Global Substation Market size to exceed $210bn by 2026

Global Substation Market size is expected to surpass USD 210 Billion by 2026, as reported in the latest study by Global Market Insights, Inc.
 

Enhancing product configurations coupled with rising demand for reliable and safe electrical setup across commercial, utility, residential and industrial establishments will favor the technological penetration. Furthermore, allied regulatory updates & initiatives positively influenced by standard product specifications for installer & consumers have infused a favorable business scenario. Moreover, regional shift toward the integration of renewable electricity network across standalone infrastructure incorporate a commendable industry growth. Henceforth, positive economic & industrial proximities along with regulatory assistance will stimulate the business landscape.

 

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Increasing inclination of manufactures & suppliers will drive the global substation market growth

Ongoing development of transmission capacity, temporary load support and quick disaster response are the key factors positively influencing the installation of conventional substation units. However, maintenance issues and high cost of installation may hamper the product penetration. In the recent years, digital substation market has gained prominence on account of reliability & availability, interoperability, smart grid communications capabilities, ease of configuration & installation, and reduced copper cabling. In addition, suppliers & manufacturers have continuously been aligning their R&D investments to develop and expand system portfolios.
 

Increasing demand for electricity from large-scale industries is predicted to boost the substation industry size

Rising demand for electricity from the large-scale manufacturing industries & process plants have incorporated a positive business scenario. Furthermore, installation of energy efficient, smart, reliable and ease in installation technologies will energize the product adoption. Increasing fund allocation towards the development of cross border transmission to supply power with less line losses have been continuously driving the substation market outlook. The EU network announced to invest USD 400 billion (Euros 360 billion) by 2020 from which about two third of the funds will be utilized to upgrade and install the distribution infrastructure across the region.
 

Browse key industry insights spread across 4617 pages with 1850 market data tables & 36 figures & charts from the report, “Global Substation Market Share By Technology (Conventional, Digital), By Component (Electrical System {Transformer, Busbar, Protection Devices [Circuit Breaker, Protective Relay, Switchgear]}, Monitoring & Control System {Human Machine Interface, Programmable Logic Controller, Others}, Others), By Application (Transmission, Distribution), By Connectivity (< 33 kV, 33 kV to 110 kV, 110 kV to 220 kV, 220 kV to 550 kV, > 500 kV), By Voltage Level (Low, Medium, High), By End Use (Utility, Industrial), By Category (New, Refurbished), Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026”in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/substation-market
 

Development of large-scale residential establishments will drive the industry scenario

In the recent years, medium & low voltage substations for up to 145 kV have gained impetus owing to rapid commercial expansion and large-scale residential applications across the developing countries. In addition, the suburbanization has led to the development of residential complexes and multi-storey buildings escalating the business growth. Favorable regulatory and consumer inclination toward the adoption of renewable electricity infrastructure will further complement the industry landscape.
 

Rising incorporation of government & regulatory directives will positively influence the product penetration

Utility aided grid infrastructure has been favored by government and regulatory directives in accordance with the electric infrastructure deployment. Positive regulatory directives & schemes toward rural electrification in line with the adoption of decentralized micro-grid network across off grid areas have augmented the substation market demand. Moreover, incorporation of renewable energy network supported by investments from local regulatory authorities & financial institutions including IFC, the world bank and other similar organizations across emerging countries will positively sway the business dynamics.
 

Ongoing infrastructure establishments across the Asia Pacific will drive the business growth

Ongoing urbanization supported by rapid infrastructural developments across Asia Pacific including India and China will stimulate the efficient T&D systems demand. Inclination toward retrofitting & refurbishment of overhead electricity lines with underground transmission network will further escalate the product penetration. In 2019, L&T India’s subsidiary Power Transmission & Distribution entered into an agreement worth USD 300 million for design, construction and supply of a new 132/11 kV substation across UAE.
 

Prominent participants across the substation market include Open Systems International, Beijing Sifang Automation Co., Guodian Nanjing Automation Co., L&T, ABB, Tesco Automation, NetControl, Belden Inc., Locamation, Efacec, NR Electric, Texas Instruments, Emerson, Schneider, Siemens, GE, Eaton, Rockwell Automation and Cisco Systems.
 

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