According to a new report, published by KBV research, The Global Substation Automation Market size is expected to reach $68.35 billion by 2031, rising at a market growth of 6.1% CAGR during the forecast period.
The Transmission Substation segment captured the maximum revenue in the Global Substation Automation Market by Type in 2023, thereby, achieving a market value of $37.4 billion by 2031. Transmission substations play a critical role in transferring electricity over long distances, ensuring stability and efficiency in power delivery. The growing focus on modernizing aging grid infrastructure and integrating renewable energy sources into transmission networks has fueled the adoption of advanced automation technologies.
The New segment is experiencing a CAGR of 5.8 % during the forecast period. This segment’s growth is primarily driven by the increasing demand for modern infrastructure capable of handling advanced grid technologies. The construction of new substations equipped with cutting-edge automation systems has gained momentum due to the growing integration of renewable energy sources and the need for scalable and future-ready power systems.
The Hardware segment led the maximum revenue in the Global Substation Automation Market by Component in 2023, thereby, achieving a market value of $28.0 billion by 2031. The demand for robust and reliable hardware components, such as intelligent electronic devices (IEDs), communication systems, and monitoring equipment, continues to drive this segment. As utilities modernize their substations, investments in advanced hardware solutions that enable seamless automation, enhance grid stability, and support real-time data processing have become a priority.
The Utilities segment is growing at a CAGR of 5.3 % during the forecast period. This dominance is driven by the growing need for reliable and efficient power distribution systems to meet rising energy demands. Utilities are increasingly adopting substation automation to enhance grid resilience, reduce operational costs, and improve fault detection and response times. Integrating renewable energy sources into power grids has amplified the need for advanced automation solutions, enabling utilities to manage variable energy inputs effectively.
Full Report: https://www.kbvresearch.com/substation-automation-market/
The North America region dominated the Global Substation Automation Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $22.3 billion by 2031. The Europe region is anticipated to grow at a CAGR of 5.7% during (2024 - 2031). Additionally, The Asia Pacific region would witness a CAGR of 6.6% during (2024 - 2031).
By Type
By Technology
By Component
By End Use