The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

Strong Market Growth

• Current Market Size: $34.23 billion in 2023
• Expected Growth: $36.74 billion in 2024 at a CAGR of 7.3%
• Growth Drivers:
  • Weight management concerns
  • Dietary restrictions and preferences
  • Rise in gluten-free and low-carb diets
  • Government initiatives on sugar reduction
  • Adoption of healthy lifestyles

Future Market Outlook

• Projected Market Size: $49.27 billion by 2028 at a CAGR of 7.6%
• Growth Factors:
  • Rising diabetes and obesity rates
  • Expanding aging population
  • Growth of e-commerce
  • Educational campaigns on sugar awareness
  • Sustainability considerations
  • Rising interest in plant-based diets

Key Trends in the Forecast Period

• Innovative Flavor Profiles: Introduction of new and exciting flavors
• Clean Label and Natural Ingredients: Increasing demand for transparency in ingredients
• Packaging Innovation: Development of eco-friendly and functional packaging
• E-commerce and Direct-to-Consumer Sales: Shift towards online sales channels
• Personalization and Customization: Tailored products to meet individual preferences

Read The Full Substation Automation Market Report Here:
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The Surge of Substation Automation in Renewable Energy

• Renewable Energy Integration:
  • Enhances grid flexibility, resilience, and efficiency
  • Manages variability and unpredictability of renewable sources
• Industry Example:
  • In January 2023, the US Energy Information Administration projected 16% of total energy generation from renewables, up from 14% in 2022

Major Players in the Substation Automation Market

• Key Companies:
  • Schneider Electric SE
  • Siemens AG
  • General Electric Co.
  • DIGI International Inc.
  • ZTE Corporation
  • Cisco Systems Inc.
  • ABB Limited
  • Omicron Electronics GmbH
  • Hitachi Energy Limited
  • Motorola Solutions Inc.
  • Milsoft Utility Solutions
  • Honeywell International Inc.
  • Rockwell Automation Inc.
  • Texas Instruments
  • Eaton Corporation
  • NovaTech LLC
  • Mitsubishi Electric Corporation
  • Emerson Electric Co.
  • Schweitzer Engineering Laboratories

Rising Trend of Digitization in Substation Automation Systems

• Digital Innovations:
  • Creation of real-time monitoring and analysis systems
• Industry Example:
  • In May 2022, Doble Engineering Company released the Doble F6880 Digital Network Analyzer to troubleshoot digital substation systems efficiently

Hubbell Expands Dominance with Systems Control Acquisition

• Acquisition Details:
  • In November 2023, Hubbell Inc. acquired Systems Control for $1.1 billion
  • Strengthened utility solutions portfolio and expanded market reach
  • Systems Control specializes in substation control and relay panels

Market Segmentation

• 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 Modules
• By End-User Industry:
  • Utilities
  • Steel
  • Oil and Gas
  • Mining
  • Transportation

Regional Insights

• Largest Region (2023): North America
• Fastest-Growing Region: Asia-Pacific during the forecast period

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The Substation Automation Global Market Report 2024  provides an overview of the substation automation market 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 and their market positions.

The Table Of Content For The Substation Automation Market Include:
1. Substation Automation Market Executive Summary
2. Substation Automation Market Segments
3. Substation Automation Market Size And Substation Automation Market Growth Rate
4. Key Substation Automation Market Trends
5. Major Substation Automation Market Drivers
……
25. Key Mergers And Acquisitions In The Substation Automation Market
26. Top Substation Automation Companies
27. Substation Automation Market Opportunities And Strategies
28. Substation Automation Market, Conclusions And Recommendations
29. Appendix

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