The global Substation Automation Systems market size was USD 139 Billion in 2022 and is expected to reach USD 156 Billion in 2032, and register a rapid revenue CAGR of 7.2% during the forecast period.ac

Increasing requirement for a consistent and efficient power supply and rising popularity of Renewable Energy sources are key factors driving market revenue growth. Technology-advanced Substation Automation Systems systems are constantly being developed by manufacturers in response to the demand for energy-efficient and economically viable solutions. The efficiency, dependability, and safety of the power grid is increasing due to these systems' assistance in monitoring and controlling power transmission and distribution.

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In addition, increasing need for a consistent and effective power supply is another key factor driving revenue growth of the market. Demand for power grid to be modernized is rising by the deteriorating electrical infrastructure and requirement to replace outmoded machinery. There is increasing need for sophisticated Substation Automation Systems systems that can incorporate renewable energy sources into the power grid due to rising demand for renewable energy sources such as wind and solar.

Moreover, rising use of Substation Automation Systems systems that can offer real-time monitoring and control of power transmission and distribution is also expected to drive market revenue growth during the forecast period. Utilities are using the integration of cutting-edge sensors, communication, and data analytics to optimize the efficiency of power grid and raise the supply's reliability and safety.

Threat of cyberattacks on the power grid is increasing, necessitating the need for Substation Automation Systems systems with advanced security features. Furthermore, rising number of end-use industries, including Oil & Gas (O&G), mining, and transportation, are adopting these systems, which is another factor driving market revenue growth.

Competitive Landscape:

• ABB Ltd.
• Siemens AG
• General Electric Company
• Schneider Electric SE
• Eaton Corporation PLC
• Honeywell International Inc.
• Cisco Systems Inc.
• Schweitzer Engineering Laboratories, Inc.
• NovaTech LLC
• Larsen & Toubro Limited.

The global market is further segmented into type and application:

Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.

• North America (U.S., Canada, Mexico)
• Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
• Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
• Latin America (Brazil, Rest of LATAM)
• Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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