Substation Automation Market Size

Substation Automation Market size was over USD 31.94 billion in 2024 and is likely to reach USD 73.1 billion by the end of 2037, growing at around 6.7% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of substation automation is assessed at USD 33.63 billion.

The growth of this market is driven by the increasing investment in renewable energy sources to meet energy demands. Currently, solar and wind are the epicenter of power generation with most economies at least generating 20% of their electricity with these two sources. As per a report by International Energy Agency, in 2019 the global share of renewable resources in power generation reached 25%. By 2050, it is anticipated to offer a share of approximately 86% in global power generation.

Moreover, the increasing global population and higher electricity demand are estimated to boost the market expansion in the projected period. Electricity is becoming as crucial in people's daily lives as water and air. As per the research industrial, residential, and commercial domains each account for one-third of total electricity use.