Dubai, UAE, October 31, 2022 –
The global substation market is anticipated to grow from USD 129.9 billion in 2021 to USD 181.3 billion by 2030, registering a CAGR of 4.4% over the projection period. The market’s expansion can be attributed to factors such as the increasing interoperability and safety demands, the growing infrastructure development in smart cities, the rising demand for power despite the shortage of available space, and the rising demand for replacing conventional substation infrastructure.
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Transformers, circuit breakers or switches, and bus bars connect distribution and transmission lines at the substation unit, which serves as the interface for the electrical network. By adjusting the power in the transmission lines to a level suitable for the distribution system, it is possible to manage how much energy is transferred through the network. The global substation market is anticipated to experience growth significantly during the forecast period.
Rising Electricity Demand From Industries to Boost the Market Growth
The global substation market is segmented into Utilities and Industrial based on end-user. Due to a number of factors, including consistently rising demand from different industries, which in turn spurs market expansion, the industrial segment is predicted to have the largest share of the global substation market.
The integration of sustainable energy infrastructure, supported by funding from local regulatory authorities and institutions like the world bank, IFC, and similar organizations, along with the rising demand for electricity across a variety of industries, will favorably influence the industry dynamics. In addition to this, the use of simple-to-install, energy-saving, and dependable advanced technologies is likely to improve product implementation.
The Market Growth to be Driven by Government Initiatives and the Restart of Industrial Operations Following the Pandemic
The basics of several industries, including business income, consumer behavior, and some elements of industrial operations, were slightly affected by the pandemic. The government’s attempts to resolve the issue successfully enhanced the outlook for the industry further. Additionally, there is a high need for electricity in health centers across the globe. However, due to strict emission regulations and unstable power supply, more complex power equipment is being adopted.
Rising energy-saving technology trends and increased financial support for the construction of new grid infrastructure are expected to further improve the business environment. The industry spectrum is likely to be stimulated by a growing emphasis on upgrading and expanding the current power equipment with cutting-edge technology.
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Key Players Mentioned in the Report:
- ABB Ltd. (Switzerland)
- Trilliant Holdings Inc. (U.S.)
- ALSTOM (France)
- Schneider Electric. (France)
- Cisco Systems, Inc. (U.S.)
- Siemens (Germany)
- Eaton. (Ireland)
- General Electric (U.S.)
- Itron, Inc. (U.S.)
- Echelon Corporation (U.S.)
- February 2022- The GE Group is expected to oversee the installation of the upgraded digital monitoring, controls, and software systems that make up the digital substation, as outlined by GE and Bond. GE would provide the connection and power balance required between the offshore wind farm and the point of connection to the New York power grid.
North America to Lead the Global Substation Market Due to High Level of Electricity Consumption in the Region
North America to dominate the global substation market owing to several factors such as a high level of electricity consumption along with penetration of electronic equipment. As a result, the region requires effective electrical grids as well as transmission and distribution networks. Furthermore, the region is implementing infrastructure replacement projects, which is likely to fuel the market expansion.
Due to the constantly rising need for energy as the population expands, Asia Pacific is predicted to experience the largest growth in the substation automation market. The need for a consistent supply of power is increased by industry and rapid urbanization.
Key Players in the Market to Focus on Expanding Their Presence and Acquiring New Contracts
The substation market is widely fragmented with the presence of major market players in both developed and developing markets, which contributes to the market’s substantive expansion. These market participants have concentrated on expanding their presence and acquiring new contracts in order to survive in the competitive global market.
A few of the leading firms in the global substation market include ABB Ltd. (Switzerland), Trilliant Holdings Inc. (U.S.), ALSTOM (France), Schneider Electric. (France), Cisco Systems, Inc. (U.S.), Siemens (Germany), Eaton. (Ireland), General Electric (U.S.), Itron, Inc. (U.S.), Echelon Corporation (U.S.), and others.
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