandemic, companies in the substation automation market are concentrating on industry verticals including energy and utilities. As a result, the market is anticipated to expand significantly over the course of the forecast period due to advantages of substation automation systems such as distribution system-useful problem location detection, automatic supervision of interlocks, lower operating and maintenance costs, etc.
- The substation automation market is divided into segments based on product type, end-user industry, installation type, component, and communication. The expansion of these divisions will enable you to study the industries’ scarce growth segments and give users a comprehensive market overview and industry insights to aid in the identification of key market applications.
Fundamentals of substation automation market
According to Data Bridge Market Research’s analysis, the market for substation automation, which had a value of USD 41,666.72 million in 2021, is predicted to grow by 6.20% CAGR to reach USD 67,419.49 million by 2029.
- Substation automation uses advanced technology to lower operational and conservation expenses while increasing production output. Additionally, it guarantees the electrical power network’s high performance, dependability, and safety while performing interlocking and intelligent cargo sliding duties.
- Smart grids may improve trustworthiness and productivity, cut down on energy losses during transmission and distribution, and quickly and efficiently control energy demand. Heavy expenditures are being made worldwide to construct smart grids in light of all these advantages. For instance, Natural Resource Canada announced a USD investment in May 2018 for a future-proof smart grid architecture.
- The rapid growth of systems using renewable energy sources like solar and wind can be attributed to the request’s promising future development. To meet China’s expanding energy demand as a result of its fast urbanisation, SunTech Power Effects (China), a maker of solar modules, plans to boost its investment in solar energy systems. 25 wind turbine contracts for around USD 586 billion are being worked on by many Chinese power companies, including State Grid Corporation of China, China Three Ravines Corporation, and State Power Investment Corporation.
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Covid 19 Impact on substation automation market
- The substation automation proposal comprises significant League 1 and League 2 vendors as Hitachi ABB Power Grids, Siemens Energy, General Electric, Cisco, Schneider Electric, Eaton Corporation, Honeywell, Schweitzer Engineering Laboratories, NovaTech Automation, and CG Power and Industrial Results. These vendors’ manufacturing facilities are dispersed throughout a number of nations in Asia Pacific, Europe, North America, and RoW.
- These businesses provide substation automation goods and results, which are utilised by end users with the same care as serviceability, sword, canvas & gas, mining, and transportation. Covid-19 had an effect on the businesses of the corporations from the below-mentioned diligence in addition to the operations of the substation automation request participants.
- Governments all over the world have reduced funding in many sectors to focus more on improving healthcare structures; as a result, it is projected that the demand for substation automation goods and outcomes from public grid systems would decline. Additionally, as marketable areas in the farthest reaches of the globe will operate at a much reduced capacity in 2020 and 2021, energy demand is predicted to drop dramatically, and electric serviceability may delay improving their grid structure. All of these elements are expected to have a detrimental effect on the request for substation automation.
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