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Asia Pacific Substation Market Size
- Report ID: GMI9538
- Published Date: May 2024
- Report Format: PDF
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.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Asia Pacific Substation Market Size in 2023: | USD 63.8 Billion |
| Forecast Period: | 2024 – 2032 |
| Forecast Period 2024 – 2032 CAGR: | 3% |
| 2024 – 2032 Value Projection: | USD 83.1 Billion |
| Historical Data for: | 2021 – 2023 |
| No. of Pages: | 350 |
| Tables, Charts & Figures: | 15 |
| Segments covered: | Technology, Component, Application, Connectivity, Voltage Level, End Use, and Category |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Frequently Asked Questions (FAQ) :
Asia Pacific Substation Market Scope
