Substation Automation Market Poised to Reach US$ 50.09 Billion by 2032 with Explosive 6.2% CAGR
The flexible, customizable input/output system is a key factor boosting growth in the substation automation market.
NEW YORK CITY, NY, UNITED STATES, September 30, 2024 /EINPresswire.com/ -- The substation automation market report by Polaris Market Research offers a comprehensive analysis of the market, covering all the major aspects to help stakeholders make informed decisions.
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A substation automation is an assembly of hardware and software constituents that are utilized to observe and regulate an electric system both locally or distantly. It also automates some tedious and error-inclined ventures to escalate the holistic coherence and productivity of the system. With the initiation of microprocessor technology, digital safeguarding and regulatory devices became smarter. Contemporary intelligent electronic devices can gather and document particulars on several varied variables of a system.
Besides their advanced processing potential, contemporary substation gadgets can also carry details in their central storage for a specific period and move this know-how to arbitrator applications for further study and analysis. IEDs can now dispatch particulars to a local or a distant user through varied kinds of interaction. This provides operators more flexibility for how and when to process the details to offer speedy recovery time from interference in the substation. The incorporation of progressive technology using data from intelligent electrical tools to automate chores and sanction distant instrument regulation, thereby impacting the substation automation market growth favourably.
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• Cisco Systems Inc.
• Eaton Corporation PLC
• General Electric Company
• Honeywell International Inc.
• Larsen & Toubro Limited.
• NovaTech LLC
• Schneider Electric SE
• Schweitzer Engineering Laboratories, Inc.
• Siemens AG
The market is portrayed by fierce contention, with entrenched players depending on progressive technology, elevated standard commodities, and a robust brand image to push revenue growth. Some of the latest developments in the market are:
• In January 2021, SEL initiated a contemporary commodity known as the SEL-3350 Automation Controller. The regulator is particularly outlined for applications that need mid-level I/O and computational potential.
• In December 2020, Hitachi ABB Power Grids initiated a contemporary commodity known as Remote Terminal Unit (RTU) 530. This commodity intends to prolong the longevity of prevailing power dissemination frameworks.
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???????????? ???? ?????? ?????????? ???????????? ????????????????: The power supply industry is encountering a surge in the demand for dependable and productive energy due to the increasing usage of green energy sources. As an acknowledgment, makers are generating progressive substation automation systems that are effective and economical.
?????? ?????????????? ?????????????????????? ???? ?????????? ??????????: The growing acquisition of smart grids and green energy sources has additionally pushed the demand for substation automation technologies. The amalgamation of these substances sanctions benefits to productively handle the intricacies linked with green energy generation and dissemination, assisting in a more justifiable and adaptable power grid. This, in turn, is having a favorable impact on the substation automation market growth.
?????????????????????? ???? ?????????????? ?????????????????????????? ????????????????????????: The amalgamation of digital communication technologies, IoT gadgets, and analytics platforms improves grid intelligence and sanctions prognostic sustenance schemes. Holistically, the confluence of urbanization, energy passage, and digitalization pushes the augmentation of the market.
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?????????? ??????????????: North America accounted for the largest substation automation market share. The region’s robust growth is primarily due to the amalgamation of progressive technologies such as IoT, AI, and cloud computing within the power sector, notably pushing the growth of the market in the region.
???????? ??????????????: Asia Pacific is anticipated to witness significant growth from 2024 to 2032. This can be attributed to the demand for dependable and productive power supply in advancing nations such as China and India, which is augmenting the market in this region.
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• SCADA
• IED
• Communication Network
• Others
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• Hardware
• Software
• Services
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• Power Line Communication
• Ethernet
• Others
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• Industrial
• Utilities
• Others
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• North America (U.S., Canada)
• Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
• Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
• Latin America (Brazil, Mexico, Argentina)
• Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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What is the estimated CAGR for the substation automation market?
The market is expected to grow at a CAGR of 6.2% during the forecast period.
What are the key segments covered in the substation automation market?
The key segments covered in the substation automation market report are module type, component type, communication channel, end-use, and region.
What are the key driving factors in the market?
The key driving factors in the substation automation market are the rise in the number of investments in smart cities and smart grid infrastructure projects.
What will be the market value estimated by the end of 2032?
The market size is expected to reach $ 50.09 billion by 2032.
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???????????????????? ???????????????????? ???????????? ???????? ???? ?????????????????? ???? ???? ????$ 50.09 ?????????????? ???? 2032, ???? ?? ???????? ???? 6.2% ???????? 2024 ???? 2032 | ?????????????? ???????????? ????????????????
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Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR’s clientele spread across different enterprises. We at Polaris are obliged to serve PMR’s diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR’s customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR’s customers.
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