The Substation Automation Market is expected to register a CAGR of 6.6% from 2025 to 2031, with a market size expanding from US$ XX million in 2024 to US$ XX Million by 2031.
The report is segmented by Module (Intelligent Electronic Devices, Communication Networks, SCADA Systems); Offering (Hardware, Software, Services); Type (Transmission substation, Distribution substation); Installation Type (Retrofit Installation, New Installation); End-Users (Utility, Steel, Mining, Oil and Gas, Others) The global analysis is further broken-down at regional level and major countries. The report offers the value in USD for the above analysis and segments
Purpose of the ReportThe report Substation Automation Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Substation Automation Market Segmentation
Module- Intelligent Electronic Devices
- Communication Networks
- SCADA Systems
- Hardware
- Software
- Services
- Transmission substation
- Distribution substation
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- South and Central America
Strategic Insights
Substation Automation Market Growth Drivers- Soaring Demand for Electricity: There is a demand for electricity globally due to soaring industrialization and urbanization. The global rise in energy consumption necessitates the requirement for efficient energy distribution systems, which leads to investments in substation automation.
- Infrastructure Upgrades: Many substations globally are outdated and require modernization to improve operational efficiency. The investment in infrastructure upgradation and integration of automation technologies drives the market growth.
- Integration of IoT and Smart Grids: The integration of Internet of Things (IoT) devices and sensors into substation automation systems is a growing trend. IoT-enabled devices will allow real-time monitoring of equipment conditions, performance, and energy flows. This will support predictive maintenance, early fault detection, and optimized resource management, improving the reliability and efficiency of substations. Furthermore, the combination of substation automation with smart grid technologies will enable better communication, control, and coordination between substations and grid management systems, helping to balance supply and demand, integrate renewable energy sources, and enhance grid stability.
- Adoption of Artificial Intelligence (AI) and Machine Learning (ML) for Predictive Analytics: The future of substation automation will involve the increased use of AI and machine learning for predictive analytics. These technologies will analyze vast amounts of data from sensors and devices within substations to predict failures or performance degradation before they occur. By leveraging AI/ML algorithms, utilities can implement more proactive maintenance strategies, reducing unplanned outages, extending the lifespan of equipment, and minimizing maintenance costs. AI-powered systems can also optimize energy distribution, load balancing, and fault detection, enhancing the overall efficiency and resilience of the power grid.
- Increased Demand for Integrated Solutions: Utility companies are focused on integrated solutions that integrate communication systems, control systems, automation hardware, and data analytics. This factor creates the demand for automation solutions.
- Research and Development Investment: Companies investing in R&D to develop cutting-edge automation technologies can gain a competitive advantage in the marketplace. Innovations for automation systems that enhance system reliability and efficiency and integrate with emerging technologies will gain traction in the market.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Substation Automation Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Substation Automation Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
REGIONAL FRAMEWORK
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request
Soaring demand for electricity and infrastructure upgrades are the major factors driving the substation automation market.
Smart grid development and internet of things (IoT) implementation are likely to remain a key trend in the market.
Some of the customization options available based on the request are an additional 3–5 company profiles and country-specific analysis of 3–5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation#as our team would review the same and check the feasibility
The Substation Automation Market is estimated to witness a CAGR of 6.6% from 2024 to 2031
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Substation Automation Market - By Module
1.3.2 Substation Automation Market - By Offering
1.3.3 Substation Automation Market - By Type
1.3.4 Substation Automation Market - By Installation Type
1.3.5 Substation Automation Market - By End-Users
1.3.6 Substation Automation Market - By Region
1.3.6.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. SUBSTATION AUTOMATION MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PORTER'S FIVE FORCES ANALYSIS
4.2.1 Bargaining Power of Buyers
4.2.1 Bargaining Power of Suppliers
4.2.1 Threat of Substitute
4.2.1 Threat of New Entrants
4.2.1 Competitive Rivalry
4.3. ECOSYSTEM ANALYSIS
4.4. EXPERT OPINIONS
5. SUBSTATION AUTOMATION MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6. SUBSTATION AUTOMATION MARKET - GLOBAL MARKET ANALYSIS
6.1. SUBSTATION AUTOMATION - GLOBAL MARKET OVERVIEW
6.2. SUBSTATION AUTOMATION - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. SUBSTATION AUTOMATION MARKET - REVENUE AND FORECASTS TO 2028 - MODULE
7.1. OVERVIEW
7.2. MODULE MARKET FORECASTS AND ANALYSIS
7.3. INTELLIGENT ELECTRONIC DEVICES
7.3.1. Overview
7.3.2. Intelligent Electronic Devices Market Forecast and Analysis
7.4. COMMUNICATION NETWORKS
7.4.1. Overview
7.4.2. Communication Networks Market Forecast and Analysis
7.5. SCADA SYSTEMS
7.5.1. Overview
7.5.2. SCADA Systems Market Forecast and Analysis
8. SUBSTATION AUTOMATION MARKET - REVENUE AND FORECASTS TO 2028 - OFFERING
8.1. OVERVIEW
8.2. OFFERING MARKET FORECASTS AND ANALYSIS
8.3. HARDWARE
8.3.1. Overview
8.3.2. Hardware Market Forecast and Analysis
8.4. SOFTWARE
8.4.1. Overview
8.4.2. Software Market Forecast and Analysis
8.5. SERVICES
8.5.1. Overview
8.5.2. Services Market Forecast and Analysis
9. SUBSTATION AUTOMATION MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
9.1. OVERVIEW
9.2. TYPE MARKET FORECASTS AND ANALYSIS
9.3. TRANSMISSION SUBSTATION
9.3.1. Overview
9.3.2. Transmission substation Market Forecast and Analysis
9.4. DISTRIBUTION SUBSTATION
9.4.1. Overview
9.4.2. Distribution substation Market Forecast and Analysis
10. SUBSTATION AUTOMATION MARKET - REVENUE AND FORECASTS TO 2028 - INSTALLATION TYPE
10.1. OVERVIEW
10.2. INSTALLATION TYPE MARKET FORECASTS AND ANALYSIS
10.3. RETROFIT INSTALLATION
10.3.1. Overview
10.3.2. Retrofit Installation Market Forecast and Analysis
10.4. NEW INSTALLATION
10.4.1. Overview
10.4.2. New Installation Market Forecast and Analysis
11. SUBSTATION AUTOMATION MARKET - REVENUE AND FORECASTS TO 2028 - END-USERS
11.1. OVERVIEW
11.2. END-USERS MARKET FORECASTS AND ANALYSIS
11.3. UTILITY
11.3.1. Overview
11.3.2. Utility Market Forecast and Analysis
11.4. STEEL
11.4.1. Overview
11.4.2. Steel Market Forecast and Analysis
11.5. MINING
11.5.1. Overview
11.5.2. Mining Market Forecast and Analysis
11.6. OIL AND GAS
11.6.1. Overview
11.6.2. Oil and Gas Market Forecast and Analysis
11.7. TRANSPORTATION
11.7.1. Overview
11.7.2. Transportation Market Forecast and Analysis
11.8. OTHERS
11.8.1. Overview
11.8.2. Others Market Forecast and Analysis
12. SUBSTATION AUTOMATION MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
12.1. NORTH AMERICA
12.1.1 North America Substation Automation Market Overview
12.1.2 North America Substation Automation Market Forecasts and Analysis
12.1.3 North America Substation Automation Market Forecasts and Analysis - By Module
12.1.4 North America Substation Automation Market Forecasts and Analysis - By Offering
12.1.5 North America Substation Automation Market Forecasts and Analysis - By Type
12.1.6 North America Substation Automation Market Forecasts and Analysis - By Installation Type
12.1.7 North America Substation Automation Market Forecasts and Analysis - By End-Users
12.1.8 North America Substation Automation Market Forecasts and Analysis - By Countries
12.1.8.1 United States Substation Automation Market
12.1.8.1.1 United States Substation Automation Market by Module
12.1.8.1.2 United States Substation Automation Market by Offering
12.1.8.1.3 United States Substation Automation Market by Type
12.1.8.1.4 United States Substation Automation Market by Installation Type
12.1.8.1.5 United States Substation Automation Market by End-Users
12.1.8.2 Canada Substation Automation Market
12.1.8.2.1 Canada Substation Automation Market by Module
12.1.8.2.2 Canada Substation Automation Market by Offering
12.1.8.2.3 Canada Substation Automation Market by Type
12.1.8.2.4 Canada Substation Automation Market by Installation Type
12.1.8.2.5 Canada Substation Automation Market by End-Users
12.1.8.3 Mexico Substation Automation Market
12.1.8.3.1 Mexico Substation Automation Market by Module
12.1.8.3.2 Mexico Substation Automation Market by Offering
12.1.8.3.3 Mexico Substation Automation Market by Type
12.1.8.3.4 Mexico Substation Automation Market by Installation Type
12.1.8.3.5 Mexico Substation Automation Market by End-Users
12.2. EUROPE
12.2.1 Europe Substation Automation Market Overview
12.2.2 Europe Substation Automation Market Forecasts and Analysis
12.2.3 Europe Substation Automation Market Forecasts and Analysis - By Module
12.2.4 Europe Substation Automation Market Forecasts and Analysis - By Offering
12.2.5 Europe Substation Automation Market Forecasts and Analysis - By Type
12.2.6 Europe Substation Automation Market Forecasts and Analysis - By Installation Type
12.2.7 Europe Substation Automation Market Forecasts and Analysis - By End-Users
12.2.8 Europe Substation Automation Market Forecasts and Analysis - By Countries
12.2.8.1 Germany Substation Automation Market
12.2.8.1.1 Germany Substation Automation Market by Module
12.2.8.1.2 Germany Substation Automation Market by Offering
12.2.8.1.3 Germany Substation Automation Market by Type
12.2.8.1.4 Germany Substation Automation Market by Installation Type
12.2.8.1.5 Germany Substation Automation Market by End-Users
12.2.8.2 France Substation Automation Market
12.2.8.2.1 France Substation Automation Market by Module
12.2.8.2.2 France Substation Automation Market by Offering
12.2.8.2.3 France Substation Automation Market by Type
12.2.8.2.4 France Substation Automation Market by Installation Type
12.2.8.2.5 France Substation Automation Market by End-Users
12.2.8.3 Italy Substation Automation Market
12.2.8.3.1 Italy Substation Automation Market by Module
12.2.8.3.2 Italy Substation Automation Market by Offering
12.2.8.3.3 Italy Substation Automation Market by Type
12.2.8.3.4 Italy Substation Automation Market by Installation Type
12.2.8.3.5 Italy Substation Automation Market by End-Users
12.2.8.4 United Kingdom Substation Automation Market
12.2.8.4.1 United Kingdom Substation Automation Market by Module
12.2.8.4.2 United Kingdom Substation Automation Market by Offering
12.2.8.4.3 United Kingdom Substation Automation Market by Type
12.2.8.4.4 United Kingdom Substation Automation Market by Installation Type
12.2.8.4.5 United Kingdom Substation Automation Market by End-Users
12.2.8.5 Russia Substation Automation Market
12.2.8.5.1 Russia Substation Automation Market by Module
12.2.8.5.2 Russia Substation Automation Market by Offering
12.2.8.5.3 Russia Substation Automation Market by Type
12.2.8.5.4 Russia Substation Automation Market by Installation Type
12.2.8.5.5 Russia Substation Automation Market by End-Users
12.2.8.6 Rest of Europe Substation Automation Market
12.2.8.6.1 Rest of Europe Substation Automation Market by Module
12.2.8.6.2 Rest of Europe Substation Automation Market by Offering
12.2.8.6.3 Rest of Europe Substation Automation Market by Type
12.2.8.6.4 Rest of Europe Substation Automation Market by Installation Type
12.2.8.6.5 Rest of Europe Substation Automation Market by End-Users
12.3. ASIA-PACIFIC
12.3.1 Asia-Pacific Substation Automation Market Overview
12.3.2 Asia-Pacific Substation Automation Market Forecasts and Analysis
12.3.3 Asia-Pacific Substation Automation Market Forecasts and Analysis - By Module
12.3.4 Asia-Pacific Substation Automation Market Forecasts and Analysis - By Offering
12.3.5 Asia-Pacific Substation Automation Market Forecasts and Analysis - By Type
12.3.6 Asia-Pacific Substation Automation Market Forecasts and Analysis - By Installation Type
12.3.7 Asia-Pacific Substation Automation Market Forecasts and Analysis - By End-Users
12.3.8 Asia-Pacific Substation Automation Market Forecasts and Analysis - By Countries
12.3.8.1 Australia Substation Automation Market
12.3.8.1.1 Australia Substation Automation Market by Module
12.3.8.1.2 Australia Substation Automation Market by Offering
12.3.8.1.3 Australia Substation Automation Market by Type
12.3.8.1.4 Australia Substation Automation Market by Installation Type
12.3.8.1.5 Australia Substation Automation Market by End-Users
12.3.8.2 China Substation Automation Market
12.3.8.2.1 China Substation Automation Market by Module
12.3.8.2.2 China Substation Automation Market by Offering
12.3.8.2.3 China Substation Automation Market by Type
12.3.8.2.4 China Substation Automation Market by Installation Type
12.3.8.2.5 China Substation Automation Market by End-Users
12.3.8.3 India Substation Automation Market
12.3.8.3.1 India Substation Automation Market by Module
12.3.8.3.2 India Substation Automation Market by Offering
12.3.8.3.3 India Substation Automation Market by Type
12.3.8.3.4 India Substation Automation Market by Installation Type
12.3.8.3.5 India Substation Automation Market by End-Users
12.3.8.4 Japan Substation Automation Market
12.3.8.4.1 Japan Substation Automation Market by Module
12.3.8.4.2 Japan Substation Automation Market by Offering
12.3.8.4.3 Japan Substation Automation Market by Type
12.3.8.4.4 Japan Substation Automation Market by Installation Type
12.3.8.4.5 Japan Substation Automation Market by End-Users
12.3.8.5 South Korea Substation Automation Market
12.3.8.5.1 South Korea Substation Automation Market by Module
12.3.8.5.2 South Korea Substation Automation Market by Offering
12.3.8.5.3 South Korea Substation Automation Market by Type
12.3.8.5.4 South Korea Substation Automation Market by Installation Type
12.3.8.5.5 South Korea Substation Automation Market by End-Users
12.3.8.6 Rest of Asia-Pacific Substation Automation Market
12.3.8.6.1 Rest of Asia-Pacific Substation Automation Market by Module
12.3.8.6.2 Rest of Asia-Pacific Substation Automation Market by Offering
12.3.8.6.3 Rest of Asia-Pacific Substation Automation Market by Type
12.3.8.6.4 Rest of Asia-Pacific Substation Automation Market by Installation Type
12.3.8.6.5 Rest of Asia-Pacific Substation Automation Market by End-Users
12.4. MIDDLE EAST AND AFRICA
12.4.1 Middle East and Africa Substation Automation Market Overview
12.4.2 Middle East and Africa Substation Automation Market Forecasts and Analysis
12.4.3 Middle East and Africa Substation Automation Market Forecasts and Analysis - By Module
12.4.4 Middle East and Africa Substation Automation Market Forecasts and Analysis - By Offering
12.4.5 Middle East and Africa Substation Automation Market Forecasts and Analysis - By Type
12.4.6 Middle East and Africa Substation Automation Market Forecasts and Analysis - By Installation Type
12.4.7 Middle East and Africa Substation Automation Market Forecasts and Analysis - By End-Users
12.4.8 Middle East and Africa Substation Automation Market Forecasts and Analysis - By Countries
12.4.8.1 South Africa Substation Automation Market
12.4.8.1.1 South Africa Substation Automation Market by Module
12.4.8.1.2 South Africa Substation Automation Market by Offering
12.4.8.1.3 South Africa Substation Automation Market by Type
12.4.8.1.4 South Africa Substation Automation Market by Installation Type
12.4.8.1.5 South Africa Substation Automation Market by End-Users
12.4.8.2 Saudi Arabia Substation Automation Market
12.4.8.2.1 Saudi Arabia Substation Automation Market by Module
12.4.8.2.2 Saudi Arabia Substation Automation Market by Offering
12.4.8.2.3 Saudi Arabia Substation Automation Market by Type
12.4.8.2.4 Saudi Arabia Substation Automation Market by Installation Type
12.4.8.2.5 Saudi Arabia Substation Automation Market by End-Users
12.4.8.3 U.A.E Substation Automation Market
12.4.8.3.1 U.A.E Substation Automation Market by Module
12.4.8.3.2 U.A.E Substation Automation Market by Offering
12.4.8.3.3 U.A.E Substation Automation Market by Type
12.4.8.3.4 U.A.E Substation Automation Market by Installation Type
12.4.8.3.5 U.A.E Substation Automation Market by End-Users
12.4.8.4 Rest of Middle East and Africa Substation Automation Market
12.4.8.4.1 Rest of Middle East and Africa Substation Automation Market by Module
12.4.8.4.2 Rest of Middle East and Africa Substation Automation Market by Offering
12.4.8.4.3 Rest of Middle East and Africa Substation Automation Market by Type
12.4.8.4.4 Rest of Middle East and Africa Substation Automation Market by Installation Type
12.4.8.4.5 Rest of Middle East and Africa Substation Automation Market by End-Users
12.5. SOUTH AND CENTRAL AMERICA
12.5.1 South and Central America Substation Automation Market Overview
12.5.2 South and Central America Substation Automation Market Forecasts and Analysis
12.5.3 South and Central America Substation Automation Market Forecasts and Analysis - By Module
12.5.4 South and Central America Substation Automation Market Forecasts and Analysis - By Offering
12.5.5 South and Central America Substation Automation Market Forecasts and Analysis - By Type
12.5.6 South and Central America Substation Automation Market Forecasts and Analysis - By Installation Type
12.5.7 South and Central America Substation Automation Market Forecasts and Analysis - By End-Users
12.5.8 South and Central America Substation Automation Market Forecasts and Analysis - By Countries
12.5.8.1 Brazil Substation Automation Market
12.5.8.1.1 Brazil Substation Automation Market by Module
12.5.8.1.2 Brazil Substation Automation Market by Offering
12.5.8.1.3 Brazil Substation Automation Market by Type
12.5.8.1.4 Brazil Substation Automation Market by Installation Type
12.5.8.1.5 Brazil Substation Automation Market by End-Users
12.5.8.2 Argentina Substation Automation Market
12.5.8.2.1 Argentina Substation Automation Market by Module
12.5.8.2.2 Argentina Substation Automation Market by Offering
12.5.8.2.3 Argentina Substation Automation Market by Type
12.5.8.2.4 Argentina Substation Automation Market by Installation Type
12.5.8.2.5 Argentina Substation Automation Market by End-Users
12.5.8.3 Rest of South and Central America Substation Automation Market
12.5.8.3.1 Rest of South and Central America Substation Automation Market by Module
12.5.8.3.2 Rest of South and Central America Substation Automation Market by Offering
12.5.8.3.3 Rest of South and Central America Substation Automation Market by Type
12.5.8.3.4 Rest of South and Central America Substation Automation Market by Installation Type
12.5.8.3.5 Rest of South and Central America Substation Automation Market by End-Users
13. INDUSTRY LANDSCAPE
13.1. MERGERS AND ACQUISITIONS
13.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
13.3. NEW PRODUCT LAUNCHES
13.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
14. SUBSTATION AUTOMATION MARKET, KEY COMPANY PROFILES
14.1. HITACHI ABB POWER GRIDS
14.1.1. Key Facts
14.1.2. Business Description
14.1.3. Products and Services
14.1.4. Financial Overview
14.1.5. SWOT Analysis
14.1.6. Key Developments
14.2. SIEMENS ENERGY AG
14.2.1. Key Facts
14.2.2. Business Description
14.2.3. Products and Services
14.2.4. Financial Overview
14.2.5. SWOT Analysis
14.2.6. Key Developments
14.3. GENERAL ELECTRIC
14.3.1. Key Facts
14.3.2. Business Description
14.3.3. Products and Services
14.3.4. Financial Overview
14.3.5. SWOT Analysis
14.3.6. Key Developments
14.4. CISCO SYSTEMS
14.4.1. Key Facts
14.4.2. Business Description
14.4.3. Products and Services
14.4.4. Financial Overview
14.4.5. SWOT Analysis
14.4.6. Key Developments
14.5. SCHNEIDER ELECTRIC
14.5.1. Key Facts
14.5.2. Business Description
14.5.3. Products and Services
14.5.4. Financial Overview
14.5.5. SWOT Analysis
14.5.6. Key Developments
14.6. EATON
14.6.1. Key Facts
14.6.2. Business Description
14.6.3. Products and Services
14.6.4. Financial Overview
14.6.5. SWOT Analysis
14.6.6. Key Developments
14.7. HONEYWELL
14.7.1. Key Facts
14.7.2. Business Description
14.7.3. Products and Services
14.7.4. Financial Overview
14.7.5. SWOT Analysis
14.7.6. Key Developments
14.8. SCHWEITZER ENGINEERING LABORATORIES
14.8.1. Key Facts
14.8.2. Business Description
14.8.3. Products and Services
14.8.4. Financial Overview
14.8.5. SWOT Analysis
14.8.6. Key Developments
14.9. NOVATECH LLC
14.9.1. Key Facts
14.9.2. Business Description
14.9.3. Products and Services
14.9.4. Financial Overview
14.9.5. SWOT Analysis
14.9.6. Key Developments
14.10. CG POWER AND INDUSTRIAL SOLUTIONS
14.10.1. Key Facts
14.10.2. Business Description
14.10.3. Products and Services
14.10.4. Financial Overview
14.10.5. SWOT Analysis
14.10.6. Key Developments
15. APPENDIX
15.1. ABOUT THE INSIGHT PARTNERS
15.2. GLOSSARY OF TERMS
1. Hitachi ABB Power Grids
2. Siemens Energy AG
3. General Electric
4. Cisco Systems
5. Schneider Electric
6. Eaton
7. Honeywell
8. SCHWEITZER ENGINEERING LABORATORIES
9. NovaTech LLC
10. CG Power and Industrial Solutions
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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