Electric Substation Market Size, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2024 – 2032

Electric Substation Market Size

Electric Substation Market is expected to exhibit robust growth from 2024 to 2032 driven by the increasing demand for electricity worldwide. With the growing population, rapid expansion of economies, and the improving living standards, there is a corresponding rise in electricity consumption across the residential, commercial, and industrial sectors. This escalating demand is necessitating the expansion, upgrade, and reinforcement of electric substations to ensure reliable and efficient power distribution. Utilities are investing on constructing new substations and upgrading existing ones to accommodate higher power loads, mitigate transmission constraints, and improve the grid reliability in modern society while ensuring a resilient and sustainable energy infrastructure.
 

Simultaneously, private utilities and energy companies are expanding their transmission and distribution networks to meet the growing electricity demand and comply with regulations. These investments are leading to the construction of new substations, installation of advanced equipment, and adoption of smart grid technologies, further fueling the market growth.  
 

Electric Substation Market Trends

The ongoing grid modernization initiatives worldwide are fueling the market growth as several governments and utilities are investing in upgrading the aging grid infrastructure to enhance reliability, efficiency, and resilience.
 

Electric Substation Market Analysis

In terms of type, market share from the AIS substation segment is anticipated to register considerable growth through 2032. This can be attributed to the main circuit potential in these substations being insulated from the ground by air with the help of composite or porcelain bushings or insulators. AIS substations comprise air-insulated technology components, including capacitors, power transformers, circuit breakers, instrument transformers, disconnecting switches, bus bars, and surge arrestors. These systems are gaining traction due to their reliability and cost-effectiveness, contributing to their widespread use in various applications.
 

The electric substation market from the power transmission and distribution application segment is anticipated to account for substantial revenue share by the end of 2032. Electric substations form a crucial part of electrical generation, distribution, and transmission systems and are highly useful in efficiently transforming and transmitting voltage from high to low as per requirements over long distances. They are also used for dispatching electric power from generating stations to the consumption center. The ongoing efforts for modernizing transmission and distribution networks is necessitating the construction of new substations and the upgradation of existing ones. Moreover, rapid advancements in smart grid technologies and renewable energy integration will further boost the segment growth.
 

Given the regional landscape, the North America electric substation market is slated to depict lucrative gains between 2024 and 2032 attributed to the stringent regulatory electric framework and policies in the region. For instance, the interactive U.S. Energy Atlas of the EIA (Energy Information Administration) has a data catalog and an electricity map application. The catalog comprises data and locations for electric substations chiefly associated with electric power transmission. Furthermore, the rise in government initiatives aimed at grid modernization, renewable energy integration, and electrification projects further stimulate the market growth.
 

Electric Substation Market Share

Several electric substation firms are focusing on implementing strategic initiatives, such as mergers, acquisitions, collaborations, partnerships, as well as the development and rollout of different substations to establish a strong foothold in the market. To illustrate, Siemens emerged as a prominent industry contender for its expertise in providing advanced substation solutions, including automation, protection, and control systems for efficient electrical grid management.
 

Prominent players in the electric substation industry are -

• Mitsubishi
• ABB
• Eaton
• Siemens
• CG
• Caverion
• Schneider
• General Electric
   

Electric Substation Industry News

• In January 2024, Hitachi Energy introduced SAM600 3.0, a process interface unit (PIU) designed for use in transmission utilities to expedite digital substation deployment.
   
• In December 2023, Blackstone announced that the private equity firms linked with the company concluded the acquisition of Power Grid Components, Inc. ("PGC") from Shorehill Capital LLC.