The global substation automation market will grow at a compound annual growth rate of 6.3% from 2021 to 2026

According to a report released by Markets and Markets, an international market research institution, the global substation automation market size was about $39.
9 billion in 2021 and is expected to increase to $54.
2 billion by 2026, with a compound annual growth rate of 6.
3%.

The report believes that the growing demand for low-cost, more flexible substation solutions is the major driver contributing to the steady growth of this market during the forecast period
.
At the same time, the government's efforts to replace aging infrastructure to reduce energy and revenue losses and effectively prevent power outages and tripping and other public demand growth are also driving the installation of more automated substations
.

In addition, the growing demand for renewable energy and the growing adoption of electric and hybrid vehicles will create new growth opportunities
in the substation automation market.

From the perspective of substation type, transmission substations will dominate the substation automation market during the forecast period
.
As the demand for electricity increases, so does the need to replace aging infrastructure containing power delivery systems
.
Existing infrastructure cannot withstand large amounts of power capacity, so the chances of outages are gradually increasing
.

Substation automation market in the mining industry is expected to be the fastest growing segment
by end-user industry forecast.
The mining industry is focused on adopting modern substation automation solutions to effectively manage digital data
.
Mining plants use large amounts of energy to run equipment and monitor worker safety to reduce accidents
.
As a result, mining companies end up spending more money than they receive after
selling raw materials.
Therefore, in order to control energy consumption and ensure a balance between production and energy, mining companies are adopting substation automation solutions to obtain critical information about energy consumption and develop energy efficiency policies accordingly to increase productivity and reduce energy waste
.

In terms of market segment, North America is expected to hold the largest share
of the substation automation market by 2026.
Utilities in North America have made significant investments in replacing, upgrading, and expanding new and existing transmission and distribution infrastructure to improve the reliability and capacity
of transmission and distribution networks.
For example, U.
S.
utilities are focused on building next-generation distribution and transmission infrastructure and increasing the use of renewable energy for power generation, particularly through wind and solar projects, to boost their revenue growth
in the substation automation market.
For example, using wind systems in wind power eliminates fuel costs and reduces environmental impact because these systems emit fewer
smogs and greenhouse gases.

From the perspective of suppliers, ABB, Siemens, General Electric, Cisco, Schneider Electric, Eaton, Honeywell, and others will become the world's leading substation automation solution providers
during the forecast period.