Substation Market size to exceed USD 130bn by 2027

Global Substation Market size is anticipated to surpass USD 130 billion by 2027, as reported in the latest study by Global Market Insights Inc.
 

Global substation industry will witness growth on account of enhanced product configurations along with growing demand for reliable and secure electrical installations across utility, commercial, residential, and industrial establishment. A substation is an integral part of an electricity generation, transmission & distribution system which transforms high voltage to low voltage or vice versa. The rapid integration of sustainable energy infrastructure coupled with rising electricity and peak load demand will augment the overall industry size.
 

Rapid inclination of suppliers & manufacturers toward safe and reliable electricity generation will boost the global substation market share

Continuous development of transport capacity, rapid disaster response, and temporary load bearing will positively influence the adoption of conventional substation units. However, high cost of installation along with maintenance issues can hinder the product penetration. Moreover, in recent years, prominence of digital substation units has increased substantially owing to the interoperability, reliability & availability, ease of configuration, installation smart grid, communication capabilities, and reduction in copper cabling.
 

Browse key industry insights spread across 780 pages with 1,784 market data tables & 38 figures & charts from the report, “Substation Market Forecasts By Technology (Conventional, Digital), By Component (Substation Automation System, Communication Network, Electrical System {Transformer, Busbar, Protection Devices [Circuit Breaker, Protective Relay, Switchgear]}, Monitoring & Control System {Human Machine Interface, Programmable Logic Controller}), By Application (Transmission, Distribution), By Connectivity (≤ 33 kV, > 33 kV to ≤ 110 kV, > 110 kV to ≤ 220 kV, > 220 kV to ≤ 550 kV, > 550 kV), By Voltage Level (Low, Medium, High), By End Use (Utility, Industrial), By Category (New, Refurbished), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share, and Forecast, 2021 – 2027” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/substation-market
 

Digital transformation and integration of smart monitoring and control units will continue to boost the product adoption

Ongoing investments by utilities for uninterruptible electricity supply along with digital transformation and system automation will complement the business scenario. The integration of smart monitoring and control units coupled with growing focus toward enhancement of product configurations will further stimulate the product demand.
 

Rising electricity demand from large-scale industries will augment the substation market forecasts

Growing electricity demand from processing plants and large-scale manufacturing industries will positively influence the industry scenario. Installation of smart, energy-efficient, easy-to-install, and reliable technologies will fuel product adoption. Increasing funding cross-border transmission network development along with reduced line losses will further stimulate the business spectrum.
 

Ongoing development of large-scale residential establishments will drive the business landscape

Rapid commercial expansion along with large-scale residential applications will augment the medium and low voltage substations market size. Favorable regulations in line with growing consumers inclination toward renewable electricity infrastructure adoption will further complement the business landscape. The growing demand for low-voltage smart control systems combined with favorable power distribution reforms will stimulate the overall industry expansion.
 

Growing electricity demand across the Middle East & Africa will augment business growth

Rapid electricity consumption along with ongoing integration of sustainable energy infrastructure across the commercial sector will stimulate the ≤ 33 kV rated substations across the Middle East & Africa. For instance, as per Saudi Electricity Company, regulators across Saudi Arabia have evaluated investments worth USD 140 billion to integrate smart grid systems as well as effectively sustain growing electricity demand by 2020. Ongoing public and private investments followed by government inclination toward the restructuring of grid network will sway the product demand.
 

Initiatives by governments to resume operations for effective management post pandemic outbreak will augment the industry outlook

Considering the COVID- 19 impact, construction, development, and maintenance of power infrastructure were operational followed by no prohibitions by government on construction of new energy projects. However, respective government measures to resume the operations across major industries, manufacturing facilities, and infrastructure projects will complement the business growth.
 

Ongoing agreements and collaborations along with strategic partnerships among the players will accelerate the business scenario

Prominent players functioning across the industry include Siemens, Locamation, Efacec, NetControl Group, Tesco Automation, Texas Instruments, Belden, NR Electric, Alphapower Electrical Technology PLC, Hitachi ABB Power Grids, General Electric, Schneider Electric, Eaton, Cisco Systems, Rockwell Automation, L&T Electrical and Automation, Open System International, cgglobal, Emerson Electric, SIFANG, and Guodian Nanjing Automation. Strategic implications including partnerships, mergers, and acquisitions among the leading players will boost the industry spectrum. For instance, in June 2021, Texas Instruments acquired Micron Technology's 300-mm semiconductor production factory situated at Lehi, Utah, with total valuation of USD 900 million, helping the company to increase its substation and power systems production at a larger scale.