Industria
Electric Power Substation Automation Market to Reach $6.9 Billion, Globally, by 2032 at 4.51% CAGR: Allied Market Research
The electric power substation automation market is anticipated to expand significantly during the forecast period owing to grid modernization initiatives and increase in demand for electricity globally. In addition, the electric power substation automation market is anticipated to benefit regional grid expansion during the forecast period. On the contrary, the high initial investment and complexity of integration are expected to hamper the electric power substation automation market growth during the forecast period.
Based on offering, the hardware segment held the highest market share in 2022, accounting for more than one-third of the global electric power substation automation market revenue, and is estimated to maintain its leadership status throughout the forecast period, as IEDs are a crucial component of hardware in substation automation. Moreover, the hardware segment is projected to manifest the highest CAGR of 4.99% from 2023 to 2032, driven by increase in focus on intelligent and modular devices, cybersecurity measures, remote monitoring and diagnostics capabilities, IoT integration, edge computing, advanced communication technologies, and enhanced environmental performance.
Based on type, the distribution substation segment held the highest market share in 2022, accounting for nearly three-fifths of the global electric power substation automation market revenue and is estimated to maintain its leadership status throughout the forecast period. In addition, the distribution substation segment is projected to manifest the highest CAGR of 4.67% from 2023 to 2032, due to factors such as increase in distributed energy resources, smart grid implementation, power demand growth and urbanization, grid resilience and outage management, energy efficiency and demand-side management focus, aging infrastructure and retrofitting, advanced communication and sensor technologies, and regulatory support. These trends and growth factors present significant opportunities for automation solution providers in the distribution substation sector.
Based on component, the intelligent electronic devices (IEDs) segment held the highest market share in 2022, accounting for nearly two-fifths of the global electric power substation automation market revenue and is estimated to maintain its leadership status throughout the forecast period. In addition, the intelligent electronic devices (IEDs) segment is projected to manifest the highest CAGR of 4.91% from 2023 to 2032, due to factors such as growing demand for automation, grid modernization initiatives, integration of renewable energy sources, increasing complexity of power systems, focus on grid resilience and reliability, need for enhanced monitoring and diagnostics, regulatory compliance, cybersecurity concerns, and technological advancements. These factors collectively create a strong demand for IEDs in the electric power substation automation market.
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for around one-third of the global electric power substation automation market revenue. TheAsia-Pacific region is expected to witness the fastest CAGR of 5.37%from 2023 to 2032, owing to the increase in infrastructure of utilities and adoption of smart grid technologies.
The report provides a detailed analysis of these key players of the global electric power substation automation market. These players have adopted different strategies such as product launch, product development, partnership, investment, acquisition, contract, branding, and expansion to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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