The Asia Pacific Substation Automation Market would witness market growth of 6.6% CAGR during the forecast period (2024-2031).
The China market dominated the Asia Pacific Substation Automation Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $5,824 million by 2031. The Japan market is registering a CAGR of 6% during (2024 - 2031). Additionally, The India market would showcase a CAGR of 7.3% during (2024 - 2031).
These systems collect data from various sensors and devices within the substation, including temperature, pressure, voltage, and current. This data is then transmitted to centralized control centers, allowing utilities to monitor equipment health and forecast potential failures. The collected data is also used for regulatory compliance reporting and auditing.
Also, they also plays a pivotal role in integrating traditional power grids with modern smart grids. This integration allows for dynamic two-way communication between substations, generation stations, and end users, ensuring better energy distribution, reduced losses, and improved overall grid stability.
India’s steel industry has seen substantial growth, particularly between 2019 and 2023, with a remarkable 6% increase in steel output. This growth is accompanied by rising energy demands from the steel manufacturing sector, which is energy intensive. India is increasingly focusing on modernizing its power infrastructure to meet these demands, including implementing substation automation. In China, the rapid expansion of renewable energy capacity, with 1.06 billion kilowatts of installed capacity by 2021, has led to a significant shift in the energy landscape. With a substantial portion of its electricity now coming from renewable sources, China faces the challenge of integrating these intermittent energy sources into its existing power grid. They plays a key role in this integration process by enabling better management of renewable energy flows, ensuring efficient distribution and balancing of power supply. Hence, India’s expanding steel industry and China’s growing renewable energy sector create strong demand for these solutions.
Free Valuable Insights: The Global Substation Automation Market is Predict to reach USD 68.35 Billion by 2031, at a CAGR of 6.1%
Based on Type, the market is segmented into Transmission Substation, and Distribution Substation. Based on Technology, the market is segmented into New, and Retrofit. Based on Component, the market is segmented into Hardware, Services, and Software. Based on End Use, the market is segmented into Utilities, Transportation, Steel, Oil & Gas, Mining, and Other End Use. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
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