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Utility Scale Distribution Substation Market Trends

  • Report ID: GMI11421
  • Published Date: Sep 2024
  • Report Format: PDF

Utility Scale Distribution Substation Market Trends

The global push towards reducing carbon emissions and mitigating climate change has led to an increase in the adoption of renewable energy sources such as wind, solar, and hydropower. These renewable energy sources pose unique challenges for the traditional power grid and the need for decentralized generation for the smart grids which is further propelling the evolution of the utility-scale distribution substation market. Smart grids are modernized electrical grids that leverage digital technology to manage electricity more efficiently, to improve reliability and to integrate renewable energy sources.
 

The increasing focus on grid resilience and reliability is driving investments in the utility-scale distribution substation market. Utilities are prioritizing the hardening of their infrastructure to upgrade their substations with more robust and weather-resistant equipment, implementing redundancy measures and deploying advanced grid management systems that can quickly restore power in the event of an outage. The utility-scale distribution substation market is evolving rapidly in response to the changing energy landscape. The integration of renewable energy sources, digitalization, the rise of smart grids, the importance of energy storage, decentralized generation, and the focus on grid resilience are all driving factors of this transformation.

Authors: Ankit Gupta, Utkarsh Mahajan

Frequently Asked Questions (FAQ) :

The market size of utility scale distribution substation was worth over USD 28.3 billion in 2023 and is anticipated to register 3.8% CAGR between 2024 and 2032, driven by the growing demand for reliable electricity.

The conventional segment in the utility scale distribution substation market is expected to reach USD 37.1 billion by 2032, due to reliability of traditional electromechanical components for offering robust long-term performance and making it preferred by many utility companies.

Asia-Pacific utility scale distribution substation market is expected to reach USD 16.9 billion by 2032, fueled by rapid urbanization, industrial expansion, increasing energy demand and a strong focus on upgrading aging infrastructure across the region.

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

Utility Scale Distribution Substation Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 14
  • Tables & Figures: 9
  • Countries covered: 22
  • Pages: 100
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