Published by maria gbaf
Posted on January 26, 2022
4 min readLast updated: January 28, 2026
The substation automation market is projected to grow at over 6.0% CAGR by 2031, driven by industrial demand and regional developments.
Sales in the substation automation market are set to total US$ 37.48 Bn in 2021, with a stable long-term projection, according to latest insights by Future Market Insights (FMI). The report estimates the market to expand at over 6.0% CAGR from 2021 to 2031.
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According to Future Market Insights (FMI), increasing adoption of new technologies in industrial sector is a key factor fuelling the demand for substations in industrial applications. Besides this, the rising expenditure on power transmission & infrastructure development around the world has boosted the demand of substations for commercial applications.
Due to the global pandemic, demand for substations declined slightly in 2020. The effect of COVID-19 on demand from several end-use industries like power generation, mining, and general manufacturing was less, which drove substation automation sales in various regions.
Expansion of manufacturing units in developing countries will create a conducive environment for substation automation sales. This trend will continue resulting in high demand for both substation automation hardware and software.
Key Takeaways from Substations Market Study
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“As competition increases, some of the leading substation automation system producers are focusing on collaboration to strengthen their footprint. Through this, they also aim at offering innovations,” says a Future Market Insights analyst.
Key players in the substation automation market account for around 65% of the market share. In order to achieve more sales top companies are creating contracts with end users and developing custom products according to needs of the customer along with that manufacturers have focused on enhancing their sales network in order to achieve strong global presence.
Some of the key players in this industry include but are not limited to ABB, General Electric, SIEMENS AG, Schneider Electric, Emerson Electric Co. CISCO, Rockwell Automation, Mitsubishi Electric Automation, TOSHIBA ENERGY SYSTEMS & SOLUTIONS CORPORATION, Fuji Electric Co., Ltd. Eaton and Ingeteam.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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The article focuses on the growth and trends in the substation automation market up to 2031.
East Asia and South Asia & Pacific are leading, accounting for 43% of global demand.
Key players include ABB, General Electric, SIEMENS AG, and Schneider Electric.
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