Research Nester published a report titled “Substation Automation Market: Global Demand Analysis & Opportunity Outlook 2031” which delivers detailed overview of the global substation automation market in terms of market segmentation by type, communication mode, stage, end-user, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global substation automation market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2022 – 2031. The market is branched in the basis of end-user into utility, electronics, and others. Out of these segments, the electronics segment is anticipated to hold a notable market size over the forecast period, on the back of rising adoption of smart grids across the globe, along with the increasing government initiatives towards modernization of power grids.
In Q4 2021, USA current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and some signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches to peak 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point, pushing consumers to spend less on the products and services and save more.
On the other hand, the worst is expected to be seen in the European countries especially during 2022 winters. The energy and gas crises has already started grappling the region where in many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage, created by Russian-Ukraine conflict.
Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.
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The global substation automation market is estimated to witness growth on the back of growing need to efficiently control and deliver power, backed by the increasing demand for electricity across the globe. Moreover, the rising adoption of smart grids, and investment in smart grid infrastructure are bound to promote the market growth. In addition to this, rising demand for automation and intelligence to the power grid network
On the basis of geographical analysis, the global substation automation market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the North America region is anticipated to gain the largest market share throughout the forecast period. This can be attributed to the rising adoption of smart grids in the region. For instance, over 90 million smart meters were installed throughout U.S. in 2019.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
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Increasing Adoption of Smart Grids to Propel the Market Growth
According to the data by the International Energy Agency (IEA), smart grid investments are expected to reach USD 290 billion in 2021.
The changing structure of power sector, with the introduction to smart meters and smart grids, coupled with the rising need to optimize power consumption are anticipated to encourage the market growth. Moreover, the increasing investment in smart grid infrastructure is estimated to boost the market growth.
However, high installation cost is expected to operate as key restraint to the growth of global substation automation market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global substation automation market which includes company profiling of AMETEK, Inc., Axiomtek Co. Ltd., Toshiba Corporation, Texas Instruments Incorporated, Larsen & Toubro Ltd., Cisco Systems, Inc., Eaton Corporation PLC, General Electric Company, SAE IT-Systems GmbH & Co. KG, and ABB Ltd. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global substation automation market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.