The Electrical Substation Management Market in North America is Expected to Witness Significant Growth at a CAGR of 8.3% During the Forecast Period (2022–2030): MRFR

Pune, India, Oct 2022, MRFR Press Release/Market Research Future has published a Cooked Research Report on the Global Electrical Substation Management Market.

Electrical Substation Management Market Overview

The global Electrical Substation Management market is projected to grow at a 11.1% CAGR during the forecast period, 2022–2030.

Market Segmental Analysis

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

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

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

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

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

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

Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Electrical Substation Management Market Research Report

Competitive Analysis

The key players of the Electrical Substation Management market 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.

Electrical Substation Management Market

Regional Analysis

The geographic analysis of the Electrical Substation Management market has been conducted for North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.

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.

Europe holds the third-largest share of the market and is expected to exhibit 9.9% CAGR growth during the projected period. This can be attributed to the surge in substation and distribution automation. Rapid technological advancements along with rapid automation are expected to boost the demand for the electrical substation management market. Cross-border integration of electricity markets and the growth of large-scale Renewable Energy Sources (RES) are driving the growth of advanced transmission technologies (ATT). In Europe, there is a significant trend in electricity imports and exports. For instance, France is usually Europe's biggest exporter of power, sending vast amounts of electricity through interconnectors to the UK, Germany, and Italy, among other countries. These trends are fuelling the installation of more transmission and distribution substations, in turn, rapid automation growth.

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.

Middle East & Africa region holds the fourth-largest share within the market and is expected to exhibit 12.9% CAGR during the projected period. The growth can be attributed to the increased electricity demand owing to the rapid industrialization across the region. Saudi Arabia, Iran, Turkey, Egypt, UAE, Kuwait, Israel, Qatar, Oman, among other countries. The oil & gas and petrochemical industries are also supporting the significant growth of the market.

South America holds the fifth-largest share of the market. The countries such as Brazil, Argentina, Chile, Colombia, Peru, Paraguay, and Ecuador, among other countries. The region has been witnessing increased different sources of the energy mix in the generation of electricity. The public and private utility companies are investing in the distributed automation systems, in turn, fuelling the automation across the substations. There are several energy projects especially renewables are expected to build in the region as the governments are more focused on clean energy. Brazil dominates the market and is expected to retain its dominance throughout the projected period. Renewable energy projects are expected to generate significant substation demand during the upcoming years.