Global Electric Substation Market Size, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3479
Global Electric Substation Market size will grow on account of ongoing integration of smart grid technology, enhancement of existing substation peripherals, and large-scale infusion of intermittent distributed generation networks. Moreover, nations including Brazil, China, India, and other emerging economies have witnessed a significant rise in electricity consumption thereby driving the demand for effective T&D infrastructure. In addition, industry focus towards the upscaling of mature & distressed electric infrastructure through the integration of IoT-based monitoring and control systems will further complement the industry outlook.
Large scale offshore wind installations utilizing extended array and export cables favored by utility proximities toward the deployment of offshore substation units will drive the electric substation market. Operational longevity & performance, network capacity, and ability to cater across a pool of load centers are few indispensable parameters evaluated to justify the technological adoption. Gas insulated substations have witnessed large scale integration across offshore deployments owing to their compact unit structure, operational safety and effective load handling capabilities when compared to the available auxiliary technologies.
Asia Pacific electric substation market will witness escalation on account of ongoing expansion of power T&D networks across countries including India, Indonesia, Singapore, Taiwan, and Malaysia. Rise in energy consumption in line with ongoing suburban migration, electrification reforms, and increase in population have compelled utilities to further extend their network accessibility and provide for long route electricity supply. Moreover, rapid digitalization across the industrial peripheral along with the advent of compact & energy efficient substation units have led foundation to the upgradation & revamp of the traditional electric infrastructure.
Electric substation market is set to gain momentum on account of rapid expansion of T&D networks including HVDC interconnection lines, Subsea connections, offshore support cables, large scale suburban electric networks and similar applications. Long route electric supply, assimilation of varied frequency AC circuits, optimum load balancing, and similar critical prospects demand for an effective network monitoring and control which in turn will boost the electric substation market share. Moreover, rapid commercialization and industrial expansion across emerging nations coupled with demand for the refurbishment of the traditional grid infarstructure across developed economies will positively influence the industry dynamics.
The Europe electric substation market will witness an upsurge on account of stringent energy efficiency norms supported by an increase in overall renewable energy consumption across the region. Domestic regulators have perpetually been channelizing technological expenditure with an aim to reinforce their regional T&D infrastructure. In addition, the integrated substructure to fortify European Union’s reforms including distribution of funds to establish a stable grid framework through the leveraging energy efficient equipment will further complement the business outlook.
Prominent electric substation market players include ABB, Schneider, Siemens, General Electric, Mitsubishi, CG, Eaton, and Others. Cost competitiveness, technology assisted product assortment along with organic and inorganic strategic implications are the key factors influencing industrial competition.
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