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Transmission Substation Market Trends

Report ID: GMI10349
Published Date: Jul 2024
Report Format: PDF

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Transmission Substation Market Trends

Digital substations are revolutionizing the market by replacing traditional electromechanical devices with digital counterparts. This transition improves operational efficiency, reduces physical footprint, and enhances safety. Digital substations use fiber optic communication instead of copper cables, enabling faster and more reliable data transfer. Advanced software platforms provide real-time insights into substation operations, facilitating better decision-making and fault management.

Smart grids enhance the efficiency, reliability, and sustainability of electricity services by enabling real-time monitoring and management of power flows. Internet of Things (IoT) devices play a crucial role in this transformation, providing data and analytics for predictive maintenance, fault detection, and demand response. Substations are increasingly equipped with sensors, automated controls, and communication technologies, allowing for better grid management and reduced operational costs.

Authors: Ankit Gupta, Utkarsh Mahajan

Frequently Asked Questions (FAQ) :

The market size of transmission substation was reached USD 81.7 billion in 2023 and will witness 2.6% CAGR up to 2032, due to the increasing global demand for electricity.

The conventional segment in the transmission substation market is expected to cross USD 96.6 billion by 2032, driven by the cost-effectiveness to install and maintain compared to their digital counterparts.

Asia Pacific transmission substation market is projected to surpass USD 56.7 billion by 2032, due to the urban growth and industrial development.

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