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3. Substation Automation Companies - Hitachi ABB Power Grids (Switzerland) and Siemens (Germany) are the Key Players

The substation automation market is projected to grow from USD 39.9 billion in 2021 to USD 54.2 billion by 2026; it is expected to grow at a CAGR of 6.3% from 2021 to 2026. The key factors fueling the growth of this market include increasing investments in smart cities and smart grid infrastructure development projects, surging requirement to retrofit conventional substations, and increasing focus on upgrading IEC 61850 standard to resolve interoperability issue among intelligent electronic devices deployed in substations. Moreover, escalating demand for data centers to support rapidly expanding digital activities due to COVID-19-led lockdown globally.

Substation Automation companies include: 

• Hitachi ABB Power Grids (Switzerland),
• Siemens Energy (Germany),
• General Electric (US),
• Cisco (US),
• Schneider Electric (France),
• Eaton Corporation (Ireland),
• Honeywell (US),
• Schweitzer Engineering Laboratories (US),
• NovaTech Automation (US),
• CG Power and Industrial Solutions (India.

These companies focus on adopting both organic and inorganic growth strategies, such as product launches and developments, partnerships, contracts, and mergers and acquisitions to strengthen their position in the market.

To know about the assumptions considered for the study download the pdf brochure

Hitachi ABB Power Grids (Switzerland) held the majority of the global substation automation market share in 2020. The company is a world leader in grid automation and grid integration, particularly high-voltage products, transformers, and asset management solutions. The company is well acknowledged among leading utilities of the world, which helped the company record high sales in the year 2020. Siemens Energy (Germany) followed in second place with a wide product portfolio of energy-efficient solutions for utilities and heavy industries and asset management software solutions. Surged adoption of smart substations in renewable energy projects and increasing demand for electric and hybrid vehicles has led to the market growth of these companies.

Hitachi ABB Power Grids (Switzerland) is a leader in the substation automation market. It concentrates on product innovation and continuously adds new products to its portfolio. By adopting a strategy of reorganizing business segments, acquiring new businesses for expansion, and eliminating underperforming businesses, Hitachi ABB Power Grids seeks to target business-to-business (B2B) and energy markets, where there is a scope to earn higher profit margins. In September 2020, the company acquired Pioneer Solutions LLC (US), a provider of industry-leading front-to-back-office commodities/energy trading and risk management (C/ETRM) solutions. The acquisition would help Hitachi ABB Power Grids co-create innovative energy solutions by combining its world-class power grid solutions with Pioneer’s digital technologies, with the ambition of achieving renewable energy goals.

Another important player in the substation automation market is Siemens Energy (Germany). Its strong network of channel partners and distributors has strengthened its reach worldwide. In terms of growth strategies, Siemens Energy has strongly focused on product innovations. It has introduced various products and upgrades to strengthen its portfolio in the substation automation market. Siemens Energy’s major strengths include technological innovations and R&D capabilities; additionally, it invested a significant percentage of its revenue in R&D in 2020. Siemens Energy continuously upgrades its capabilities in the substation automation segment by introducing new products. For instance, in September 2020, Siemens Energy launched the new Unified Power Flow Controller—UPFC PLUS—that will help system operators stabilize the grid by dynamically controlling the load flow in alternating-current grids, thereby increasing the grid efficiency required in the ever-changing energy landscape.

Other major players in the substation automation market are mainly focusing on expanding their regional presence and new product launches to achieve continuous and sustainable development.

Related Reports:

Substation Automation Market with COVID-19 impact analysis by Offering (Hardware, Software, Services), Type (Transmission, Distribution), Installation Type, End-use Industry, Component, Communication, and Region - Global Forecast to 2026

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
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Northbrook, IL 60062
USA : 1-888-600-6441
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