Substation Automation Market Emerging Technologies, With 6.9% CAGR, Industry Demand, Global Competitors and Future Scope
The global Substation Automation Market size was valued at 36.2 Billion in 2022. It is expected to reach a valuation of USD 56.4 Billion by 2028, growing at a CAGR of 6.9% during the forecast period (2023 to 2028).
Substation Automation Market report is an expert’s study that focuses mostly on businesses, categories, applications, regions, and other subcategories. In addition to this, the reports include an analysis of sales and revenue, as well as trade, competition, investment, and projections. Substation Automation Market Research studies explore the effects of COVID-19 on the upstream, midstream, and downstream sectors of the industry. In addition, this analysis provides extensive market estimations by putting an emphasis on data covering numerous factors that encompass market dynamics such as market drivers, market barriers, market opportunities, market risks, and industry news and trends.
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Overview of Substation Automation Market Analysis:
Market Size 2022: US $ 36.2 Billion
Market Size by 2028: US $ 56.4 Billion
CAGR (%): 6.9
Forecast Year: 2023-2028
Base Year: 2022
Companies Profiled in Substation Automation Market Report:
hitachi abb power grids, siemens energy, General Electric, cisco, schneider electric, eaton corporation, novatech automation, cadillac automation and controls, and others.
Huge Prospects for Substation Automation to Augment the Market Growth
Solar and wind are currently the mainstream options in the power sector, with most countries generating more than 20% of their electricity using solar and wind energy sources. According to the International Energy Agency (IEA), the share of renewable sources in world electricity generation reached 25% in 2019.
By 2050, renewable power will be able to provide the bulk of global power demand, which would be approximately 86%. Companies across the world are focusing on investing into sustainable energy infrastructure than that of in fossil fuels.
According to the IEA’s World Energy Investment 2020report, total investment in renewable energy sources amounted to USD 259 billion and USD 226 billion in 2019 and 2020, respectively. The decline in 2020 was much because of the economic crisis due to the outbreak of the COVID-19 pandemic.
Countries worldwide are trying to come up with new renewable projects for electricity generation. They are also investing in solar and wind projects to meet the growing demand for electricity and minimize the environmental impacts, along with investments in generating power using non-renewable sources at the same time.
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What exactly is included in the Report?
Industry Trends and Developments: In this section, the authors of the research discuss the significant trends and developments that are occurring in the Substation Automation Market place, as well as their expected impact on the overall growth.
Future Prospects: In this portion of the study, Substation Automation Market participants are presented with information about the prospects that the global industry is likely to supply them with.
Analysis of the industry’s size and forecast: The industry analysts have provided information on the size of the industry from both a value and volume standpoint, including historical, present and projected figures.
In-Depth Regional Analysis: Vendors are provided with in-depth information about high-growth regions and their particular countries, allowing them to place their money in more profitable areas.
The Competitive Landscape: This section of the study sheds light on the competitive landscape of the Substation Automation Market by examining the important strategies implemented by vendors to strengthen their position in the Substation Automation Market.
Study on Industry Segmentation: This section of the study contains a detailed overview of the important Substation Automation Market segments, which include product type, application, and vertical, among others.
Available Customizations
With the given market data, Exactitude Consultancy offers customizations as per the company’s specific requirements. The following customization options are available for the report:
Product Analysis
- Product matrix provides detailed product information and comparison
Geographic Analysis
- Further breakdown of the North American Substation Automation Market
- Further breakdown of the European market
- Further breakdown of the APAC market
- Further breakdown of the MEA market
- Further breakdown of the Latin American market
Company Information
- Detailed analysis and profiling of additional market players
Full Table of the Content: https://exactitudeconsultancy.com/reports/2438/substation-automation-market/#table-of-content
What are the market factors explained in the report?
Key Strategic Developments: The study includes key strategic developments of the Substation Automation Market, comprising R&D, new product launch, mergers and acquisitions, agreements, partnerships, collaborations, joint ventures, and regional growth of key competitors operating in the market globally and region.
Key Market Features: The report analyzed key market features including price, revenue, capacity, supply/demand, capacity utilization rate, gross production, production rate, market share, consumption, import/export, cost, CAGR and gross margin. Furthermore, the report also offers a comprehensive study of the key Substation Automation Market dynamics and its latest trends, along with relevant market segments and sub-segments.
Analytical Tools: The Global Outsourced Substation Automation Market report includes accurately researched and analyzed data on the key industry players and their scope in the market through various analytical tools. Analytical tools such as Porter’s five forces analysis, feasibility study, and ROI analysis have been used to analyze the growth of the key players operating in the market.
Substation Automation Market Segmentation:
By Type
- Transmission Substation
- Distribution Substations
By Application
- Utilities
- Steel
- Oil & Gas Mining
- Transportation
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