According to the research reports by MRFR, the global electrical substation management market is anticipated to thrive substantially during the assessment era from 2023 to 2032 at a healthy CAGR of approximately 11.10%.
The report further anticipates the market to attain a size of around USD 2.06 Billion by the end of 2032.
The global market for electrical substation management has shown massive expansion in recent times owing to the aspects such as rising stringent critical infrastructure protection standards, uninterrupted electricity, rising renewable energy projects, and increased competitiveness of battery storage.
· Tarigma Corporation
· Eaton Corporation Plc
· IPS Energy
· General Electric Company
· Siemens AG
· Aclara Technologies LLC
· Novatech LLC
· Schneider Electric
· ABB Ltd
· Subnet Solutions INC.
· Schweitzer Engineering Laboratories Inc
· Sentient Energy Inc
· Ingrid T&D
The global market for electrical substitution management has been segregated into segments based on vertical, component, region, sources, and application.
Based on components, the global market for electrical substitution management is divided into services, software, and hardware.
Based on the application, the global market for electrical substitution management is fragmented into distribution substations, transmission substations, and generation substations.
Based on the source, the global market for electrical substitution management is divided into renewable and non-renewable.
Based on the vertical, the global market for electrical substitution management is split into transportation, oil & gas, steelworks, utilities, and others.
Based on the utility, the global market for electrical substitution management is divided into private and public utilities.
The global market for electrical substitution management is analyzed across five major regions: North America, Asia-Pacific, Europe, South America, and the Middle East & Africa.
According to the research reports by MRFR, the Asia-Pacific region secured the top position across the global market for electrical substitution management in the year 2020 with the most significant contribution of approximately USD 193.21 Million. The report further anticipates the regional market to thrive considerably at a healthy growth rate of approximately 13.4% during the review timeframe.
The region is the biggest electricity-generating and consuming continent with significant growth in demand, which is considered to be the primary aspect causing an upsurge in the regional market’s growth. Furthermore, factors such as the installed capacity of renewable energy, significant production of electricity, and rising automation among the substations are also likely to catalyze the regional market’s growth over the coming years.
The North American regional market for Grid monitoring and control secured the second spot globally in 2020 with a valuation of around USD 163.41 Million. According to the reports, the regional market is anticipated to flourish considerably at a healthy growth rate of around 8.3%. The primary parameter supporting the regional market’s growth is cybersecurity and compliance with the NERC CIP standards.
The region has the US as the leading growth contributor. The nation is known to be the second-largest electricity producer across the globe. As per the US Energy Information Administration, around 4,116 billion kilowatt-hours (kWh) of electricity were produced at utility-scale electricity generation facilities in the United States in 2021. Furthermore, the increased government initiatives toward smart grids are another prime aspect causing an upsurge in the regional market’s growth. The growing electricity demand and the raised electrification are also predicted to catalyze the regional market’s growth over the coming years.
- November 2022- A leading owner and operator of institutional-grade, highly efficient proprietary Bitcoin mining data centers powered by 100% renewable energy, Iris Energy Limited, has published a monthly investor update for October 2022, comprising its results from operations and development as well as construction updates.