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Asia Pacific Substation Market Trends

Report ID: GMI9538
Published Date: May 2024
Report Format: PDF

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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.

Authors: Ankit Gupta, Utkarsh Mahajan

Frequently Asked Questions (FAQ) :

Asia Pacific substation industry size was worth USD 63.8 billion in 2023 and is projected to expand at 3% CAGR from 2024 to 2032, led by the rapid urbanization and industrialization that are increasing the demand for reliable electricity supply in the region.

The conventional technology segment in the Asia Pacific substation market is projected to account for more than USD 78.5 billion by 2032, due to its established presence and reliability in the region.

The transmission application segment in the Asia Pacific substation industry is projected to record over 2.5% CAGR between 2024 and 2032, due to the surge in investments driven by initiatives to integrate renewable energy sources into the grid.

China substation industry will account for more than USD 30.1 billion by 2032, due to ambitious infrastructure development plans, including the expansion of its power transmission and distribution networks.