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Low Voltage Transmission Substation Market Trends

Report ID: GMI11061
Published Date: Aug 2024
Report Format: PDF

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Low Voltage Transmission Substation Market Trends

The integration of smart grid technology is a major trend in the low voltage transmission substation industry. Smart grids incorporate advanced monitoring, automation, and control technologies that enhance the efficiency, reliability, and resilience of power distribution systems. Substations are being equipped with intelligent devices and sensors that enable real-time data collection, analysis, and remote operation, allowing utilities to respond swiftly to changing grid conditions and manage energy flows more effectively.

The global shift towards renewable energy sources, such as solar and wind, is significantly impacting the low voltage transmission substation market. As the penetration of these variable energy sources increases, there is a growing need for substations that can handle fluctuations in energy generation. This has led to the development of substations with advanced power electronics, such as inverters and converters, that can manage the integration of renewable energy into the grid. Additionally, the trend towards decentralized energy generation is driving the need for substations that can accommodate distributed energy resources (DERs).

Authors: Ankit Gupta, Utkarsh Mahajan

Frequently Asked Questions (FAQ) :

The market size of low voltage transmission substation was worth over USD 13.7 billion in 2023 and is expected to witness 3.4% CAGR through 2032, due to increasing demand for electricity, urbanization, and the expansion of renewable energy sources.

The low voltage transmission substation market from the conventional segment is expected to cross USD 17.2 billion by 2032, owing to its established reliability, cost-effectiveness, and widespread adoption.

Asia Pacific low voltage transmission substation market size is anticipated to surpass USD 10 billion by 2032, led by the accelerating pace of urbanization in China, India, and Southeast Asian nations.

ABB, CG Power & Industrial Solutions Ltd., Efacec, Eaton, General Electric, Hitachi Energy Ltd., L&T Electrical and Automation, Locamation, Open System International, Inc., Rockwell Automation, Inc., and Schneider Electric.