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Substation Market Trends

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

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Substation Market Trends

Rapid expansion of the electricity T&D sector is projected owning to the rising need for effective transmission & distribution control systems. Business opportunities will be further bolstered by a paradigm shift towards the improvement of existing infrastructure and the limited availability of efficient electrical grids in developing nations. Additionally, the deployment of substations will provide an uninterrupted supply of power and extend the life of the power grid, which will boost the industry dynamics. Additionally, favourable industrial and economic proximity along with regulatory support will enhance the business environment.

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.