According to Ameco Research, the global substation market size is projected to grow a CAGR above 3% over the forecast timespan and reach a market value of around USD 1,23,410 million by 2030.
The geographic shift toward renewable electricity facilities, combined with off-grid electrification, will drive global substation market growth. Also, strict government regulations requiring affordable, uninterrupted power, as well as a preference for capacity expansion, increased energy efficiency, and technological advancements will drive the substation market even further.
Substations are critical components of the energy grid that provide customers with reliable electricity. Substations contain high-voltage electrical equipment such as switchgear, transformers, circuit breakers, and other components. The substation is an excellent voltage installation that can control power plants, circuit design, and structures. The configuration is mainly used to convert alternating current to direct current and comes in a variety of sizes and voltage levels, as well as a built-in transmitter and affiliated switches.
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Global Substation Market Growth Aspects
In recent decades, the majority of the world’s population has seen an increase in power consumption. Energy consumption has increased due to strong economic growth, population growth, and increased industrialization. Electric-powered equipment is becoming increasingly popular all over the world. Several emerging markets are experiencing increased energy demand as a result of the development of new and additional power generation. Rapid population growth, combined with rising living standards, drives the market demand for continuous electricity generation. To meet rising energy demand, several economies are increasing power production as well as grid capital for efficient distribution and transmission. As a result of the aforementioned factors, demand for the substation market is expected to rise in the coming years.
Rising energy demand, a trend toward energy sector digitalization, and excessive government investments in public infrastructure are all expected to propel the global substation market forward. Governments in both advanced and developing regions are investing heavily in advanced power infrastructure research and development. Their strategy for providing unavoidable energy to the industrial and residential sectors is rapidly expanding. The desire of developed countries to shift away from hydrocarbons and toward renewable technology is growing. They are heavily investing in the development of new wind and solar projects to capture as much energy as possible to meet rising demand.
North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa are the regional classification of the global substation market. The Asia-Pacific region is expected to dominate the market and hold a significant share until 2028. Energy consumption in this region is rapidly increasing as the population grows. Rapid industrialization and urbanization necessitate a dependable power supply. Infrastructure and building development, as well as efficient generation and distribution systems, are driving the regional market in China, India, and Australia.
The global substation market has been segmented by Ameco Research based on technology, component, voltage level, application, and end-use. Based on the technology, the market is divided into conventional, and digital. Based on the component, the market separated into electrical system, substation automation system, communication network, monitoring & control system, and others. Based on voltage level, the market is categorized low, medium, and high. Based on end-use, the market is categorized distribution, and transmission. Based on Voltage Level, the market is categorized utility, and industrial.
Some key players covered global in the substation industry are Alphapower Electrical Technology PLC, Cisco Systems, Emerson Electric, General Electric, Eaton, NetControl Group, Belden, Rockwell Automation, NR Electric, Schneider Electric, Siemens, Tesco Automation, Efacec, and Texas Instrumentsare.
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