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Distribution Substation Market Trends

Report ID: GMI10391
Published Date: Jul 2024
Report Format: PDF

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Distribution Substation Market Trends

The shift towards cleaner energy is driving the incorporation of renewable energy sources such as wind, solar, and hydro into the grid. Distribution substations are being upgraded and designed to handle the intermittent and variable nature of renewable energy. This integration requires advanced control systems and flexible infrastructure to ensure a stable and reliable power supply. The transition to smart grids is a significant trend in the distribution substation market.

Smart grids leverage digital communication technology to detect and react to local changes in usage, improving the efficiency and reliability of electricity distribution. Substations are increasingly equipped with sensors, automated controls, and real-time monitoring systems that facilitate better management and optimization of the electrical grid.

The use of Internet of Things (IoT) devices and Artificial Intelligence (AI) in substations is becoming more prevalent. IoT-enabled sensors and devices provide real-time data on equipment performance, environmental conditions, and energy consumption. AI algorithms analyze this data to predict potential failures, optimize load distribution, and enhance decision-making processes, leading to improved operational efficiency and reduced downtime.

Authors: Ankit Gupta, Utkarsh Mahajan

Frequently Asked Questions (FAQ) :

The market size of distribution substation was reached USD 39.8 billion and is expected to grow at 2.6% CAGR during 2024 to 2032, due to the rising demand for reliable electricity supply in residential, commercial, and industrial sectors.

The conventional distribution substation market is expected to cross USD 54 billion by 2032, since these substations have a long track record of providing reliable and stable electricity distribution.

Asia Pacific distribution substation market is anticipated to surpass USD 26 billion by 2032, due to significant urban growth.

ABB, CG Power & Industrial Solutions Ltd, Efacec, Eaton, General Electric, Hitachi Energy Ltd, L&T Electrical and Automation, and Locamation among others.