Home > Energy & Power > Electrical Equipment > Substation > Low Voltage Substation Market

Low Voltage Substation Market Trends

Report ID: GMI10006
Published Date: Jun 2024
Report Format: PDF

Download Free Sample

Low Voltage Substation Market Trends

The low voltage substation industry is experiencing significant growth due to various factors such as the rising emphasis on integrating renewable energy, advancements in automation and smart grid technologies, and increasing digitalization. In 2022, renewable energy sources comprised 23% of the gross final energy consumption in the EU, spurring deployment opportunities across Europe. The demand for enhanced grid reliability and the integration of energy storage solutions are driving innovation in substation design. Additionally, the push for urbanization and industrial expansion requires more robust and scalable substation infrastructure. These trends are fostering the development of more efficient and resilient low voltage substations, catering to evolving energy needs.

Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The market size of low voltage substation was reached USD 40.4 billion in 2023 and is projected to grow at 2.3% CAGR during 2024 to 2032, driven by the increasing demand for reliable and efficient power distribution systems to support expanding urbanization and industrialization.

The conventional segment will reach over USD 44 billion by 2032, as conventional low voltage substations facilitate the reliable and efficient transformation and distribution of electricity across low voltage networks.

Asia Pacific low voltage substation market is expected to surpass USD 26 billion by 2032, driven by rapid industrialization, urbanization, and infrastructure development.

AF Switchgear Ltd, AK Transformers, Boerstn Electric Co.,Ltd, Cisco Systems, Inc, DOHO Electric, Eaton, Efacec, EVR Power, General Electric among others.