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Medium Voltage Substation Market Trends

Report ID: GMI8455
Published Date: Mar 2024
Report Format: PDF

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Medium Voltage Substation Market Trends

The medium voltage substation industry is witnessing a substantial growth owing to various factors including the increasing focus on renewable energy integration, smart grid technologies, and digitalization, thus evolving the substation technology to accommodate fluctuating energy demands. Moreover, the electrification of transportation necessitates upgrades for accommodating higher electrical loads. These trends collectively drive innovation and efficiency, reflecting a shift towards more resilient and sustainable medium voltage substations.

Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The market size of medium voltage substation was reached USD 47.1 billion in 2023 and is expected to register 4.2% CAGR from 2024 to 2032, owing to the increasing urbanization, industrialization, and infrastructural development worldwide.

The conventional segment recorded over 90% share of the medium voltage substation market in 2023 and is expected to register an appreciable CAGR from 2024 to 2032, due to these substations facilitating the transformation and distribution of electricity across medium voltage networks.

Asia Pacific medium voltage substation industry crossed USD 33 billion by 2032 and is expected to register a commendable CAGR from 2024 to 2032, due to rapid industrialization, urbanization, and infrastructural development in the region.

ABB, Cisco Systems, Inc., Eaton, Efacec, General Electric, Hitachi Energy Ltd., Locamation, Netcontrol Group, Rockwell Automation, Inc., and Schneider Electric, are some of the major medium voltage substation companies worldwide.