Asia Pacific Substation Market Size

Asia Pacific Substation Market size in 2023 was valued at USD 63.8 billion and is anticipated to grow at a CAGR of 3% by 2032 on account of rapid urbanization and industrialization that are increasing the demand for reliable electricity supply, thereby necessitating the expansion and modernization of power infrastructure, including substations.

Governments and private players across the region are investing heavily in infrastructure development, including power transmission and distribution networks, to support economic growth and meet rising energy demand. For instance, in April 2022, ABB India inaugurated an expanded facility for products belonging to substation and systems in India. This upgraded factory is designed to address the rising demand of variety of substation products and systems in India as well as in 50 countries worldwide.

The integration of renewable energy sources like solar and wind power into the grid is driving the need for more substations to accommodate these intermittent power sources. Furthermore, advancements in technology, such as smart grids and digital substations, are further fuelling market growth by improving efficiency, reliability, and grid management capabilities.

Asia Pacific Substation Market Trends

The growing preference for digitalization and smart technologies in substation infrastructure, are leading towards the adoption of digital substations, advanced monitoring systems, and integration of IoT and AI technologies. The growing focus on renewable energy integration, particularly with the rapid expansion of solar and wind power projects, will necessitate the development of substations.

There's a focus on modernization and upgrade of aging infrastructure to enhance grid resilience and accommodate future demand growth. This involves investments in retrofitting existing substations with advanced equipment and automation systems. Moreover, Increasing recognition of the importance of cybersecurity in substation operations will also lead to the investments in robust cybersecurity solutions to protect critical infrastructure against cyber threats.

Asia Pacific Substation Analysis

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Based on technology, the market is categorized into conventional and digital. The conventional segment is poised to cross USD 78.5 billion by 2032 owing to its established presence and reliability in Asia Pacific. Conventional substations utilize traditional components such as circuit breakers, transformers, and switches, offering a proven and cost-effective solution for electricity transmission and distribution. This segment will continue to dominate with existing infrastructure due to ongoing infrastructure development projects, increasing urbanization, and rising electricity demand in emerging economies across the Asia Pacific region.

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Based on application, the Asia Pacific substation market is transmission and distribution. Transmission segment is anticipated to grow with CAGR of more than 2.5% by 2032 due to a surge in investments driven by initiatives to integrate renewable energy sources into the grid. As countries in the Asia Pacific region strive to meet their renewable energy targets, there is a growing need for substations capable of efficiently transmitting electricity generated from sources such as wind and solar power to consumption centers.

Moreover, the transmission segment is benefiting from ongoing efforts to strengthen interconnection networks between countries in the region. Cross-border transmission projects are being pursued to facilitate the exchange of electricity, enhance energy security, and promote regional cooperation in the energy sector.

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China is anticipated to surpass USD 30.1 billion by 2032 due to ambitious infrastructure development plans, including the expansion of its power transmission and distribution networks. As China continues to urbanize and industrialize, there will be a crucial demand for reliable and efficient electricity infrastructure. Similarly in India, The government's targets for increasing the share of renewable energy in the country's energy mix will be driving investments in renewable energy projects and associated substation infrastructure.

The adoption of advanced technologies and smart grid solutions in Australia and Japan will increase the deployment of digital substations and grid automation systems. These countries’ focus on grid resilience and reliability, particularly in the face of extreme weather events such as bushfires and cyclones, will be driving investments in modern substations equipped with advanced monitoring and control systems.

Asia Pacific Substation Market Share

Companies like Hitachi, General Electric, and Siemens hold significant market share in the Asia Pacific substation industry due to their strong reputation for delivering high-quality products and reliable solutions. These companies have extensive experience in providing a wide range of substation equipment and services, including transformers, switchgear, and control systems.

Asia Pacific Substation Market Companies

• ABB
• Cisco Systems, Inc.
• CG Power & Industrial Solutions Ltd.
• Efacec
• Fuji Electric
• General Electric
• Hitachi Energy Ltd.
• Locamation
• L&T Electrical and Automation
• NR Electric Co., ltd.
• Open Systems International, Inc.
• Rockwell Automation, Inc.
• Siemens
• Schneider Electric
• SIFANG
• Texas Instruments Incorporated
• Tesco Automation Inc.
  

Asia Pacific Substation Industry News

• In 2022, the government of in India planned to enhance and update its electricity infrastructure through the implementation of smart meters and smart grid technologies. To finance this initiative, the state secured a fund of USD 157.5 million from the German bank KfW.
  
• In January 2022, CtrlS unveiled plans for the installation of Asia's largest Gas Insulated Substation (GIS) in India, a development set to revolutionize the country's data center sector. This cutting-edge GIS boasts a staggering initial capacity of 300MW, with the capability to expand up to an impressive 700MW. Supported by three distinct power sources and diversified pathways, it guarantees uninterrupted power supply, always ensuring 100% availability.
  

Asia Pacific substation market research report includes in-depth coverage of the industry with estimates & forecast in terms of “Units & USD Million” from 2021 to 2032, for the following segments:

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Market, By Technology, 2021 – 2032 (USD Million, Units)

• Metering & Field Equipment
• Hardware
• Software
• Networking Device
• Control Systems

Market, By Component, 2021 – 2032 (USD Million, Units)

• Substation Automation System
• Communication Network
• Electrical System
• Monitoring & Control System
• Others

Market, By Application, 2021 – 2032 (USD Million, Units)

• Transmission
• Distribution

Market, By Connectivity, 2021 – 2032 (USD Million, Units)

• ≤ 33 kV
• > 33 kV to ≤ 110 kV
• > 110 kV to ≤ 220 kV
• > 220 kV to ≤ 550 kV
• > 550 kV

Market, By Voltage Level, 2021 – 2032 (USD Million, Units)

• Low
• Medium
• High

Market, By End Use, 2021 – 2032 (USD Million, Units)

• Utility
• Industrial

Market, By Category, 2021 – 2032 (USD Million, Units)

• New
• Refurbished

The above information has been provided for the following countries across the regions:

• China
• India
• Japan
• South Korea
• Australia