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As the global push for sustainability intensifies, utilities are increasingly integrating renewable energy sources such as solar, wind, and hydroelectric power into their grids. This trend necessitates the development of low voltage substations capable of managing the fluctuations associated with renewable energy. Innovations in inverter technology and grid storage solutions are also enhancing the reliability and efficiency of these systems. The evolution towards smart grids is a significant trend influencing utility-scale substations. Smart grids leverage advanced communication technologies, sensors, and automation to enhance the efficiency and reliability of power distribution.
Utilities are investing in digital substations equipped with real-time monitoring and predictive maintenance capabilities, which improve operational efficiency and reduce downtime. Automation is transforming how substations operate. Digital solutions, including supervisory control and data acquisition (SCADA) systems, are enabling utilities to remotely monitor and control their substations. This shift towards automated operations is improving response times during outages and allowing for better management of electrical loads.
Major players include ABB, CG Power, Eaton, Efacec, General Electric, Hitachi Energy, L&T Electrical and Automation, Locamation, Open System International, Rockwell Automation, Schneider Electric, Siemens, Tesco Automation, and Texas Instruments.
The U.S. market for utility scale low voltage transmission substation is anticipated to surpass USD 1.1 billion by 2032, fueled by efforts to modernize aging electrical infrastructure and enhance reliability and efficiency.
The electrical system segment is projected to grow at a CAGR of 2.6% through 2032, propelled by the increasing integration of renewable energy sources into the grid.
The conventional technology segment is expected to exceed USD 12.1 billion by 2032, due to its proven reliability, cost-effectiveness, and seamless integration into existing systems.
The global market for utility scale low voltage transmission substation was reached USD 10.1 billion in 2023 and is estimated to grow at a 2.8% CAGR from 2024 to 2032, driven by the increasing demand for reliable and efficient power distribution systems.