Substation Automation Market Trends and Opportunities by 2031
Sales in the substation automation market are set to total US$ 37.48 Bn in 2021, with a stable long-term projection, according to latest insights by Future Market Insights (FMI). The report estimates the market to expand at over 6.0% CAGR from 2021 to 2031.
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According to Future Market Insights (FMI), increasing adoption of new technologies in industrial sector is a key factor fuelling the demand for substations in industrial applications. Besides this, the rising expenditure on power transmission & infrastructure development around the world has boosted the demand of substations for commercial applications.
Due to the global pandemic, demand for substations declined slightly in 2020. The effect of COVID-19 on demand from several end-use industries like power generation, mining, and general manufacturing was less, which drove substation automation sales in various regions.
Expansion of manufacturing units in developing countries will create a conducive environment for substation automation sales. This trend will continue resulting in high demand for both substation automation hardware and software.
Key Takeaways from Substations Market Study
- The demand from manufacturing sector is set to account for over 22% of the market share on value basis by the end of forecast period.
- The East Asia and South Asia & Pacific will remain a primary markets, backed by rising industrial sector and growing urbanization. These regions will cumulatively account for 43% of the demand registered in globally in 2021.
- Within North America, the U.S. will account for over 61% of sales in 2021.
- Italy, the UK, and Spain are expected to spearhead growth in Europe.
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“As competition increases, some of the leading substation automation system producers are focusing on collaboration to strengthen their footprint. Through this, they also aim at offering innovations,” says a Future Market Insights analyst.
Who is winning?
Key players in the substation automation market account for around 65% of the market share. In order to achieve more sales top companies are creating contracts with end users and developing custom products according to needs of the customer along with that manufacturers have focused on enhancing their sales network in order to achieve strong global presence.
Some of the key players in this industry include but are not limited to ABB, General Electric, SIEMENS AG, Schneider Electric, Emerson Electric Co. CISCO, Rockwell Automation, Mitsubishi Electric Automation, TOSHIBA ENERGY SYSTEMS & SOLUTIONS CORPORATION, Fuji Electric Co., Ltd. Eaton and Ingeteam.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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