Substation Market Share, Size, Trends, Industry Analysis Report, By Voltage (Low, Medium, and High); By Application; By End-User; By Component; By Technology; By Region; Segment Forecast, 2023 - 2032

Substation Market Share, Size, Trends, Industry Analysis Report, By Voltage (Low, Medium, and High); By Application; By End-User; By Component; By Technology; By Region; Segment Forecast, 2023 - 2032

The global substation market size is expected treach USD 185.24 billion by 2032, according ta new study by Polaris Market Research. The report “Substation Market Share, Size, Trends, Industry Analysis Report, By Voltage (Low, Medium, and High); By Application; By End-User; By Component; By Technology; By Region; Segment Forecast, 2023 2032” gives a detailed insight intcurrent market dynamics and provides analysis on future market growth.

Government regulations that are strict about providing inexpensive, uninterrupted electricity as well as a tendency toward improved energy efficiency, capacity growth, and technical developments will further propel the business. Voltage and reactive power regulation of substations have emerged as one of the essential methods for ensuring voltage quality and reactive power balance as well as for enhancing the economy and dependability of the distribution network due tthe rising demands on the reliability of the power source and the efficiency of the distribution system. Switchgear and substations are essential for ensuring a steady supply. As a result, numerous government programs have been developed in India for the transmission and distribution segment's network strengthening and modernization.

Furthermore, some of these programs, including the Integrated Power Development Scheme (IPDS) and Deendayal Upadhyaya Gram Jyoti Yojana (DDUGJY), are focused on building new substations and enhancing the ones that already exist across the nation's distribution utilities. As of December 2021, construction (including augmentation) had been completed on 7,179 substations under DDUGJY. By February 2022, 1,601 substations had been expanded and 991 new ones had been put intservice under the IPDS. The Revamped Distribution Sector Scheme (RDSS), which was just introduced, alsseeks tconcentrate on distribution infrastructure projects. Additionally, transmission utilities have already been putting a lot of effort intincreasing substation capacity timprove the network and make it possible for renewable energy tbe integrated more fully.

Additionally, the ongoing installation of technologically assisted smart units will increase demand for substations throughout the transmission and distribution network. Tmaximize total functionality, substation units will quickly integrate intelligent technology-aided systems, including monitoring hardware and software as well as powerline networks, tmeet the demand for the product. While installing or upgrading substations, however, a sizable number of automated technologies have been installed in conventional substation units tincrease and eliminate unnecessary incursion costs. Therefore, the market is growing rapidly with strict government regulations as well as automation technology adoption in the product.

Substation Market Report Highlights

The utilities segment is anticipated tgrow at a highest rate over the forecast period owing tthe rising demand for uninterrupted power supply as well as the growth in the installation of effective power grids.

The medium voltage segment accounted for largest revenue share. The need for medium voltage supply will rise across industrial and commercial sectors as a result of urbanization and industrialization.

Europe is expected tgrow at a highest rate over the projected period. As the need for a reliable power supply grows, this region is constantly growing its capacity for energy production. Infrastructure spending for the power grid is alsrising.

The global players include ABB Inc., Beiden Corp., Eaton Inc., Efacec Corp., General Electric Corp., NEI Electric Power Engineering, Inc., Rockwell Automation Corp., Siemens AG, Schneider Electric Limited, TescAutomation Inc., Texas Instruments Incorporated, and Toshiba Corporation.

Polaris Market Research has segmented the Substation market report based on voltage, technology, component, end-user, application, and region:

Substation, Voltage Outlook (Revenue - USD Billion, 2019 - 2032)

Low

Medium

High

Substation, Application Outlook (Revenue - USD Billion, 2019 - 2032)

Transmission

Distribution

Substation, End-User Outlook (Revenue - USD Billion, 2019 - 2032)

Utilities

Industrial

Substation, Component Outlook (Revenue - USD Billion, 2019 - 2032)

Substation Automation System

Communication Network

Electrical System

Transformer

Busbar

Protection Devices

Circuit Breaker

Protective Relay

Switchgear

Monitoring & Control System

Human Machine Interface

Programmable Logic Controller

Others

Others

Substation, Technology Outlook (Revenue - USD Billion, 2019 - 2032)

Conventional

Digital

Substation, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

North America

U.S.

Canada

Europe

Germany

UK

France

Italy

Spain

Russia

Netherlands

Asia Pacific

China

India

Japan

South Korea

Indonesia

Malaysia

Latin America

Argentina

Brazil

Mexico

Middle East & Africa

UAE

Saudi Arabia

Israel

South Africa
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