New York, US, June 13, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Electrical Substation Management Market Research Report Information by Component, Region, Verticals, Sources, and Application - Forecast Till 2032”, the electrical substation management market is predicted to grow substantially over the assessment timeframe from 2023 to 2032 at a healthy CAGR of around 11.10%. The reports even share predictions regarding the market's growing revenue share, which is likely to attain a market of USD 2.06 billion by the end of 2032. As per the study documents, the market was worth around USD 0.8 billion in 2022.
Electrical Substation Management Industry Overview:
The global Electrical Substation Management industry has advanced enormously recently. The primary aspect causing a surge in the performance of the market is the stringent regulatory standards.
Competitive Analysis
The catalog of the top leaders across the global Market for Electrical Substation Management includes players such as:
- Tarigma Corporation
- ABB Ltd
- Eaton Corporation Plc
- Schneider Electric
- IPS Energy
- Novatech LLC
- Kalkitech
- Omicron
- General Electric Company
- Aclara Technologies LLC
- Siemens AG
- Subnet Solutions INC.
- Ingrid T&D
- Travel
- Schweitzer Engineering Laboratories Inc
- Sentient Energy Inc
- Among others.
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Market USP Covered
Market Drivers
The global Electrical Substation Management industry has advanced enormously in recent years. The primary aspect causing a surge in the performance of the market is the stringent regulatory standards. Furthermore, the factors such as growing technological advancements, the preference for improved energy efficiency, and increasing renewable energy projects are also projected to cause a surge in the growth of the market around the world.
Electrical Substation Management Market Restraints
However, some aspects may limit the market's performance. The main aspect limiting the market's development is the high costs linked.
Report Scope:
| Report Metrics | Details |
| Market Size 2032 | 2032: USD 2.06 billion |
| CAGR during 2023-2032 | 11.10% CAGR |
| Base Year | 2022 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Application, Sources, Verticals, and Region |
| Key Market Opportunities | Increasing renewable energy projects are expected to open lucrative revenue streams for the market during the projected period. |
| Key Market Dynamics | The stringent regulatory standards are expected to be the major growth driver. |
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Electrical Substation Management Market COVID-19 Impact
The global health hazard of COVID-19 has impacted most industry operations in the last few years. The health emergency affected the industry operations and tremendously impacted public health in nearly 225 nations. The Electrical Substation Management industry was no exception to this. The supply chain disruptions and partial or complete lockdowns around various regions worldwide led to several disruptions in market operations. However, with the rapid recovery of the global economy, the market is predicted to showcase substantial development over the review era.
Electrical Substation Management Market Segment Analysis
Among all the components, the hardware segment secured the leading position across the global market for electrical substation management in 2021. The main parameter supporting the development of the segment is the growing requirement to retrofit conventional substations to incorporate modern-day monitoring and control capabilities. Several organizations and government bodies plan to install SCADA systems in their substations.
Among all the application areas, the distribution substations segment secured the leading position across the global electrical substation management market in 2021. The main parameter supporting the development of the segment is the soaring electricity demand across the globe. Developing existing energy infrastructure coupled with escalating demand for efficient electricity grids across several developing countries will also likely enhance the segment's performance.
Among all the sources, the renewable segment secured the leading position across the global electrical substation management market in 2021. The main parameter supporting the development of the segment is the use of renewable energy as the mainstream option in the power sector.
Among all the end-user sectors, the utility segment secured the leading position across the global electrical substation management market in 2021. The main parameter supporting the development of the segment is the surging uninterrupted power supply coupled with the increasing installation of efficient power grids. On the contrary, the industrial segment is anticipated to experience the maximum growth rate over the coming years, given the demand for uninterrupted electricity supply across the industrial sector, owing to the rapid industrialization across developing countries.
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Electrical Substation Management Market Regional Analysis
The Global Market for Electrical Substation Management is analyzed across five major parts: Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa.
The research documents by MRFR indicate that the Asia-pacific Region carried the top position across the global Electrical Substation Management industry in 2021. India, China, and Indonesia are the leading development contributors in the region. Further, the China Electrical Substation Management Market held the largest market share, and India was the fastest-growing market in the Asia-pacific Region. The main aspect supporting regional market expansion is the region's massive electricity production and consumption.
The European Region is anticipated to secure the second position across the global Electrical Substation Management industry over the coming years. The region has France, Germany, and the U.K. as the leading development contributors. Further, the German Electrical Substation Management Market held the largest market share, and the U.K. was the fastest-growing Market in Europe. The main aspect supporting regional market expansion is the policies formulated by the EU that have encouraged the development of energy storage. Furthermore, the factors such as decentralized electricity generation to serve elastic demand and growth in electric vehicle sales are also projected to influence the regional market's performance positively.
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The North American is anticipated to hold the third position across the global Electrical Substation Management industry in 2021. The region has Mexico, Canada, and the U.S. as the leading development contributors. Further, the U.S. Electrical Substation Management Market held the largest market share, and Canada was the fastest-growing North American Region. The substantial adoption of substation automation solutions is the main aspect supporting regional market expansion. Furthermore, the rising level has been cybersecurity and compliance with the NERC CIP standards are also likely to positively impact the development of the regional market over the coming years.
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