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Electric Substation Market size is expected to record an appreciable CAGR from 2023 to 2032. Electric substations constitute the interface between transmission systems and parts of the distribution grid in a particular region. These devices are also equipped with circuit breakers that are incorporated to protect the distribution system and can be effectively used for controlling the flow of current in numerous directions.
The February 2022 Russian invasion of Ukraine tremendously impacted Ukrainian civilians and the civilian infrastructure. Rupture of critical infrastructure, widespread use of explosive weapons on Ukrainian towns and cities, and use of controversial weapons such as landmines, cluster munitions, and incendiary weapons have resulted in massive levels of destruction impacting the electric substation market not only across the country, but the world.
In terms of type, the electric substation market from AIS substation segment is anticipated to register considerable growth through 2032. This is because the main circuit potential in these substations is insulated from the ground by air with the help of composite or porcelain bushings or insulators. Furthermore, AIS substations comprise air-insulated technology components, including capacitors, power transformers, circuit breakers, instrument transformers, disconnecting switches, bus bars, and surge arrestors.
The power transmission and distribution application segment is estimated to account for a substantial business share of the electric substation market by 2032. Electric substations form a crucial part of electrical generation, distribution, and transmission systems and is highly useful in transforming voltage from high to low as per requirements. Substations are also used for dispatching electric power from generating stations to the consumption center.
North America electric substation market is predicted to observe lucrative growth through 2032. This growth is attributed to the stringent regulatory electric framework and policies in the region. For instance, the U.S. EIA’s (Energy Information Administration) interactive U.S. Energy Atlas has a data catalog and an electricity map application. The catalog comprises data and locations for electric substations chiefly associated with electric power transmission.
Prominent players in the electric substation market comprise Mitsubishi, ABB, Eaton, Siemens, CG, Caverion, Schneider, General Electric, and others. These firms are focused on implementing strategic initiatives such as mergers, acquisitions, collaborations, partnerships, and the development and rollout of different substations to establish a strong foothold in the industry.
For instance, in 2022, Caverion acquired TM Voima’s substation and transmission line units. With this acquisition, Caverion plans to bolster its presence in the energy sector and enable further growth for the company, especially in the substation business.