The Digital Ray Substation Automation Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Digital Ray Substation Automation Global Market Report 2024, The digital ray substation automation market size is expected to see strong growth in the next few years. It will grow to $11.71 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. The growth in the forecast period can be attributed to the growing technological advancements, growing need for automation in power utility and industrial applications, increasing demand for smart grid technologies and renewable energy integration, increasing focus on reducing costs and improving product differentiation, increase in the data privacy and security. Major trends in the forecast period include advancements in communication networks and technologies, advanced communication protocols, cloud computing, renewable energy integration, digital twin technology, advancements in artificial intelligence and machine learning for substation automation.
The increase in data privacy and security is expected to propel the growth of the digital ray substation automation market going forward. Data privacy and security involve protecting sensitive information from unauthorized access, use, or disclosure through measures such as encryption and access controls to mitigate threats like cyberattacks and data breaches. Digital ray substation automation systems implement strict access controls to limit who can view or modify data within the automation network, reducing the risk of unauthorized access and data breaches. For instance, in January 2024, according to a report by AAG IT Services, a UK-based company that provides IT support and digital transformation services to businesses, 54% of UK companies are expected to have implemented measures to identify cybersecurity issues by December 2022, marking a rise from 52% in 2021. Therefore, the increase in data privacy and security is driving the growth of the digital ray substation automation market.
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The digital ray substation automation market covered in this report is segmented –
1) By Components: Substation Automation System, Communication Network, Electrical System, Recloser Controller, Programmable Logical Controller, Capacitor Bank Controller, Digital Transducer Or Smart Meter, Load Tap Controller, Communication Channel, Other Components
2) By Communication Channel: Ethernet, Power Line Communication, Copper Wire Communication, Optical Fiber Communication
3) By Application: Utility, Steel, Mining, Oil And Gas, Transportation
Major companies operating in the digital ray substation automation market are focused on introducing advanced technological solutions, such as power automation platforms, to drive their revenues in the market. A power automation platform refers to a comprehensive, integrated automation platform with advanced digital process automation (DPA), robotic process automation (RPA), and process mining capabilities. For instance, in June 2023, Siemens Smart Infrastructure, a Germany-based provider of a portfolio of grid control and automation, launched SICAM 8, a highly scalable power automation platform that enables the future inclusion of new apps while assisting clients in achieving safe and robust grid operation. It also includes two new software solutions, such as the SICAM HMI (Human Machine Interface) and the SICAM S8000. SICAM HMI is a visualization tool designed to elevate process visualization to the next level, whereas SICAM S8000 is a software solution designed for power automation. It has been created to facilitate the growth of renewable energy sources, make it easier to integrate renewable energy sources into current grids, and expedite the installation of substations, all of which will contribute to the worldwide effort to meet climate targets. Additionally, SICAM 8 was developed to satisfy the ever-increasing cybersecurity requirements by providing a comprehensive cybersecurity solution with secure products, systems, and services.
The digital ray substation automation market report table of contents includes:
1. Executive Summary
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