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The rising need for electricity is projected to drive the expansion of the substation automation market in the coming years.

The global substation automation market is expected to grow from $32.00 billion in 2022 to $34.23 billion in 2023 at a compound annual growth rate (CAGR) of 6.99%. The market is expected to reach $45.41 billion in 2027 at a CAGR of 7.32%.

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Global Substation Automation Market Segments Include:

• By Component: Hardware, Software
• By Rated Voltage: Low Voltage, Medium Voltage, High Voltage
• By Communication: Optical Fiber Communication Channel, Power Line Communication Channel, Copper Wire Communication Channel, Ethernet, Other Communication
• By Module: Supervisory Control and Data Acquisition (SCADA), Intelligent Electronic Devices (IED), Communication Network, Other Module
• By End-User Industry: Utilities, Steel, Oil And Gas, Mining, Transportation
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global substation automation market in 2021.

Major Market Players in the substation automation market include ABB Ltd., Cisco Systems Inc., Eaton Technologies Pvt. Ltd., General Electric, Schneider Electric SE, Siemens AG, Ingeteam, Encore Networks.

A prominent trend gaining traction in the substation automation industry is the rising digitization of substation automation systems. Major market participants are focusing their efforts on developing digitised substation automation systems that can monitor and analyse the electrical power grid system in real time. For example, Doble Engineering Company, a US-based diagnostic testing solutions provider for the electric power industry, unveiled the Doble F6880 Digital Network Analyzer in May 2022. This device is designed to identify and resolve communication and network performance issues in IEC 61850 digital substation systems. The F6880 connects to station networks through copper or optical fibre Ethernet cables, digitises the data, and uses IEC 61850 sampled values and Generic Object Oriented Substation Events (GOOSE) to detect deviations from the baseline engineering specifications.

The Substation Automation Global Market Report 2023  provides a substation automation market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The substation automation market forecast analyzes substation automation market size, substation automation market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The set of hardware and software components that monitor and run an electrical system both locally and remotely is known as substation automation. The primary goal of substation automation is to improve the operation and maintenance of these critical power grid substations that transform, distribute, and control electrical energy.

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