North America Substation Automation Market: Global Demand Analysis & Opportunity Outlook 2035
The global substation automation market is segmented into retrofit & new. The new segment is to garner the highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. The need for new power plants and smart grids across numerous industries is always rising, as is the requirement for automation, IEDs, advanced communication technologies, HMIs, and SCADA systems. Modern systems also require less maintenance and offer better operating reliability and safety. In order to enhance the quality of energy supply, raise electric dependability, expand power flow, and update the power infrastructure, leading businesses have started a number of new installation projects in the market. In 2022, it was estimated that the market for smart grid technology will be valued at around USD 49.5 billion. From 2022 to 2028, it is forecast to grow at a Compound-Annual Growth Rate (CAGR) of 16.9%, reaching an estimated value of USD 130 billion.
Growing Population to Promote Global Market Share of Substation Automation
This market is anticipated to rise as a consequence of the rising global demand for power, the development of smart grids, and the need to modernize the existing networks. Global energy consumption has gradually climbed during the past 50 years, and in 2021 it will exceed 25,300 terawatt-hours. Between 1980 and 2021, the world’s population increased by around 75% while electricity consumption more than doubled. Both the rise of global industrialization and easier access to electricity have raised worldwide power consumption.
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In the substation automation sector, the product launch strategy is crucial. Agreements and partnerships, mergers and acquisitions, and joint ventures are a few more significant strategies employed by big corporations to maintain their competitiveness in the sector. Nearly 30% of the most effective tactics included contracts and collaborations with product launches. Additionally, 20% of the chosen plans include of collaborations and agreements with expansions.
Some of the major growth factors and challenges that are associated with the growth of the global substation automation market are:
Growth Drivers:
· Boosting Financial Support for Infrastructure Initiatives to Construct Smart Grids and Smart Cities
· Increase in Power Consumption Bode Well for The Spread of Substation Automation
Challenges:
The first phases of substation automation need a lot of money, which might restrain industry growth. The price of these substations has increased due to the rising need for numerous IEDs in substations and the increased use of contemporary technologies, such as microprocessors and service-oriented architecture (SOA). Due to significant costs associated with the effective installation of smart substations, the government may now be under additional financial strain. Utility corporations are extremely concerned about high operating and maintenance costs following the deployment. Issues with hacking and cybercrime and as COVID-19 has evolved, the market for power generation has stagnated are some of the major factors anticipated to hamper the global market size of substation automation.
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By region, the Europe substation automation market is to generate the highest revenue by the end of 2035. In 2023, a sizable market share value is anticipated to be accumulated in the European substation automation market. According to the European Union’s renewable energy objective for 2030, RES would provide more than 50% of the nation’s power, with the majority of those RES being linked to the MV and LV grids. Furthermore, in order to meet variable demand, EU regulations have promoted the growth of decentralized power generation, electric cars, and energy storage. In addition, the demand for smart grids and the adoption of renewable energy are growing, and as a result, European countries are combining to become the major revenue-generating countries for the substation automation markets.
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