Electrical Substation Management Market Overview
Global industry is expected to grow faster than ever before due to new technologies and various key industry players choosing multiple business tactics to expand globally by 2030.
Government policies and various regulations are playing vital role in this industry. Regional market growth is outstanding post pandemic. Some drivers and trends are helping the industry to grow at a high CAGR during forecast period 2023-2030.
The global Electrical Substation Management Market is projected to grow at a 11.1% CAGR during the forecast period, 2022–2030.
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Market Segmental Analysis
The Electrical Substation Market has been segmented based on component, application, sources, vertical, and region.
- Based on component, the global Electrical Substation Management market has been segmented into hardware, software, services.
- By on application, the Electrical Substation Management market has been segmented into generation substations, transmission substations, and distribution substations.
- Based on sources Electrical Substation Management market has been segmented into non-renewable and renewable
- Based on vertical, the Electrical Substation Management market has been segmented into utilities, steelworks, oil gas, transportation, and others.
- Based on utilities, the Electrical Substation Management market has been segmented into public utility and private utility.
Electrical Substation Management Market Regional Analysis
The geographic analysis of the Electrical Substation Management market has been conducted for North America, Europe, Asia-Pacific, the Middle East Africa, and South America.
The North American region holds the second-largest share of the market. This can be attributed to the significant adoption of substation automation solutions. The key drivers for automating at the substation level have been cybersecurity and compliance with the NERC CIP standards. The US contributes the largest share within the North American region.The US is the second-largest electricity-producing country globally.
Europe holds the third-largest share of the market and is expected to exhibit 9.9% CAGR growth during the projected period. This can be attributed to the surge in substation and distribution automation. Rapid technological advancements along with rapid automation are expected to boost the demand for the electrical substation management market.
The Asia-Pacific region dominates the market and is expected to exhibit the fastest growth during the projected period. The key growth is driven by China, India, Japan, South Korea, Taiwan, Indonesia, Malaysia, Australia, Pakistan, and Bangladesh among other countries.
Middle East Africa region holds the fourth-largest share within the market and is expected to exhibit 12.9% CAGR during the projected period.
South America holds the fifth-largest share of the market. The countries such as Brazil, Argentina, Chile, Colombia, Peru, Paraguay, and Ecuador, among other countries. The region has been witnessing increased different sources of the energy mix in the generation of electricity.
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COVID-19 Analysis
The COVID-19 outbreak has shaped the dynamics of the world economically, geographically, politically, and socially. The novel coronavirus has been declared communicable and contagious even through surfaces which have been containment owing to in proximity of infected people. The entire world had shut to any communications, gatherings, and activities. People had been subjected to follow guidelines to act proactively while purchasing and utilizing the basics of daily lives. The industry experienced the wrath of the pandemic owing to stop on any transport movement sans any proper regulation.
Competitive Analysis
The key players of the Electrical Substation Management market include Tarigma Corporation, Eaton Corporation Plc, IPS Energy, Kalkitech, General Electric Company, Siemens AG, Aclara Technologies LLC, Omicron, Novatech, LLC, Schneider Electric, ABB Ltd, Subnet Solutions INC., Schweitzer Engineering Laboratories, Inc, Tekvel, Sentient Energy, Inc, and Igrid TD.
