Electrical Substation Management Market Research Report—Global Forecast till 2030

Electrical Substation Management Market Research Report: Information by Component (Hardware, Software, Services), Application (Generation Substations, Transmission Substations, And Distribution Substations), Sources (Non-Renewable and Renewable), Verticals (Utilities (Public Utility And Private Utility), Steelworks, Oil & Gas, Transportation, and Others), And Region (North America, Europe, Asia-Pacific, Middle East & Africa, And South America)—Forecast Till 2030

ID: MRFR/E&P/9484-CR | October 2022 | Region: Global | 165 Pages         

Electrical Substation Management Market

The Electrical Substation Management market is expected to reach USD 1,565.45 million by 2030, with a CAGR rate of 11.1% during 2022–2030.

Segmentation

By Component Hardware Software Services
By Application Generation Substations Transmission Substations Distribution Substations
By Sources Non-Renewable Renewable
By Verticals Utilities Steelworks Oil & Gas Transportation Others

Key Players

  • Tarigma Corporation
  • Eaton Corporation Plc
  • IPS Energy
  • Kalkitech
  • General Electric Company
  • Siemens AG
  • Aclara Technologies LLC
  • Omicron
  • Novatech LLC
  • Schneider Electric
  • ABB Ltd
  • Subnet Solutions INC.
  • Schweitzer Engineering Laboratories Inc
  • Tekvel
  • Sentient Energy Inc
  • Igrid T&D

Drivers

  • Increasing renewable energy projects
  • Growing number of electricity generation projects across the developing nations
  • Rising automation across the electric grid infrastructures
  • Rising use of digital technology to improve grid efficiency and reduce risks
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The global Electrical Substation Management market was valued at USD 595.10 million in 2021 and is expected to reach USD 1,565.45 million by 2030, with a CAGR rate of 11.1% during 2022–2030.


Electrical Substation Management Market Overview


Substation electrical equipment is divided into primary and secondary equipment. Primary equipment comprises the main body of the power system and is directly responsible for the production, transportation, and distribution of electrical energy. Secondary equipment is equipment/devices that control, regulate, protect, and monitors primary equipment. The secondary system is an imperative guarantee for the safe production, economic operation, and reliable power supply of the power system.  Modern-day substations have numerical protection relays, bay control units (BCU), and other IEDs like disturbance recorders, event loggers, and transformer monitoring systems.


This study on the global Electrical Substation Management market provides detailed information on industry trends, market dynamics, market size, competitive landscape, and growth opportunities. This research report categorizes the global Electrical Substation Management market by component, application, sources, vertical, and region/country.


Based on component, the global Electrical Substation Management market has been segmented into hardware, software, services. The Software segment dominated the market in 2021 and is estimated to remain the same during the review period, whereas the Services segment is expected to register the highest CAGR during the forecast period from 2022 to 2030.


COVID-19 Analysis


COVID-19 sent demand-side and supply-side shocks across the global economy. Key players of substation automation product and solution providers have incurred significant losses due to the pandemic. Companies have reported a decline of around 15% to 13% in 2020 revenue compared to the previous year. The impact of COVID-19 until June 2021. The situation is similar in emerging and developed economies.


The COVID-19 pandemic has impacted economic activity in numerous sectors. Several governments' perspectives on COVID-19's implications for renewable energy development, notably offshore wind power and solar photovoltaics (PV). The investment in electricity generation projects increased by 8.9 billion, while investment in power grid projects increased by 4.7 billion. Due to lockdown measures, such as studying at home or working at home, domestic power use in the first two quarters of 2020–2021 increased by 6.6 and 4.5 percent, respectively.


Electrical Substation Management Market Dynamics


An electrical substation management solution helps remotely manage the secondary devices/assets of the electrical utilities. The solution provides data access, offers the capability to perform remote maintenance, and helps significantly reduce costs. The solution constantly monitors the faults, disturbances, and other events related to grid performance. The rising stringent critical infrastructure protection standards driving the adoption of these solutions.


Drivers



  • The Stringent Regulatory Standards Are Expected to Be The Major Growth Driver


The stringent regulatory standards for the promotion of substation automation and monitoring control system technologies are a major factor driving the growth of the global electrical substation management market. In addition, uninterrupted electricity, and preference for improved energy efficiency, and technological advancements are driving the growth of the global Electrical Substation Management market in the near future. Major players in electric substation management comprise ABB, Siemens, Eaton, Schneider, General Electric, and many others. These companies are implementing strategic initiatives such as acquisitions, mergers, collaborations, partnerships, and the development and the presence of a stringent regulatory framework are expected to fuel the growth of the global electrical substation management market.


Opportunity



  • Increasing Renewable Energy Projects Are Expected To Open Lucrative Revenue Streams For The Market During The Projected Period


Increasing renewable energy projects across the globe due to technology improvements and decreasing costs of renewable energy resources, with the increased competitiveness of battery storage which creates lucrative revenue streams for the market over the projected period. Countries across the globe are coming up with new renewable projects for electricity generation. Also, they are investing in wind and solar projects, growing demand for electricity, and minimizing the environmental impacts, with investments in generating power using non-renewable sources.


Electrical Substation Management Market Segmentation


The Electrical Substation Management Market has been segmented based on component, application, sources, vertical, and region.


Based on component, the global market has been segmented into hardware, software, services.


By on application, the market has been segmented into generation substations, transmission substations, and distribution substations.


Based on sources market has been segmented into non-renewable and renewable


Based on vertical, the market has been segmented into utilities, steelworks, oil & gas, transportation, and others.


Based on utilities, the market has been segmented into public utility and private utility.


Electrical Substation Management Market Regional Analysis


Globally, the Electrical Substation Management market has been categorized into five different regions—North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Asia Pacific accounted for the largest market share, with a market value of USD 193.21 Million in 2020; it is expected to register a CAGR of 13.4% during the forecast period. North America was the second-largest market in 2020, valued at USD 163.41 Million; it is projected to register CAGR of 8.3%. The North American region holds the second-largest share of the market. This can be attributed to the significant adoption of substation automation solutions. The key drivers for automating at the substation level have been cybersecurity and compliance with the NERC CIP standards. The US contributes the largest share within the North American region. The US is the second-largest electricity-producing country globally. According to US Energy Information Administration, in 2021, about 4,116 billion kilowatt-hours (kWh) (or about 4.12 trillion kWh) of electricity were generated at utility-scale electricity generation facilities in the United States. Moreover, the country is also the earlier adopter of substation automation tools and solutions. Canada holds the second-largest share within the region owing to increased government initiatives toward smart grids coupled with rising electricity demand. Increased electrification in the industrial, residential, and commercial sectors along with growing sales of electric vehicles


The Asia-Pacific region dominates the market and is expected to exhibit the fastest growth during the projected period. The key growth is driven by China, India, Japan, South Korea, Taiwan, Indonesia, Malaysia, Australia, Pakistan, and Bangladesh among other countries. The Asia-Pacific is the largest electricity generating and consuming continent with substantial growth in demand. China dominates the Asia-Pacific market owing to the significant production of electricity. According to the National Bureau of Statistics, China's power generation volume rose 8.1% year on year to 8,112.2 TWh in 2021, 11% growth pver 2019, and 5.4% over the 2020-2021 period. The installed capacity of renewable energy is also growing year on year. According to the National Energy Administration, China's installed renewable energy capacity reached 1063 gigawatts (GW) in 2021.


 Global Electrical Substation Management Market, By Region, 2020 (% Share)


GLOBAL ELECTRICAL SUBSTATION MANAGEMENT MARKET, BY REGION, 2020 (% SHARE)
Source: Industry Expert, Secondary Research, and MRFR Analysis


Asia Pacific Region to Bolster the Electrical Substation Management Market


The Asia-Pacific region dominates the market and is expected to exhibit the fastest growth during the projected period. The key growth is driven by China, India, Japan, South Korea, Taiwan, Indonesia, Malaysia, Australia, Pakistan, and Bangladesh among other countries. The Asia-Pacific is the largest electricity generating and consuming continent with substantial growth in demand. China dominates the Asia-Pacific market owing to the significant production of electricity. According to the National Bureau of Statistics, China's power generation volume rose 8.1% year on year to 8,112.2 TWh in 2021, 11% growth pver 2019, and 5.4% over the 2020-2021 period. The installed capacity of renewable energy is also growing year on year. According to the National Energy Administration, China's installed renewable energy capacity reached 1063 gigawatts (GW) in 2021. Moreover, India and Japan are also the major growth engines of the Asia-Pacific region. The automation among the substations is rising in order to reduce operational costs and protect devices from cyber-attacks.


Electrical Substation Management Market Competitive Landscape


The global market for Electrical Substation Management has witnessed significant growth over the forecast period due to the growing digital content. There are several domestic, regional, and global players operating in the Electrical Substation Management market who continuously strive to gain a significant share of the overall market. During the study, MRFR has analyzed some of the major players in the global Electrical Substation Management market who have contributed to the market growth. These include Tarigma Corporation, Eaton Corporation Plc, IPS Energy, Kalkitech, General Electric Company, Siemens AG, Aclara Technologies LLC, Omicron, Novatech, LLC, Schneider Electric, ABB Ltd, Subnet Solutions INC., Schweitzer Engineering Laboratories, Inc, Tekvel, Sentient Energy, Inc, and Igrid T&D.


During the study, MRFR has analyzed some of the major players in the global Electrical Substation Management market who have contributed to the global market growth.


Key Players



Recent Developments



  • In January 2022 Eaton acquired electrical connectivity specialist Royal Power Solutions for $600 million to boost the entire company’s energy management, industrial, and mobility businesses.

  • In October 2021 SEL had launched SEL-851 Feeder Protection Relay. The SEL-851 is configured using SEL Grid Configurator, a new software tool for creating, managing, and deploying settings for SEL power system devices.

  • In April 2021 Hitachi ABB Power Grids had launched a new range of TXpert Remote Services for transformer fleets. The range includes remote monitoring, consulting, troubleshooting, and guidance using augmented reality.


Electrical Substation Management Market Report Overview


This study estimates revenue growth at global, regional, and country levels and offers an overview of the latest developments in each of the sub-sectors from 2018 to 2030. For this analysis, MRFR segmented the global Electrical Substation Management Market report based on component, application, sources, vertical, and region.


By Component



  • Hardware

  • Software

  • Services


By Application



  • Generation Substations

  • Transmission Substations

  • Distribution Substations


By Sources



  • Non-renewable

  • Renewable


By Vertical



  • Utilities

  • Steelworks

  • Oil & Gas

  • Transportation

  • Others



Report Scope:

Report Attribute/Metric Details
  Market Size   2021: USD 595.10 Million 2030: USD 1,565.45 Million
  CAGR   11.1%
  Base Year   2021
  Forecast Period   2022–2030
  Historical Data   2018-2020
  Forecast Units   Value (USD Million)
  Report Coverage    Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Component, Application, Sources, Verticals
  Geographies Covered    North America, Europe, Asia-Pacific
  Key Vendors   Tarigma Corporation, Eaton Corporation Plc, IPS Energy, Kalkitech, General Electric Company, Siemens AG, Aclara Technologies LLC, Omicron , Novatech LLC, Schneider Electric, ABB Ltd, Subnet Solutions INC., Schweitzer Engineering Laboratories Inc., Tekvel, Sentient Energy Inc, Igrid T&D
  Key Market Opportunities   • Increasing renewable energy projects are expected to open lucrative revenue streams for the market during the projected period • Growing number of electricity generation projects across the developing nations
  Key Market Drivers   • The stringent regulatory standards are expected to be the major growth driver • Rising automation across the electric grid infrastructures • Rising use of digital technology to improve grid efficiency and reduce risks


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Frequently Asked Questions (FAQ) :

The Asia-Pacific regional market is projected to be the major driver of the market.

The segments in the market are offering component, application, sources, and vertical

The key contenders in the market are Tarigma Corporation, Eaton Corporation Plc, IPS Energy, Kalkitech, General Electric Company, Siemens AG, Aclara Technologies LLC, Omicron, Novatech, LLC, Schneider Electric, ABB Ltd, Subnet Solutions INC., Schweitzer Engineering Laboratories, Inc, Tekvel, Sentient Energy, Inc, and Igrid T&D.