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Industrial Substation Market Trends

Report ID: GMI8429
Published Date: Mar 2024
Report Format: PDF

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Industrial Substation Market Trends

Industrial substation industry trends include a growing emphasis on digitalization and automation, enhancing grid efficiency and reliability. Increasing integration of renewable energy sources like solar and wind power is driving demand for modernized substations. Additionally, the adoption of smart grid technologies and advancements in power electronics are reshaping the industrial substation landscape, facilitating more flexible and sustainable energy distribution networks.

Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The market size of industrial substation was reached USD 62.5 billion in 2023 and is projected to record a CAGR of over 3.7% through 2032, driven by increasing demand for reliable and efficient electricity distribution, spurred by urbanization and industrialization.

Conventional industrial substations segment held a market share of over 90% in 2023 and is anticipated to grow substantially in coming years, owing to their reliability and cost effectiveness.

Asia Pacific industrial substation industry is projected to garner over USD 44 billion by 2032, propelled by rapid urbanization, industrial expansion, and infrastructure development across the region.

ABB, Belden Inc., Cisco Systems, Inc., Eaton, Efacec, General Electric, Hitachi Energy Ltd., Locamation, Netcontrol Group, NR Electric Co., Ltd., Rockwell Automation, Inc. are some of the major industry contenders.