Report cover image

Substation Monitoring System Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2025-2034

Publisher Global Market Insights
Published May 22, 2025
Length 177 Pages
SKU # GMI20156934

Description

The Global Substation Monitoring System Market was valued at USD 4.8 billion in 2024 and is estimated to grow at a CAGR of 7.6% to reach USD 10 billion by 2034, driven by the rising demand for reliable power distribution, aging power infrastructure, and the increasing integration of renewable energy sources. Substation monitoring systems play a critical role in ensuring the safe, efficient, and uninterrupted operation of electrical substations by providing real-time data on equipment status, environmental conditions, and potential faults. These systems enable utilities and grid operators to minimize downtime, prevent equipment failure, and optimize grid performance through predictive maintenance and remote diagnostics.

The growing adoption of smart grids and the surge in electrification efforts across both developed and developing economies are accelerating the need for advanced substation monitoring solutions. Governments and utilities are investing in substation automation to enhance grid stability, reduce transmission losses, and meet the rising power demand fueled by urbanization, electric vehicles, and industrial growth. Moreover, the rise in cyber threats targeting critical energy infrastructure has intensified the need for intelligent monitoring systems that offer enhanced security, data analytics, and system resilience.

The Substation Monitoring System Market is primarily segmented by component, with hardware dominating in 2024, accounting for USD 2.1 billion. Hardware components, including sensors, smart meters, IEDs (Intelligent Electronic Devices), and communication interfaces, form the backbone of substation monitoring infrastructure. Their widespread deployment is driven by the need to capture real-time data on temperature, humidity, partial discharge, and other critical parameters that affect substation performance. The advancement of IoT-enabled sensors and edge computing capabilities is further enhancing the accuracy, efficiency, and reliability of substation monitoring at the hardware level.

By type, the transmission substation segment held the largest share in 2024, valued at USD 3 billion. Transmission substations are vital for ensuring the stable transfer of high-voltage electricity across long distances. As countries expand and upgrade their transmission networks to integrate large-scale renewable energy and reduce grid congestion, the demand for robust monitoring systems at the transmission level is surging. These systems help detect equipment anomalies, prevent grid failures, and ensure compliance with grid reliability standards.

In terms of application, the utility segment led the market in 2024, generating USD 1.63 billion. Utilities are actively adopting substation monitoring systems to enhance operational efficiency, reduce maintenance costs, and meet regulatory compliance. With growing emphasis on grid modernization and energy transition goals, utilities are integrating digital solutions to monitor substations remotely, streamline asset management, and improve service reliability. Incentives for smart grid deployment and government-backed infrastructure investments are further fueling adoption across the utility landscape.

Asia Pacific emerged as the leading regional market for substation monitoring systems in 2024, with a valuation of USD 1.76 billion. The region’s dominance is underpinned by rapid industrialization, expanding urban populations, and large-scale electrification programs, particularly in China, India, and Southeast Asia. Governments across the region are actively upgrading their transmission and distribution infrastructure to reduce energy losses and support renewable energy integration. National grid expansion projects, coupled with favorable regulatory initiatives, are propelling market growth. Additionally, the presence of major manufacturers and technology providers in countries like China, Japan, and South Korea is driving innovation and accelerating adoption.

Leading players in the global substation monitoring system market, including ABB Ltd., Siemens AG, Schneider Electric SE, General Electric Company, and Emerson Electric Co., are focusing on expanding their product portfolios with AI-driven analytics, cloud integration, and cybersecurity features. These companies are also entering strategic collaborations with utilities and government agencies to deploy smart substation solutions at scale. Their commitment to innovation, grid digitization, and customer-centric monitoring platforms is positioning them to capitalize on the evolving landscape of energy infrastructure and substation automation globally.

Table of Contents

177 Pages
Chapter 1 Methodology
1.1 Research design
1.1.1 Research approach
1.1.2 Data collection methods
1.1.3 Base estimates and calculations
1.1.4 Base year calculation
1.1.5 Key trends for market estimates
1.2 Market definitions
1.3 Forecast model
1.4 Primary research and validation
1.5 Some of the primary sources (but not limited to)
1.5.1 Data mining sources
1.5.2 Secondary
1.5.2.1 Paid sources
1.5.2.2 Source, by region
Chapter 2 Executive Summary
2.1 Industry snapshot
2.2 Business trends
2.3 Component trends
2.4 Type trends
2.5 Technology trends
2.6 Application trends
2.7 Deployment trends
2.8 Regional trends
Chapter 3 Industry Insights
3.1 Industry ecosystem analysis
3.2 Trump administration tariff analysis
3.2.1 Impact on trade
3.2.1.1 Trade volume disruptions
3.2.1.2 Retaliatory measures
3.2.2 Impact on the industry
3.2.2.1 Price volatility in key materials
3.2.2.2 Supply chain restructuring
3.2.2.3 Production cost implications
3.2.3 Demand-side impact (selling price)
3.2.3.1 Price transmission to end markets
3.2.3.2 Market share dynamics
3.2.3.3 Consumer response patterns
3.2.4 Key companies impacted
3.2.5 Strategic industry responses
3.2.5.1 Supply chain reconfiguration
3.2.5.2 Pricing and product strategies
3.2.5.3 Policy engagement
3.2.6 Outlook and future considerations
3.3 Regulatory landscape
3.3.1 IEC 61850
3.3.2 IEC 62351
3.3.3 IEC 62443
3.3.4 IEEE Standards
3.3.5 ISO Standards
3.3.5.1 ISO 55001
3.3.5.2 ISO 27001 & ISO 27019
3.3.5.3 ISO 50001
3.3.5.4 ISO 31000
3.3.6 North America
3.3.6.1 U.S.
3.3.6.1.1 NERC CIP Standards
3.3.6.2 ANSI C2 (National Electrical Safety Code - NESC)
3.3.6.3 OSHA & NFPA 70E - Electrical Safety Regulations
3.3.6.4 FERC and DOE Regulations
3.3.6.5 NIST and ICS Guidelines
3.3.6.6 Canada
3.3.6.6.1 CSA and C22 Code
3.3.7 Europe
3.3.7.1 Directive NIS 2, 2022/2555
3.3.7.2 GDPR - Regulation 2016/679
3.3.7.3 Electricity Directives and Network Codes
3.3.7.4 CEN/CENELEC EN Standards
3.3.7.5 Germany
3.3.7.6 BSI Act & KRITIS Regulation
3.3.7.7 DIN/VDE Standards
3.3.7.8 UK
3.3.7.8.1 Network and Information Systems (NIS) Regulations 2018
3.3.7.8.2 Ofgem Standards and Codes
3.3.7.9 France
3.3.7.9.1 ANSSI Framework
3.3.8 Asia Pacific
3.3.8.1 China
3.3.8.1.1 National Energy Administration (NEA) Regulations
3.3.8.1.2 Electrical Equipment Standards (GB/T, YD/T)
3.3.8.2 India
3.3.8.2.1 Central Electricity Authority (CEA) Regulations
3.3.8.2.2 Bureau of Indian Standards
3.3.8.3 Japan
3.3.8.3.1 Japanese Industrial Standards
3.3.8.3.2 Ministry of Economy, Trade and Industry
3.3.8.4 South Korea
3.3.8.4.1 Korean Electric Power Industry Code
3.3.8.5 Australia
3.3.9 Middle East & Africa
3.3.9.1 UAE
3.3.9.1.1 Emirates Authority for Standardization and Metrology
3.3.9.2 Saudi Arabia
3.3.9.2.1 Saudi Standards (SASO)
3.3.9.3 South Africa
3.3.10 Latin America
3.3.10.1 Brazil
3.3.10.1.1 ANEEL Resolutions
3.3.10.1.2 ABNT NBR Standards
3.4 Digital transformation and technology impact
3.4.1 Digital maturity assessment
3.4.2 Smart grid integration opportunities
3.4.3 IoT and connected devices applications
3.4.4 AI and machine learning use cases
3.4.5 Cybersecurity considerations
3.4.6 Future technology roadmap
3.5 Sustainability and ESG considerations
3.5.1 Environmental impact assessment
3.5.2 Circular economy initiatives
3.5.3 ESG regulatory compliance
3.5.4 Industry best practices and benchmarking
3.5.5 Sustainable investment opportunities
3.6 Investment analysis and future outlook
3.6.1 Investment landscape overview
3.6.2 Cost structure and ROI analysis
3.6.3 Future market scenarios
3.6.4 Short-term outlook (1-3 years)
3.6.5 Medium-term outlook (4-6 years)
3.6.6 Long-term outlook (7-10 years)
3.7 Industry impact forces
3.7.1 Market growth drivers
3.7.1.1 Favourable government regulations and mandates
3.7.1.2 Growing share of renewable energy in the energy mix
3.7.1.3 Reliable and efficient energy consumption
3.7.2 Industry pitfall
3.7.2.1 High cost of systems
3.8 Growth potential analysis
3.9 Porter's analysis
3.10 PESTEL analysis
Chapter 4 Competitive Landscape, 2025
4.1 Competitive landscape
4.2 Company market share analysis, 2024
4.3 Strategic dashboard
4.3.1 Cisco Systems
4.3.1.1 Partnership
4.3.2 Schneider Electric
4.3.2.1 Investment
4.3.3 GE Vernova
4.3.3.1 Memorandum of Understanding (MoU)
4.3.4 NovaTech, LLC
4.3.4.1 Acquisition
4.3.5 Sentient Energy
4.3.5.1 Product expansion
4.3.6 Trilliant Holdings
4.3.6.1 Acquisition
4.4 Strategic initiatives
4.5 Innovation & technology landscape
4.5.1 NovaTech, LLC
4.5.2 Sentient Energy
4.5.3 Schneider Electric
4.5.4 Honeywell International
4.5.5 Cisco Systems
4.5.6 Siemens
4.5.7 Hitachi Energy
4.6 Competitive benchmarking
Chapter 5 Market Size and Forecast, By Component, 2021 - 2034 (USD Million)
5.1 Key trends
5.2 Hardware
5.3 Software
5.4 Services
Chapter 6 Market Size and Forecast, By Type, 2021 - 2034 (USD Million)
6.1 Key trends
6.2 Transmission
6.3 Distribution
Chapter 7 Market Size and Forecast, By Technology, 2021 - 2034 (USD Million)
7.1 Key trends
7.2 Wired
7.3 Wireless
Chapter 8 Market Size and Forecast, By Application, 2021 - 2034 (USD Million)
8.1 Key trends
8.2 Utility
8.3 Mining
8.4 Oil & gas
8.5 Transportation
8.6 Manufacturing
8.7 Renewable energy
8.8 Others
Chapter 9 Market Size and Forecast, By Deployment, 2021 - 2034 (USD Million)
9.1 Key trends
9.2 On-premises
9.3 Cloud-based
Chapter 10 Market Size and Forecast, By Region, 2021 - 2034 (USD Million)
10.1 Key trends
10.2 North America
10.3 Europe
10.4 Asia Pacific
10.5 Middle East & Africa
10.6 Latin America
Chapter 11 Company Profiles
11.1 Cadillac Automation and Controls
11.1.1 Financial data
11.1.2 Product landscape
11.1.3 SWOT analysis
11.2 Cisco System
11.2.1 Financial data
11.2.2 Product landscape
11.2.3 Strategic outlook
11.2.4 SWOT analysis
11.3 CG Power & Industrial Solutions
11.3.1 Financial data
11.3.2 Product landscape
11.3.3 SWOT analysis
11.4 Eaton
11.4.1 Financial data
11.4.2 Product landscape
11.4.3 SWOT analysis
11.5 Emerson Electric
11.5.1 Financial data
11.5.2 Product landscape
11.5.3 SWOT analysis
11.6 GE Vernova
11.6.1 Financial data
11.6.2 Product landscape
11.6.3 Strategic outlook
11.6.4 SWOT analysis
11.7 Hitachi Energy
11.7.1 Financial data
11.7.2 Product landscape
11.7.3 Strategic outlook
11.7.4 SWOT analysis
11.8 Honeywell International
11.8.1 Financial data
11.8.2 Product landscape
11.8.3 Strategic outlook
11.8.4 SWOT analysis
11.9 iGrid T&D
11.9.1 Financial data
11.9.2 Product landscape
11.9.3 SWOT analysis
11.10 NovaTech, LLC
11.10.1 Financial data
11.10.2 Product landscape
11.10.3 Strategic outlook
11.10.4 SWOT analysis
11.11 Schneider Electric
11.11.1 Financial data
11.11.2 Product landscape
11.11.3 Strategic outlook
11.11.4 SWOT analysis
11.12 Schweitzer Engineering Laboratories
11.12.1 Financial data
11.12.2 Product landscape
11.12.3 SWOT analysis
11.13 Sentient Energy
11.13.1 Financial data
11.13.2 Product landscape
11.13.3 Strategic outlook
11.13.4 SWOT analysis
11.14 Siemens
11.14.1 Financial data
11.14.2 Product landscape
11.14.3 Strategic outlook
11.14.4 SWOT analysis
11.15 Tekvel
11.15.1 Financial data
11.15.2 Product landscape
11.15.3 SWOT analysis
11.16 Trilliant Holdings
11.16.1 Financial data
11.16.2 Product landscape
11.16.3 Strategic outlook
11.16.4 SWOT analysis

Search Inside Report

Pricing

Currency Rates
How Do Licenses Work?

How Do Licenses Work?

The primary function of a report license is to define how many people within a company are authorized to use the purchased report. This is separate to how a report might be delivered. Unless specifically identified otherwise, the purchase option is Single User. Below is a helpful description of that license, along with a sampling of others most commonly offered.

  • This license allows only one user to have access to and to use/read the report. It is not one user at a time or one user group; it is an individual who will be reading and utilizing the report.

  • This license allows for the entire purchasing company to read and use the report. This is the license level that would allow for a report to be placed on an internal company shared drive for access by all employees of that direct company. This license does not extend to parent or sister company use.

  • This license is designed to allow an entire department within a company full access to a report. The departmental license is a great option for companies that have more than one location and the department is spread out all over the country/world

  • This license is for companies that have one location where they want the report to be accessible by all employees within that physical location.

  • This is the most flexible of the licensing options. Some publishers will allow you to get a license for a preset number of people (typically 5). These licenses are ideal for small work groups.

License options are at the discretion of each publisher. As such, not all licenses indicated above are available for every product. If you are uncertain of the best license for your needs or would like a license that is not proactively available, please contact us and we will be happy to assist.

Head shot

Questions or Comments?

Our team has the ability to search within reports to verify it suits your needs. We can also help maximize your budget by finding sections of reports you can purchase.
Chat Now
Contact Us