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High Voltage Substation Market Size
High Voltage Substation Market was valued at USD 34 billion in 2023 and is anticipated to grow at a CAGR of 2.5% from 2024 to 2032, owing to the increasing global demand for electricity, driven by population growth, urbanization, and industrialization, necessitates the expansion and modernization of electrical infrastructure. The integration of renewable energy sources into the grid requires the development of new substations capable of handling variable and decentralized power generation. Additionally, advancements in technology, such as smart grid solutions and high-efficiency transformers, are driving the demand for modernized substations.
Governments and utilities worldwide are investing in upgrading aging electrical infrastructure to ensure a stable and efficient power supply, which is driving market growth. Additionally, advancements in automation and remote monitoring technologies are enhancing the operational efficiency and safety of substations. In November 2022, the National Renewable Energy Laboratory (NREL) partnered with the Sacramento Municipal Utility District (SMUD) to introduce an automation tool aimed at facilitating the integration of customer solar power into the grid. NREL developed PRECISE, which conducts rapid and automated interconnection assessments, seamlessly integrating with SMUD's existing interconnection business processes.
Why is the demand for conventional high voltage substation growing?
High voltage substation industry from the conventional segment and is expected to cross USD 40.3 billion by 2032 due to its established infrastructure, reliability, and lower initial investment costs.
What is the size of the Asia Pacific high voltage substation market?
Asia Pacific high voltage substation industry is estimated to surpass USD 22.6 billion by 2032 due to government initiatives and policies that are boosting the need for modern substations capable of integrating these variable energy inputs into the grids in the region.
How big the high voltage substation market?
The market size of high voltage substation was reached USD 34 billion in 2023 and is likely to register 2.5 CAGR from 2024 to 2032, owing to the increasing global demand for electricity, driven by population growth, urbanization, and industrialization worldwide.
Who are the key leaders in the high voltage substation industry?
Efacec, Eaton, Locamation, NR Electric Co., ltd., NetControl Group, Open Systems International, Inc., Rockwell Automation, Inc., Siemens, Schneider Electric, SIFANG, Texas Instruments Incorporated, and Tesco Automation Inc., are some of the major high voltage substation companies worldwide.