Substation Automation Market Key Insights 2024-2033: Growth Rate, Trends And Opportunities
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What is the Projected Growth Rate of the Substation Automation Market from 2024 to 2033?
There has been a notable growth in the substation automation market in the last few years. It’s projected to expand from a size of $34.23 billion in 2023 to $36.74 billion in 2024, with a compound annual growth rate (CAGR) of 7.3%. The impressive growth during the past years can be linked to factors like worries related to weight management, dietary restrictions and choices, the increase of gluten-free and low-carb diets, governmental efforts to limit sugar consumption, and the embracing of healthier lifestyles.
There is anticipated substantial growth in the substation automation market in the forthcoming years. The market is predicted to surge to $49.27 billion by 2028, growing at a compound annual growth rate (CAGR) of 7.6%. The projected growth for the forecast period can be associated with an increase in diabetes and obesity rates, a growing elderly population, advancement in e-commerce, educational promotions on sugar consciousness, concerns about sustainability, and the emerging interest in plant-based eating plans. Key trends for the forecast period encompass creative flavor variations, clear labeling and organic ingredients, packaging advancements, e-commerce and direct consumer sales, and personal and customized products.
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What Are the Key Drivers of Growth in the substation automation Market?
The surging need for electric power is slated to boost the substation automation market’s expansion in the future. Electric power denotes the quantity of energy transferred per unit time. This growing need for electric power necessitates a more effective system to manage the electrical grid. Substation automation aids by automating tasks such as power supply monitoring and control at substations to guarantee a continuous and dependable electricity flow, identifying and dealing with faults instantly, and preventing power blackouts. For instance, in the stats released by the International Energy Agency (IEA), a France-based organization providing data related to energy, in January 2022, it was noted that global demand for electricity derived from renewable sources jumped by 6% in 2021. This represents a growth of over 1,500 terawatt-hours, marking the most significant surge ever documented. Likewise, coal-fired electricity generation escalated by 9%, gas-fired electricity generation increased by 2%, and nuclear electricity generation saw a rise of 3.5%. Thus, the escalating demand for electric power is triggering substation automation market growth.
What Are the Notable Segments in the Substation Automation Market?
1) By Component: Hardware, Software
2) By Rated Voltage: Low Voltage, Medium Voltage, High Voltage
3) By Communication: Optical Fiber Communication Channel, Power Line Communication Channel, Copper Wire Communication Channel, Ethernet, Other Communication
4) By Module: Supervisory Control and Data Acquisition (SCADA), Intelligent Electronic Devices (IED), Communication Network, Other Module
5) By End-User Industry: Utilities, Steel, Oil And Gas, Mining, Transportation
Which Emerging Trends Are Altering the Substation Automation Market?
The growing digitalization of substation automation systems is a significant trend gaining traction in the substation automation market. Principal market players are focusing on developing digital substation automation systems to oversee and scrutinize the electrical power grid system in real-time. For example, in May 2022, Doble Engineering Company, a US firm offering diagnostic testing solutions for the electric power industry unveiled the Doble F6880 Digital Network Analyzer. This equipment is designed to identify and rectify communication and network performance issues in IEC 61850 digital substation systems. The F6880 connects to station networks via copper or optical fiber Ethernet cables, digitizes the data, and investigates any deviations from the initial engineering designs employing IEC 61850 sampled values and Generic Object-Oriented Substation Events (GOOSE). This facilitates effective resolution of any problematic digital signals.
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Which Regions Are Most Influential in Expanding the Substation Automation Market?
North America was the largest region in the substation automation market in 2023. Asia-pacific is expected to be the fastest-growing region in the global substation automation market during the forecast period. The regions covered in the substation automation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Substation Automation Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the substation automation market, its market share, and analyzes key competitors along with 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 Template 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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