Electrical And Electronic

Global Electric Automation Market

April 9, 2022
ID: SR/EE-13
Format:Pdf
Pages:220

Global Electric Automation Market By Type (Equipment, Software and Service), By Application (Industrial and Agriculture) By Region (North America, Europe, Asia-Pacific, South America and The Middle East & Africa)-Global Forecast to 2030.

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Description

Electric Automation Market Overview

The global electric automation market is estimated to reach USD 54.2 billion by 2030, with a CAGR of 6.3% during the forecast period of 2022-2030. It was valued at 29.9 billion in 2022.

Technological advancements such as robotics, artificial intelligence, machine learning, and the Internet of Things enhance productivity at an individual and industrial level. Electrical automation connects electronic systems with automation to digitally control the process. As per the report United Nations Industrial Development Organization (UNIDO), the manufacturing sector has reduced its global capacity as an employer from 22% in 1991 to under 13% in 2016, and it is further foreseen to be deducted. Leveraging over this stride of automation in manufacturing industries positively affecting production and assembly line, where it covers each element of industrial operations, the electrical automation market is poised for exponential growth.

What is Electric Automation?

Automated control implies more money saved. Electrical automation means a systems control to power up and down on command, so electricity, electrical appliances, and fixtures. It only takes one glance around just about any public space to see that smartphones, GPS’, tablets, and other wireless components are working to make so many other parts of our lives more convenient. The application of electrical automation technology in power systems is of significant importance for power supply strength and work efficiency. The author examines the application of electric automation technology in power systems and contributes to power enterprises’ sustainable and stable development.

Growth Drivers

Technology Advancement & Simulation Conditions

Due to the development and advancement of science and technology, electrical automation technology has gradually been widely utilized due to the increasingly superior computer technology. Based on sufficient experimental data delivered by the simulation system, electrical automation technology can achieve synchronous experiments for varieties’ steady-state and transient states. Various power systems help researchers test new devices. Different power devices can form a closed-loop method, flexibly providing high-quality conditions for transmission systems and experiments on intelligent protection control strategies. Introducing a real-time simulation system in the power system provides convenient conditions for the in-depth study of real-time simulation modeling of power systems and dynamic load characteristic monitoring to build a laboratory with real-time simulation conditions.

Opportunities

High Controllability

With the continued development and progress of the social economy, science and technology, a breakthrough has been made in the power industry and automation technology. It is also due to the acceleration of the growth of modern cities, the support of automation technology in the development of many initiatives is becoming stronger and stronger. Therefore, electrical automation technology occupies an increasingly high position. With the increasing growth of the electricity market, the controllability of electrical automation technology also encounters higher needs from people. Because electrical automation technology is an essential key link in the power system, much peripheral information can be acquired when using electrical automation technology. Enhancing the controllability of electrical automation can promote the safety and stability of power system operations and greatly promote the development of the power industry.

Restraints

High Initial Installation Cost Expenses Associated with Deployment May Hinder Pace

The high installation cost expenses associated with the DA systems are anticipated to hinder the market growth. Also, technical issues linked with these systems are anticipated to hinder the market growth. In expansion, the vulnerability to cyberattacks is also a major factor that creates concerns for the end-users, which hampers the growth of the electric automation market.

Pre Covid-19 Impact on Global Electric Automation Market

Before the covid-19 period, the increasing requirement of electricity in hotels, hospitals, data centers, and corporate offices is one of the primary factors that strengthen the market’s growth. Additionally, there is a rise in the need for energy efficiency and immediate fault detection in electric automation networks. Along with the benefits of electric power DAS, such as reliability, islanding operation and better operational performance, it contributes to the market’s growth. Besides this, rising investments in smart cities by governing agencies of numerous countries have resulted in the upgradation of transmission and distribution infrastructure are the factors that grow the market before the covid-19 era.

Covid-19 Impact on Global Electric Automation Market

During the covid-19 period, the pandemic has disturbed the global market harshly, which causes substantial revenue losses. Electrical Automation technology providers and device manufacturers face many challenges, including obtaining raw materials & components required for production, which has delayed the delivery of products. Furthermore, strict lockdown regulation has impacted production establishments across the globe.

Post Covid-19 Impact on Global Electric Automation Market

After the covid-19 outbreak, the global increase in electricity demand and grid infrastructures is expected to unveil new opportunities in the covid-19 outbreak market. Energy efficiency, instant fault detection, and protection in the supply network will produce the technology demand. Additionally, growing demand from residential, commercial, and industrial sectors and growing distributed energy generation, especially across the emerging economies, will create new prospects for increased electric automation adoption.

By Type Segmental Analysis

Based on type, the global electric automation market is segmented into Equipment, Software and Service. The equipment devices segment accounted for the highest share of the electric automation market. Equipment devices support grid operators in reliability and outage management, voltage and reactive power management, asset health management, and integrating distributed energy resources.

By Application Segmental Analysis

Based on application, the global electric automation market is segmented into Industrial and Agriculture. The industry segment shows the highest share in the global electrical automation market. The industry is categorized into field devices, software, and services based on components. The field devices segment is expected to hold a significant portion of the global market due to the increasing deployment of these methods. These devices are an essential part of the distribution network and support managing losses from voltage fluctuations and power outages. In expansion, field devices help grid operators with dependability and outage management, asset health management, reactive power management, and distributed energy resources. Also, the Efficient flow of information across various units in the industry enables the optimum conversion of raw materials to finished goods and, therefore, stresses the system of connected enterprises, which serves as a major driver for the industrial electric automation market.

By Regional Segmental Analysis

Based on region, the global electric automation market is segmented into North America, Europe, Asia-Pacific, South America and The Middle East & Africa. The North America and Europe areas dominate the global electric automation market with the highest market stake and are predicted to grow substantially and dominate the global electric automation market throughout the forecast period. Due to growing smart grid investments with robust in-built transmission and distribution automation assets. In addition, rising demand for energy efficiency in the power supply is likely to propel market growth in the region. Players such as Siemens and Schneider Electric are important contributors to the European market.

Competitors Analysis

The companies include Emerson, Honeywell, Siemens, GE, Mitsubishi, Omron, ABB, Rockwell Automation, Schneider Electric, Yokogawa Electric and other prominent players in the global electric automation market.

Key Stakeholders

Market research and consulting firms
Industry associations
Electric Automation and manufacturing Firms
Local Governments
Regulatory bodies
Suppliers
Retailers

Recent Development

In March 2020, ABB presented an upgraded version of the REX640 protection relay, which improved the communication security and flexibility in developed power generation and distribution applications.
In September 2019, Schneider Electric and Meglab joined into an agreement in which they combined Schneider Electric’s medium voltage equipment with Meglab’s low voltage package to offer more flexible, customizable, and efficient power and automation solutions for customers across different industries.
In September 2019, G&W Electric acquired Tozzi Electrical Equipment to develop its markets outside North America and enhance its power grid solutions portfolio to complete the IEC standards.

Scope of the Report

Report Attribute	Details
Revenue in 2021	USD 39.9 billion
The revenue forecast in 2028	USD 64.2 billion
Growth Rate	CAGR of 7.3 % from 2022 to 2028.
Historical data	2017 – 2020
Base Year	2021
Forecast period	2022 – 2028
Region covered	North America, Europe, Asia-Pacific, South America, and Middle East & Africa
Key companies Profiled	The companies include Emerson, Honeywell, Siemens, GE, Mitsubishi, Omron, ABB, Rockwell Automation, Schneider Electric, Yokogawa Electric are the key players.

Market Modelling

By Type

Equipment
Software
Service

By Application

Industrial
Agriculture

By Region

North America
Europe
Asia Pacific
South America
The Middle East & Africa

Table Of Contents

Methodology

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Frequently Asked Questions (FAQ):

What is electric automation?

What is the market size of the global electric automation market?

The global electric automation market is estimated to reach USD 54.2 billion by 2030, with a CAGR of 6.3% during the forecast period of 2022-2030. It was valued at 29.9 billion in 2022.

What are the growth drivers in the global electric automation market?

What are the opportunities in the global electric automation market?

Electrical automation technology occupies an increasingly high position. With the increasing growth of the electricity market, the controllability of electrical automation technology also encounters higher needs from people. Because electrical automation technology is an essential key link in the power system, much peripheral information can be acquired when using electrical automation technology.

Who are the major key players in the global electric automation market?

The companies include Emerson, Honeywell, Siemens, GE, Mitsubishi, Omron, ABB, Rockwell Automation, Schneider Electric, Yokogawa Electric are the key players in the global electric automation market.

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Global Electric Automation Market