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Substation Market Size

Report ID: GMI4485
Published Date: May 2023
Report Format: PDF

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Substation Market Size

Substation Market size valued at USD 114 billion in 2022 and is estimated to grow at 3.4% CAGR from 2023 to 2032. The substation unit serves as the junction point for electrical networks where transformers, bus bars, circuit breakers and switches join transmission and distribution lines. By essentially lowering or raising the voltage in transmission lines to a level acceptable for the distribution system, this permits the regulation of energy flow through the network.

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The electrification of the off-grid network combined with a regional movement towards the use of renewable power infrastructure will accelerate the market growth. Strict government regulations for affordable, reliable electricity as well as a preference for increased energy efficiency, capacity growth, and technological developments.

Substation Market Report Attributes
Report Attribute	Details
Base Year:	2022
Substation Market Size in 2022:	USD 114 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	3.4%
2032 Value Projection:	USD 164.3 Billion
Historical Data for:	2019 to 2022
No. of Pages:	618
Tables, Charts & Figures:	1,299
Segments covered:	Technology, Component, Application, Connectivity, Voltage Level, End Use, Category
Growth Drivers:	North America & Europe Expansion of smart grid networks Refurbishment & retrofit of existing grid infrastructure Asia Pacific Rising peak load demand Expansion of micro-grid networks Grid stability & security of supply concerns Middle East, Africa & Latin America Increasing electricity demand Integration of a sustainable energy infrastructure
Pitfalls & Challenges:	Slow paced technological evolution across developing regions High dependency on imports

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Authors: Ankit Gupta, Riya Gupta

Frequently Asked Questions (FAQ) :

The market size of substation was worth around USD 114.0 billion in 2022 and is predicted to be valued at USD 164.3 billion by 2032, driven by the expanding renewable power infrastructure and accelerating electrification of off-grid networks.

The substation industry share from the digital segment is expected to grow at over 6% CAGR through 2032, attributed to continuous reforms in government regulatory policies and rising demand for safe and dependable electronic infrastructure.

The substation automation system segment size is poised to grow substantially during 2023-2032, given the increasing focus on developing cutting—edge technologies and flourishing automation trends across the industrial sector.

Notable players in the industry include Hitachi Energy Ltd., Efacec, Tesco Automation Inc., Locamation, Texas Instruments Incorporated, Netcontrol Group, Belden Inc., NR Electric Co., Ltd., Siemens, General Electric, Eaton, Schneider Electric, ABB.