Table of Content

1 INTRODUCTION 30
1.1 STUDY OBJECTIVES 30
1.2 MARKET DEFINITION 30
1.2.1 GENERAL INCLUSIONS AND EXCLUSIONS 31
1.2.2 INCLUSIONS AND EXCLUSIONS AT COMPANY LEVEL 31
1.2.3 INCLUSIONS AND EXCLUSIONS AT COMPONENT LEVEL 32
1.2.4 INCLUSIONS AND EXCLUSIONS AT OFFERING LEVEL 32
1.2.5 INCLUSIONS AND EXCLUSIONS AT TYPE LEVEL 32
1.2.6 INCLUSIONS AND EXCLUSIONS AT INSTALLATION TYPE LEVEL 33
1.2.7 INCLUSIONS AND EXCLUSIONS AT COMMUNICATION LEVEL 33
1.2.8 INCLUSIONS AND EXCLUSIONS AT END-USER INDUSTRY LEVEL 33
1.2.9 INCLUSIONS AND EXCLUSIONS AT REGIONAL LEVEL 34
1.3 STUDY SCOPE 34
1.3.1 MARKETS COVERED 34
FIGURE 1 SUBSTATION AUTOMATION MARKET SEGMENTATION 34
1.3.2 GEOGRAPHIC SCOPE 35
1.3.3 YEARS CONSIDERED 35
1.4 CURRENCY 35
1.5 STAKEHOLDERS 36
1.6 SUMMARY OF CHANGES 36
2 RESEARCH METHODOLOGY 37
2.1 RESEARCH DATA 37
FIGURE 2 SUBSTATION AUTOMATION MARKET: RESEARCH DESIGN 38
2.1.1 SECONDARY DATA 39
2.1.1.1 Key data from secondary sources 39
2.1.2 PRIMARY DATA 40
2.1.2.1 Key data from primary sources 40
2.1.2.2 Key participants in primary processes across value chain of substation automation market 41
2.1.2.3 Breakdown of primary interviews 41
2.1.3 SECONDARY AND PRIMARY RESEARCH 42
2.2 MARKET SIZE ESTIMATION 43
FIGURE 3 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 1 (SUPPLY SIDE): REVENUE GENERATED FROM KEY MARKET PLAYERS IN SUBSTATION AUTOMATION MARKET 43
FIGURE 4 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 2 (SUPPLY SIDE): ILLUSTRATION OF REVENUE ESTIMATION OF KEY MARKET PLAYERS IN SUBSTATION AUTOMATION MARKET 44
FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 3 (DEMAND SIDE)?BOTTOM-UP ESTIMATION OF SUBSTATION AUTOMATION MARKET,
BY END-USER INDUSTRY 45
2.2.1 BOTTOM-UP APPROACH 45
2.2.1.1 Approach for capturing market size by bottom-up analysis 45
FIGURE 6 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH 46
2.2.2 TOP-DOWN APPROACH 46
2.2.2.1 Approach for capturing market size by top-down analysis 46
FIGURE 7 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH 47
2.3 MARKET SHARE ESTIMATION 47
2.4 MARKET BREAKDOWN AND DATA TRIANGULATION 48
FIGURE 8 DATA TRIANGULATION 48
2.5 RESEARCH ASSUMPTIONS AND LIMITATIONS 49
2.5.1 ASSUMPTIONS 49
2.5.2 LIMITATIONS 49
3 EXECUTIVE SUMMARY 50
3.1 SCENARIO ANALYSIS 51
FIGURE 9 COMPARISON OF PRE- AND POST-COVID-19 MARKET SIZE AND CAGR OF SUBSTATION AUTOMATION MARKET, BY SCENARIO, 2017–2026 51
3.1.1 PRE-COVID-19 SCENARIO 51
3.1.2 PESSIMISTIC SCENARIO (POST-COVID-19) 51
3.1.3 OPTIMISTIC SCENARIO (POST-COVID-19) 52
3.1.4 REALISTIC SCENARIO (POST-COVID-19) 52
FIGURE 10 HARDWARE OFFERINGS TO ACCOUNT FOR LARGEST SIZE OF SUBSTATION AUTOMATION MARKET IN 2021 53
FIGURE 11 SUBSTATION AUTOMATION MARKET, BY TYPE, 2021–2026 (USD BILLION) 53
FIGURE 12 SUBSTATION AUTOMATION MARKET FOR SOLAR ENERGY SOURCE EXPECTED TO GROW AT HIGHEST CAGR FROM 2021 TO 2026 54
FIGURE 13 UTILITIES INDUSTRY TO ACCOUNT FOR LARGEST SHARE OF SUBSTATION AUTOMATION MARKET IN 2026 55
FIGURE 14 APAC TO REGISTER HIGHEST CAGR IN SUBSTATION AUTOMATION MARKET FROM 2021 TO 2026 55
4 PREMIUM INSIGHTS 57
4.1 ATTRACTIVE GROWTH OPPORTUNITIES IN SUBSTATION AUTOMATION MARKET 57
FIGURE 15 AUTOMATED SUBSTATIONS WILL BE ADOPTED AT HIGH RATE DURING FORECAST PERIOD 57
4.2 SUBSTATION AUTOMATION MARKET, BY END-USER INDUSTRY 57
FIGURE 16 UTILITIES INDUSTRY TO ACCOUNT FOR LARGEST MARKET SIZE
FROM 2021 TO 2026 57
4.3 SUBSTATION AUTOMATION MARKET, BY INSTALLATION TYPE 58
FIGURE 17 LARGER MARKET SHARE WILL BE CAPTURED BY RETROFIT
INSTALLATIONS IN 2026 58
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4.4 SUBSTATION AUTOMATION MARKET, BY UTILITIES INDUSTRY 58
FIGURE 18 RENEWABLES SEGMENT TO EXHIBIT HIGHER CAGR IN
SUBSTATION AUTOMATION MARKET DURING FORECAST PERIOD 58
4.5 SUBSTATION AUTOMATION MARKET, BY OFFERING AND REGION 59
FIGURE 19 NORTH AMERICA AND APAC WOULD BE MOST FAVORABLE REGIONS FOR SUBSTATION AUTOMATION MARKET IN 2026 59
5 MARKET OVERVIEW 60
5.1 INTRODUCTION 60
5.2 MARKET DYNAMICS 60
FIGURE 20 SUBSTATION AUTOMATION MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES 60
5.2.1 DRIVERS 61
5.2.1.1 Increasing investments in smart cities and smart grid infrastructure development projects 61
5.2.1.2 Escalating demand for data centers to support rapidly expanding digital activities due to COVID-19-led lockdown globally 62
FIGURE 21 GLOBAL DATA CENTER TRAFFIC, 2016 VS. 2021 (ZETTABYTE) 62
FIGURE 22 ESTIMATED NUMBER OF HYPERSCALE DATA CENTERS, BY 2021 63
5.2.1.3 Surging requirement to retrofit conventional substations 63
5.2.1.4 Rising use of digital technology to improve grid efficiency
in smart cities 64
5.2.1.5 Increasing focus on upgrading IEC 61850 standard to resolve interoperability issue among intelligent electronic devices
deployed in substations 64
FIGURE 23 SUBSTATION AUTOMATION MARKET DRIVERS: IMPACT ANALYSIS 65
5.2.2 RESTRAINTS 65
5.2.2.1 High initial installation cost of IEDs in substations 65
5.2.2.2 Huge requirement for tremendous capital investment for deployment of wireless sensor networks in substations for oil and gas facilities 66
FIGURE 24 SUBSTATION AUTOMATION MARKET RESTRAINTS: IMPACT ANALYSIS 66
5.2.3 OPPORTUNITIES 67
5.2.3.1 Huge prospects for substation automation market due to
increasing investments in renewable energy projects to meet growing energy demand 67
FIGURE 25 GLOBAL INVESTMENT IN POWER SECTOR, BY ENERGY SOURCE,
2019 VS. 2020 (USD BILLION) 67
5.2.3.2 Increasing demand for electric and hybrid vehicles 68
FIGURE 26 GLOBAL ELECTRIC VEHICLE SALES (2015–2020), MILLION UNITS 68
FIGURE 27 SUBSTATION AUTOMATION MARKET OPPORTUNITIES: IMPACT ANALYSIS 68
5.2.4 CHALLENGES 69
5.2.4.1 Vulnerability of smart substations to cyber attacks 69
5.2.4.2 Slowdown in power generation industry with outbreak of COVID-19 69
FIGURE 28 SUBSTATION AUTOMATION MARKET CHALLENGES: IMPACT ANALYSIS 70
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5.3 PRICE TREND ANALYSIS 70
FIGURE 29 AVERAGE SELLING PRICES OF DIFFERENT HARDWARE COMPONENTS USED IN SUBSTATION AUTOMATION SYSTEMS, 2017–2026 70
5.4 REGULATORY UPDATE 71
TABLE 1 RECENT REGULATORY NORMS 72
5.5 VALUE CHAIN ANALYSIS 72
FIGURE 30 VALUE CHAIN ANALYSIS: MAJOR VALUE IS ADDED
DURING TRANSMISSION PHASE 72
5.6 ECOSYSTEM ANALYSIS 73
FIGURE 31 KEY PLAYERS IN SUBSTATION AUTOMATION MARKET ECOSYSTEM 73
TABLE 2 SUBSTATION AUTOMATION MARKET: ECOSYSTEM 74
5.7 PORTER’S FIVE FORCES ANALYSIS 75
FIGURE 32 SUBSTATION AUTOMATION MARKET: PORTER’S FIVE FORCES ANALYSIS 75
TABLE 3 SUBSTATION AUTOMATION MARKET: PORTER’S FIVE FORCES ANALYSIS 76
5.7.1 INTENSITY OF COMPETITIVE RIVALRY 76
FIGURE 33 INTENSITY OF COMPETITIVE RIVALRY: HIGHLY COMPETITIVE MARKET
DUE TO PRESENCE OF SEVERAL GIANT PLAYERS 76
5.7.2 THREAT OF SUBSTITUTES 77
FIGURE 34 THREAT OF SUBSTITUTES LIKELY WOULD CONTINUE TO HAVE LOW IMPACT DURING FORECAST PERIOD DUE TO POOR QUALITY OF
SUBSTITUTE PRODUCTS 77
5.7.3 BARGAINING POWER OF BUYERS 78
FIGURE 35 BARGAINING POWER OF BUYERS LIKELY TO BE LOW DUE TO PRESENCE OF LIMITED NUMBER OF SOLUTION PROVIDERS 78
5.7.4 BARGAINING POWER OF SUPPLIERS 79
FIGURE 36 BARGAINING POWER OF SUPPLIERS WOULD BE MODERATE DUE TO MODERATE PRODUCT DIFFERENTIATION 79
5.7.5 THREAT OF NEW ENTRANTS 80
FIGURE 37 THREAT OF NEW ENTRANTS WOULD HAVE LOW IMPACT ON MARKET DUE TO REQUIREMENT FOR HUGE CAPITAL 80
5.8 TECHNOLOGY ANALYSIS 81
TABLE 4 IMPORTANCE OF IEDS, SCADA SYSTEMS, AND COMMUNICATION NETWORKS 81
5.8.1 CONVENTIONAL VS. SMART SUBSTATIONS 81
TABLE 5 COMPARISON OF CONVENTIONAL AND SMART SUBSTATIONS 82
5.8.2 OVERVIEW OF INTERNATIONAL STANDARD COMMUNICATION PROTOCOLS 82
5.8.2.1 IEC 61850 82
5.8.2.2 IEC 61850-8-1 83
5.8.2.3 IEC 61850-9-2 83
5.9 PATENT ANALYSIS 83
5.9.1 DOCUMENT TYPE 83
TABLE 6 PATENTS FILED 83
FIGURE 38 PATENTS FILED BETWEEN 2011 AND 2020 84
5.9.2 PUBLICATION TREND 84
FIGURE 39 NO. OF PATENTS FILED EACH YEAR BETWEEN 2011 AND 2020 84
5.9.3 JURISDICTION ANALYSIS 85
FIGURE 40 JURISDICTION ANALYSIS 85
5.9.4 TOP PATENT OWNERS 85
FIGURE 41 TOP 10 COMPANIES WITH HIGHEST NUMBER OF PATENT APPLICATIONS FROM 2011 TO 2020 85
TABLE 7 TOP 20 PATENT OWNERS (US) IN LAST 10 YEARS 86
5.9.5 SCHWEITZER ENGINEERING LABORATORIES 87
TABLE 8 SOME KEY INNOVATIONS AND PATENT REGISTRATIONS FROM SEL 87
5.10 TRADE ANALYSIS 88
FIGURE 42 EXPORT FOR PRODUCTS CLASSIFIED UNDER HS CODE: 853720,
BY KEY COUNTRIES, 2015-2019 88
TABLE 9 EXPORT SCENARIO FOR HS CODE: 853720-BASED PRODUCTS, BY COUNTRY, 2015–2019 (USD THOUSAND) 88
FIGURE 43 IMPORT FOR PRODUCTS CLASSIFIED UNDER HS CODE: 853720,
BY KEY COUNTRIES, 2015-2019 89
TABLE 10 IMPORT SCENARIO FOR HS CODE: 853720-BASED PRODUCTS, BY COUNTRY, 2015–2019 (USD THOUSAND) 89
5.11 CASE STUDY ANALYSIS 90
5.11.1 HITACHI ABB POWER GRIDS FAST-TRACKS GRID CONNECTION TO
SERVE DUBLIN’S DATA CENTER BOOM 90
5.11.2 HYDRO ONE LEADS WAY IN SMART METER DEPLOYMENT WITH TRILLIANT 90
6 COMPONENTS OF SUBSTATION AUTOMATION SYSTEM 91
6.1 INTRODUCTION 91
FIGURE 44 SUBSTATION AUTOMATION MARKET, BY COMPONENT 91
6.2 INTELLIGENT ELECTRONIC DEVICES 91
6.2.1 HIGH DEMAND FOR IEDS CAN BE ATTRIBUTED TO INCREASING NUMBER OF SMART GRID INITIATIVES WORLDWIDE 91
6.3 COMMUNICATION NETWORKS 92
FIGURE 45 SUBSTATION AUTOMATION MARKET, BY COMMUNICATION NETWORK 92
6.3.1 WIRED COMMUNICATION 92
6.3.1.1 Fiber optic is preferred medium for networking in substation automation because of its flexibility and high speed 92
6.3.2 WIRELESS COMMUNICATION 93
6.3.2.1 Wireless communication is possible through microwaves, radio waves, satellites, and general packet radio services 93
6.4 SCADA SYSTEMS 93
6.4.1 SURGED DEMAND FOR INDUSTRIAL MOBILITY SOLUTIONS TO EFFICIENTLY MANAGE PROCESS INDUSTRIES TO FOSTER MARKET GROWTH 93
7 SUBSTATION AUTOMATION MARKET, BY OFFERING 94
7.1 INTRODUCTION 95
FIGURE 46 SUBSTATION AUTOMATION MARKET, BY OFFERING 95
TABLE 11 SUBSTATION AUTOMATION MARKET, BY OFFERING,
2017–2020 (USD BILLION) 95
TABLE 12 SUBSTATION AUTOMATION MARKET, BY OFFERING,
2021–2026 (USD BILLION) 95
7.2 HARDWARE 96
FIGURE 47 SUBSTATION AUTOMATION MARKET, BY HARDWARE 96
TABLE 13 SUBSTATION AUTOMATION MARKET, BY HARDWARE,
2017–2020 (USD BILLION) 96
TABLE 14 SUBSTATION AUTOMATION MARKET, BY HARDWARE,
2021–2026 (USD BILLION) 97
FIGURE 48 SHIPMENTS FOR PROTECTIVE RELAYS, RECLOSER CONTROLLERS, AND CAPACITOR BANKS, 2020 VS. 2026 (THOUSAND UNITS) 97
TABLE 15 SUBSTATION AUTOMATION MARKET FOR HARDWARE, BY REGION,
2017–2020 (USD BILLION) 97
TABLE 16 SUBSTATION AUTOMATION MARKET FOR HARDWARE, BY REGION,
2021–2026 (USD BILLION) 98
7.2.1 SMART METERS 98
7.2.1.1 Increasing demand for smart meters to regulate energy
consumption at utilities 98
7.2.2 PROGRAMMABLE LOGIC CONTROLLERS 99
7.2.2.1 Rising adoption of PLCs to meet growing need to monitor crucial process parameters and accordingly adjust process operations 99
7.2.3 PROTECTIVE RELAYS 99
7.2.3.1 Surging demand for protective relays from smart substations to detect faults 99
7.2.4 LOAD TAP CHANGERS 99
7.2.4.1 Growing requirement of load tap changers to ensure
smooth operation of substations 99
7.2.5 RECLOSER CONTROLLERS 99
7.2.5.1 Accelerating need for recloser controllers to ensure reliable and safe power operations in substations 99
7.2.6 CAPACITOR BANKS 100
7.2.6.1 Escalating demand for automated capacitor banks that are compatible with IEC 61850 communication protocol 100
7.2.7 OTHERS 100
7.3 SOFTWARE 100
FIGURE 49 SUBSTATION AUTOMATION MARKET, BY SOFTWARE 100
TABLE 17 SUBSTATION AUTOMATION MARKET FOR SOFTWARE, BY REGION,
2017–2020 (USD BILLION) 101
TABLE 18 SUBSTATION AUTOMATION MARKET FOR SOFTWARE, BY REGION,
2021–2026 (USD BILLION) 101
7.3.1 ASSET MANAGEMENT 101
7.3.1.1 Asset management software improves reliability and reduces operational risks 101
7.3.2 PRODUCTION MANAGEMENT 101
7.3.2.1 Production management software reduces overall production costs 101
7.3.3 PERFORMANCE MANAGEMENT 102
7.3.3.1 Performance management software protects assets from
theft and damage 102
7.4 SERVICES 102
FIGURE 50 SUBSTATION AUTOMATION MARKET, BY SERVICE 102
TABLE 19 SUBSTATION AUTOMATION MARKET FOR SERVICES, BY REGION,
2017–2020 (USD BILLION) 102
TABLE 20 SUBSTATION AUTOMATION MARKET FOR SERVICES, BY REGION,
2021–2026 (USD BILLION) 103
7.4.1 TRAINING AND DEVELOPMENT 103
7.4.1.1 Training and development enhance workers’ skills related to operations of power grids 103
7.4.2 UPGRADES AND RETROFITS 104
7.4.2.1 Upgrade and retrofit services enable substation owners and operators to seek benefits from technological advancements 104
7.4.3 INSTALLATION AND COMMISSIONING 104
7.4.3.1 Commissioning process helps utilities deal with potentially volatile situations occurring during substation installation 104
7.4.4 REPAIR, TESTING, AND MAINTENANCE 104
7.4.4.1 Maintenance of assets is critical to achieve reliable supply of electricity and ensure compliance with regulations 104
8 SUBSTATION AUTOMATION MARKET, BY TYPE 106
8.1 INTRODUCTION 107
FIGURE 51 SUBSTATION AUTOMATION MARKET, BY TYPE 107
TABLE 21 SUBSTATION AUTOMATION MARKET, BY TYPE, 2017–2020 (USD BILLION) 107
TABLE 22 SUBSTATION AUTOMATION MARKET, BY TYPE, 2021–2026 (USD BILLION) 107
8.2 TRANSMISSION SUBSTATIONS 108
8.2.1 TRANSMISSION SUBSTATIONS TO ACCOUNT FOR LARGER
MARKET SHARE IN 2026 108
TABLE 23 SUBSTATION AUTOMATION MARKET FOR TRANSMISSION SUBSTATIONS,
BY REGION, 2017–2020 (USD BILLION) 108
TABLE 24 SUBSTATION AUTOMATION MARKET FOR TRANSMISSION SUBSTATIONS,
BY REGION, 2021–2026 (USD BILLION) 109
8.3 DISTRIBUTION SUBSTATIONS 109
8.3.1 DISTRIBUTION SUBSTATIONS TO WITNESS INCREASED DEMAND FROM
APAC FROM 2021 TO 2026 109
TABLE 25 SUBSTATION AUTOMATION MARKET FOR DISTRIBUTION SUBSTATIONS,
BY REGION, 2017–2020 (USD BILLION) 111
TABLE 26 SUBSTATION AUTOMATION MARKET FOR DISTRIBUTION SUBSTATIONS,
BY REGION, 2021–2026 (USD BILLION) 111
9 SUBSTATION AUTOMATION MARKET, BY INSTALLATION TYPE 112
9.1 INTRODUCTION 113
FIGURE 52 RETROFIT INSTALLATIONS TO HOLD LARGER SHARE OF SUBSTATION AUTOMATION MARKET DURING FORECAST PERIOD 113
TABLE 27 SUBSTATION AUTOMATION MARKET, BY INSTALLATION TYPE,
2017–2020 (USD BILLION) 113
TABLE 28 SUBSTATION AUTOMATION MARKET, BY INSTALLATION TYPE,
2021–2026 (USD BILLION) 113
9.2 RETROFIT INSTALLATIONS 114
9.2.1 INCREASED NEED TO UPGRADE CONVENTIONAL SUBSTATIONS TO
IMPROVE OPERATIONAL EFFICIENCY 114
TABLE 29 SUBSTATION AUTOMATION MARKET FOR RETROFIT INSTALLATIONS,
BY REGION, 2017–2020 (USD BILLION) 114
TABLE 30 SUBSTATION AUTOMATION MARKET FOR RETROFIT INSTALLATIONS,
BY REGION, 2021–2026 (USD BILLION) 114
9.3 NEW INSTALLATIONS 115
9.3.1 GREATER OPERATIONAL SAFETY AND RELIABILITY AND LOWER MAINTENANCE REQUIREMENT OFFERED BY NEW INSTALLATIONS 115
TABLE 31 SUBSTATION AUTOMATION MARKET FOR NEW INSTALLATIONS, BY REGION, 2017–2020 (USD BILLION) 115
TABLE 32 SUBSTATION AUTOMATION MARKET FOR NEW INSTALLATIONS, BY REGION, 2021–2026 (USD BILLION) 116
10 COMMUNICATION TECHNOLOGIES USED IN
SUBSTATION AUTOMATION SYSTEMS 117
10.1 INTRODUCTION 117
FIGURE 53 COMMUNICATION TECHNOLOGIES USED IN
SUBSTATION AUTOMATION SYSTEMS 117
10.2 ETHERNET 117
10.2.1 ETHERNET SWITCHES MANAGE DATA TRAFFIC AND REDUCE DATA TRANSMISSION CRASHES 117
10.3 POWER LINE COMMUNICATION 118
10.3.1 PLC SOLUTIONS TRANSFORM DISTRIBUTION SYSTEM OPERATORS’ ASSETS INTO HIGHLY CAPABLE SMART GRID INFRASTRUCTURE 118
10.4 COPPER WIRE COMMUNICATION 118
10.4.1 COPPER WIRE COMMUNICATION NETWORKS ARE VULNERABLE TO
INTRA-SUBSTATION ELECTROMAGNETIC AND RADIOFREQUENCY,
GROUND POTENTIAL RISE, AND SIGNAL GROUND LOOP 118
10.5 OPTICAL FIBER COMMUNICATION 119
10.5.1 OPTICAL FIBER CABLES ARE USED IN SUBSTATIONS FOR FAST AND
SECURE COMMUNICATION 119
11 SUBSTATION AUTOMATION MARKET, BY END-USER INDUSTRY 120
11.1 INTRODUCTION 121
FIGURE 54 SUBSTATION AUTOMATION MARKET, BY END-USER INDUSTRY 121
FIGURE 55 UTILITIES INDUSTRY TO LEAD SUBSTATION AUTOMATION MARKET
FROM 2021 TO 2026 121
TABLE 33 SUBSTATION AUTOMATION MARKET, BY END-USER INDUSTRY,
2017–2020 (USD BILLION) 122
TABLE 34 SUBSTATION AUTOMATION MARKET, BY END-USER INDUSTRY,
2021–2026 (USD BILLION) 122
11.2 UTILITIES 123
FIGURE 56 SUBSTATION AUTOMATION MARKET FOR UTILITIES INDUSTRY,
BY ENERGY SOURCE 123
TABLE 35 SUBSTATION AUTOMATION MARKET FOR UTILITIES INDUSTRY,
BY ENERGY SOURCE, 2017–2020 (USD BILLION) 124
TABLE 36 SUBSTATION AUTOMATION MARKET FOR UTILITIES INDUSTRY,
BY ENERGY SOURCE, 2021–2026 (USD BILLION) 124
TABLE 37 SUBSTATION AUTOMATION MARKET FOR UTILITIES INDUSTRY, BY REGION, 2017–2020 (USD BILLION) 124
TABLE 38 SUBSTATION AUTOMATION MARKET FOR UTILITIES INDUSTRY, BY REGION, 2021–2026 (USD BILLION) 125
11.2.1 NON-RENEWABLES 125
11.2.1.1 Larger share of non-renewable power sources for utilities segment creating need for digital substations 125
11.2.2 RENEWABLES 125
11.2.2.1 Low-cost energy generation using renewable sources leading to adoption of automated substations 125
FIGURE 57 SUBSTATION AUTOMATION MARKET, BY RENEWABLE 126
TABLE 39 SUBSTATION AUTOMATION MARKET FOR UTILITIES INDUSTRY,
BY RENEWABLE ENERGY SOURCE, 2017–2020 (USD BILLION) 126
TABLE 40 SUBSTATION AUTOMATION MARKET FOR UTILITIES INDUSTRY,
BY RENEWABLE ENERGY SOURCE, 2021–2026 (USD BILLION) 126
11.2.2.2 Solar 127
11.2.2.3 Wind 127
11.3 STEEL 127
11.3.1 AUTOMATED SUBSTATION SYSTEMS ARE INCREASINGLY BEING
USED IN STEEL INDUSTRY TO ENSURE IMPROVED QUALITY AND UNINTERRUPTED POWER SUPPLY 127
TABLE 41 SUBSTATION AUTOMATION MARKET FOR STEEL INDUSTRY, BY REGION, 2017–2020 (USD BILLION) 128
TABLE 42 SUBSTATION AUTOMATION MARKET FOR STEEL INDUSTRY, BY REGION, 2021–2026 (USD BILLION) 128
11.4 MINING 129
11.4.1 MINING PLANTS WITNESS SURGED DEPLOYMENT OF SUBSTATION AUTOMATION SOLUTIONS TO ENSURE ENERGY EFFICIENCY IMPROVEMENT AND COST SAVING 129
TABLE 43 SUBSTATION AUTOMATION MARKET FOR MINING INDUSTRY, BY REGION, 2017–2020 (USD BILLION) 129
TABLE 44 SUBSTATION AUTOMATION MARKET FOR MINING INDUSTRY, BY REGION, 2021–2026 (USD BILLION) 129
11.5 OIL & GAS 130
11.5.1 REDUCED OIL PRICES ARE DISCOURAGING OIL & GAS COMPANIES IN DEVELOPED NATIONS TO INVEST IN DIGITAL SUBSTATIONS 130
TABLE 45 SUBSTATION AUTOMATION MARKET FOR OIL & GAS INDUSTRY, BY REGION, 2017–2020 (USD BILLION) 130
TABLE 46 SUBSTATION AUTOMATION MARKET FOR OIL & GAS INDUSTRY, BY REGION, 2021–2026 (USD BILLION) 130
11.6 TRANSPORTATION 131
11.6.1 ACCELERATED IMPLEMENTATION OF AUTOMATED SUBSTATIONS IS OBSERVED IN TRANSPORTATION INDUSTRY TO ENSURE UNINTERRUPTED POWER SUPPLY FOR RAILWAYS AND METROS 131
TABLE 47 SUBSTATION AUTOMATION MARKET FOR TRANSPORTATION INDUSTRY,
BY REGION, 2017–2020 (USD MILLION) 131
TABLE 48 SUBSTATION AUTOMATION MARKET FOR TRANSPORTATION INDUSTRY,
BY REGION, 2021–2026 (USD MILLION) 131
12 SUBSTATION AUTOMATION MARKET, BY REGION 133
12.1 INTRODUCTION 134
FIGURE 58 GEOGRAPHIC SNAPSHOT OF SUBSTATION AUTOMATION MARKET,
2021–2026 134
FIGURE 59 NORTH AMERICA TO ACCOUNT FOR LARGEST SIZE OF SUBSTATION AUTOMATION MARKET DURING FORECAST PERIOD 134
TABLE 49 SUBSTATION AUTOMATION MARKET, BY REGION, 2017–2020 (USD BILLION) 135
TABLE 50 SUBSTATION AUTOMATION MARKET, BY REGION, 2021–2026 (USD BILLION) 135
12.2 NORTH AMERICA 135
FIGURE 60 NORTH AMERICA: SNAPSHOT OF SUBSTATION AUTOMATION MARKET 136
FIGURE 61 CANADA WOULD BE FASTEST-GROWING MARKET FOR SUBSTATION AUTOMATION FROM 2021 TO 2026 137
TABLE 51 SUBSTATION AUTOMATION MARKET IN NORTH AMERICA, BY COUNTRY, 2017–2020 (USD BILLION) 137
TABLE 52 SUBSTATION AUTOMATION MARKET IN NORTH AMERICA, BY COUNTRY, 2021–2026 (USD BILLION) 137
TABLE 53 SUBSTATION AUTOMATION MARKET IN NORTH AMERICA, BY END-USER INDUSTRY, 2017–2020 (USD BILLION) 138
TABLE 54 SUBSTATION AUTOMATION MARKET IN NORTH AMERICA, BY END-USER INDUSTRY, 2021–2026 (USD BILLION) 138
TABLE 55 SUBSTATION AUTOMATION MARKET IN NORTH AMERICA, BY TYPE,
2017–2020 (USD BILLION) 138
TABLE 56 SUBSTATION AUTOMATION MARKET IN NORTH AMERICA, BY TYPE,
2021–2026 (USD BILLION) 139
TABLE 57 SUBSTATION AUTOMATION MARKET IN NORTH AMERICA,
BY INSTALLATION TYPE, 2017–2020 (USD BILLION) 139
TABLE 58 SUBSTATION AUTOMATION MARKET IN NORTH AMERICA,
BY INSTALLATION TYPE, 2021–2026 (USD BILLION) 139
TABLE 59 SUBSTATION AUTOMATION MARKET IN NORTH AMERICA, BY OFFERING, 2017–2020 (USD BILLION) 139
TABLE 60 SUBSTATION AUTOMATION MARKET IN NORTH AMERICA, BY OFFERING, 2021–2026 (USD BILLION) 140
TABLE 61 SUBSTATION AUTOMATION MARKET IN NORTH AMERICA,
BY COMMUNICATION NETWORK, 2017–2020 (USD BILLION) 140
TABLE 62 SUBSTATION AUTOMATION MARKET IN NORTH AMERICA, BY HARDWARE, 2017–2020 (USD BILLION) 140
TABLE 63 SUBSTATION AUTOMATION MARKET IN NORTH AMERICA, BY HARDWARE, 2021–2026 (USD BILLION) 141
TABLE 64 SUBSTATION AUTOMATION MARKET IN NORTH AMERICA FOR UTILITIES INDUSTRY, BY ENERGY SOURCE, 2017–2020 (USD BILLION) 141
TABLE 65 SUBSTATION AUTOMATION MARKET IN NORTH AMERICA FOR UTILITIES INDUSTRY, BY ENERGY SOURCE, 2021–2026 (USD BILLION) 141
TABLE 66 SUBSTATION AUTOMATION MARKET IN NORTH AMERICA IN UTILITIES INDUSTRY, BY RENEWABLE ENERGY SOURCE, 2017–2020 (USD BILLION) 142
TABLE 67 SUBSTATION AUTOMATION MARKET IN NORTH AMERICA FOR UTILITIES INDUSTRY, BY RENEWABLE ENERGY SOURCE, 2021–2026 (USD BILLION) 142
12.2.1 US 142
12.2.1.1 Utilization of renewable sources for power generation 142
12.2.2 CANADA 143
12.2.2.1 Need for replacement of aging electricity infrastructure 143
12.2.3 MEXICO 143
12.2.3.1 Liberalization in electricity generation market leading to high competition among energy producers 143
12.2.4 IMPACT OF COVID-19 ON SUBSTATION AUTOMATION MARKET
IN NORTH AMERICA 144
FIGURE 62 PRE- AND POST-COVID-19 MARKET SCENARIOS FOR
SUBSTATION AUTOMATION MARKET IN NORTH AMERICA 144
12.3 EUROPE 145
FIGURE 63 EUROPE: SNAPSHOT OF SUBSTATION AUTOMATION MARKET 145
FIGURE 64 GERMANY TO CAPTURE LARGEST SIZE OF SUBSTATION AUTOMATION MARKET DURING FORECAST PERIOD 146
TABLE 68 SUBSTATION AUTOMATION MARKET IN EUROPE, BY COUNTRY,
2017–2020 (USD BILLION) 146
TABLE 69 SUBSTATION AUTOMATION MARKET IN EUROPE, BY COUNTRY,
2021–2026 (USD BILLION) 146
TABLE 70 SUBSTATION AUTOMATION MARKET IN EUROPE, BY END-USER INDUSTRY, 2017–2020 (USD BILLION) 147
TABLE 71 SUBSTATION AUTOMATION MARKET IN EUROPE, BY END-USER INDUSTRY, 2021–2026 (USD BILLION) 147
TABLE 72 SUBSTATION AUTOMATION MARKET IN EUROPE, BY TYPE,
2017–2020 (USD BILLION) 147
TABLE 73 SUBSTATION AUTOMATION MARKET IN EUROPE, BY TYPE,
2021–2026 (USD BILLION) 148
TABLE 74 SUBSTATION AUTOMATION MARKET IN EUROPE, BY INSTALLATION TYPE, 2017–2020 (USD BILLION) 148
TABLE 75 SUBSTATION AUTOMATION MARKET IN EUROPE, BY INSTALLATION TYPE, 2021–2026 (USD BILLION) 148
TABLE 76 SUBSTATION AUTOMATION MARKET IN EUROPE, BY OFFERING,
2017–2020 (USD BILLION) 148
TABLE 77 SUBSTATION AUTOMATION MARKET IN EUROPE, BY OFFERING,
2021–2026 (USD BILLION) 149
TABLE 78 SUBSTATION AUTOMATION MARKET IN EUROPE, BY HARDWARE,
2017–2020 (USD BILLION) 149
TABLE 79 SUBSTATION AUTOMATION MARKET IN EUROPE, BY HARDWARE,
2021–2026 (USD BILLION) 149
TABLE 80 SUBSTATION AUTOMATION MARKET IN EUROPE FOR UTILITIES INDUSTRY,
BY ENERGY SOURCE, 2017–2020 (USD BILLION) 150
TABLE 81 SUBSTATION AUTOMATION MARKET IN EUROPE FOR UTILITIES INDUSTRY,
BY ENERGY SOURCE, 2021–2026 (USD BILLION) 150
TABLE 82 SUBSTATION AUTOMATION MARKET IN EUROPE, BY RENEWABLE ENERGY SOURCE, 2017–2020 (USD BILLION) 150
TABLE 83 SUBSTATION AUTOMATION MARKET IN EUROPE, BY RENEWABLE ENERGY SOURCE, 2021–2026 (USD BILLION) 150
12.3.1 UK 151
12.3.1.1 Strong need to improve grid efficiency and reliability of substation solutions creating demand for automation in utilities 151
12.3.2 GERMANY 151
12.3.2.1 Government investment toward modernization of
existing grid infrastructure 151
12.3.3 FRANCE 151
12.3.3.1 High focus on generating energy using renewable sources to
boost demand for substation automation 151
12.3.4 REST OF EUROPE 152
12.3.5 IMPACT OF COVID-19 ON SUBSTATION AUTOMATION MARKET IN EUROPE 152
FIGURE 65 PRE- AND POST-COVID-19 MARKET SCENARIOS FOR SUBSTATION AUTOMATION MARKET IN EUROPE 152
12.4 APAC 153
FIGURE 66 APAC: SNAPSHOT OF SUBSTATION AUTOMATION MARKET 154
FIGURE 67 INDIA TO EXHIBIT HIGHEST CAGR IN SUBSTATION AUTOMATION MARKET DURING FORECAST PERIOD 155
TABLE 84 SUBSTATION AUTOMATION MARKET IN APAC, BY COUNTRY,
2017–2020 (USD BILLION) 155
TABLE 85 SUBSTATION AUTOMATION MARKET IN APAC, BY COUNTRY,
2021–2026 (USD BILLION) 155
TABLE 86 SUBSTATION AUTOMATION MARKET IN APAC, BY END-USER INDUSTRY, 2017–2020 (USD BILLION) 156
TABLE 87 SUBSTATION AUTOMATION MARKET IN APAC, BY END-USER INDUSTRY, 2021–2026 (USD BILLION) 156
TABLE 88 SUBSTATION AUTOMATION MARKET IN APAC, BY TYPE,
2017–2020 (USD BILLION) 156
TABLE 89 SUBSTATION AUTOMATION MARKET IN APAC, BY TYPE,
2021–2026 (USD BILLION) 157
TABLE 90 SUBSTATION AUTOMATION MARKET IN APAC, BY INSTALLATION TYPE,
2017–2020 (USD BILLION) 157
TABLE 91 SUBSTATION AUTOMATION MARKET IN APAC, BY INSTALLATION TYPE,
2021–2026 (USD BILLION) 157
TABLE 92 SUBSTATION AUTOMATION MARKET IN APAC, BY OFFERING,
2017–2020 (USD BILLION) 157
TABLE 93 SUBSTATION AUTOMATION MARKET IN APAC, BY OFFERING,
2021–2026 (USD BILLION) 158
TABLE 94 SUBSTATION AUTOMATION MARKET IN APAC, BY HARDWARE,
2017–2020 (USD BILLION) 158
TABLE 95 SUBSTATION AUTOMATION MARKET IN APAC, BY HARDWARE,
2021–2026 (USD BILLION) 158
TABLE 96 SUBSTATION AUTOMATION MARKET IN APAC FOR UTILITIES INDUSTRY,
BY ENERGY SOURCE, 2017–2020 (USD BILLION) 159
TABLE 97 SUBSTATION AUTOMATION MARKET IN APAC FOR UTILITIES INDUSTRY,
BY ENERGY SOURCE, 2021–2026 (USD BILLION) 159
TABLE 98 SUBSTATION AUTOMATION MARKET IN APAC, BY RENEWABLE ENERGY SOURCE, 2017–2020 (USD BILLION) 159
TABLE 99 SUBSTATION AUTOMATION MARKET IN APAC, BY RENEWABLE ENERGY SOURCE, 2021–2026 (USD BILLION) 159
12.4.1 CHINA 160
12.4.1.1 Rapid development in renewable energy projects 160
12.4.2 JAPAN 160
12.4.2.1 Increased focus on rebuilding power grids and substations 160
12.4.3 SOUTH KOREA 161
12.4.3.1 High focus on digitalization of grids 161
12.4.4 INDIA 161
12.4.4.1 Increased government funding to enhance renewable power generation capacity 161
12.4.5 AUSTRALIA 161
12.4.5.1 High focus of country on installation of digital substations in long run 161
12.4.6 REST OF APAC 162
12.4.7 IMPACT OF COVID-19 ON SUBSTATION AUTOMATION MARKET IN APAC 162
FIGURE 68 PRE- AND POST-COVID-19 MARKET SCENARIOS FOR
SUBSTATION AUTOMATION MARKET IN APAC 162
12.5 ROW 163
TABLE 100 SUBSTATION AUTOMATION MARKET IN ROW, BY REGION,
2017–2020 (USD BILLION) 163
TABLE 101 SUBSTATION AUTOMATION MARKET IN ROW, BY REGION,
2021–2026 (USD BILLION) 163
TABLE 102 SUBSTATION AUTOMATION MARKET IN ROW, BY END-USER INDUSTRY, 2017–2020 (USD BILLION) 164
TABLE 103 SUBSTATION AUTOMATION MARKET IN ROW, BY END-USER INDUSTRY, 2021–2026 (USD BILLION) 164
TABLE 104 SUBSTATION AUTOMATION MARKET IN ROW, BY TYPE,
2017–2020 (USD BILLION) 164
TABLE 105 SUBSTATION AUTOM