Smart Substation Market Rising Demand, Trends and Growing Industry 2022 to 2028

The research study on the global Smart Substation market covers industry sectors, market climate, emerging innovations, competitive intelligence, and current developments in the industry. The sector study investigates the business dynamics of the rising economy, as well as current driving forces, market conditions, risks, trends, and problems. The analysis identifies the exact impact on the revenue and demand due to the disturbances caused by the occurrence of COVID-19. The recently launched growth strategies and development programs by the government and leading players in the market with the aim to impulse growth in the Smart Substation market are included in the report.

The global Smart Substation market is expected to grow at a CAGR of 7.35% during the period 2022-2028, according to Market intelligence data.

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Main Key Players:

ABB, General Electric, Siemens, Schneider Electric, Eaton, Rockwell Automation and others.

Recent Developments
In February 2020, ABB's substation won contract by Enel Green Power to deliver emission-free solar power to Brazil's 500 kilovolt (kV) transmission network from the São Gonçalo solar photovoltaic (PV) plant, the largest solar PV in South America, located in Piauí, northeast of the country. This is the world's first digital substation for the 500 kV alternating current rating.

January 2020, Siemens introduced a new line module for the Ruggedcom RST2228 and RST2228P Layer 2 19" rack switches, the Ruggedcom RMM2972-2RNA. This module strengthened the Ruggedcom RST2228 19" rack switch offering for electric power utilities by providing seamless redundancy with PRP/HSR (Parallel Redundancy Protocol/High-availability Seamless Redundancy), enhanced IEEE1588 implementation, high bandwidth uplinks, and traffic filtering and segmentation from a single device. This module eliminates network downtime due to single points of fault, resulting in high reliability and availability for modern digital substation applications as mandated by the IEC 61850 standard.
In May 2019, Eaton launched a frequency response energy solution, Energy Aware, which enables energy-intensive industries to stabilize grids and contribute to renewable power.
In January 2020, Schneider Electric announced the expansion of its UK manufacturing facilities in Scarborough and Leeds driven by rising demand for renewable and green technologies. Schneider Electric's Leeds and Scarborough sites currently specialize in the manufacture of switchgear for high-voltage, medium voltage, and low-voltage environments. Switchgear is used in electricity substations and large buildings, such as hospitals, factories, or residential flats, to control, protect, and isolate electrical equipment.

Dividing the Global Smart Substation Market by Product types and Application

Segmentation By Type:

110 KV

750 KV

500 KV

220 KV

Other

Segmentation By Application:

New

Refurbished

Market Analysis and Insights: Global Smart Substation Market

Smart Substation Market report provides you with detailed insights, industry knowledge, market forecasts and analytics. The report on the global Smart Substation industry also clarifies economic risks and environmental compliance. Global market report assists industry enthusiasts including investors and decision makers to make confident capital investments, develop strategies, optimize their business portfolio, innovate successfully and perform safely and sustainably.

The report on the Smart Substation market covers the following region (country) analysis:

Asia Pacific (APAC) is projected to be the fastest-growing market for Smart substation, in terms of electricity consumption and rural electrification. The modernization of industrial infrastructure in APAC is growing at a high rate for a few years, and the same trend is expected to continue in the future. The Smart substation market in this region is expected to grow at the highest rate among all other regions due to rapid industrialization, modernization of grid infrastructure, and entry of many private companies in the power sector, increased spending by governments to boost the utility sector, and increasing number of power utilities. Smart substations provide cost-effective solutions, which help in meeting the rising demand for electricity in countries such as China, India, and Singapore.

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Key takeaways from the Smart Substation Industry study

- Simplified and insightful comprehensive Smart Substation market analysis

- Evaluation of growth derivatives, crucial constraints, opportunities, and challenges

- Internal business overview including business connectivity, sales records, supply chain strategies and capabilities, product development, and marketing trends

- Exact Smart Substation industry valuation

-  Future forecasts and Smart Substation market estimations followed by a demand to supply ratio projections

- Competitive benchmarking coupled with competitive analysis

- Key strategic initiatives fuelling Smart Substation market growth

- In-depth assessment of the product, application, and regional segments

- Neutral geographic survey based on macro and micro-economic factors highlighting the growth potential of developed and developing economies

Following are the major TOC of the Smart Substation Market:

Chapter 1: Smart Substation Market Overview

Chapter 2: Global Economic Impact on Industry

Chapter 3: Global Smart Substation Market Competition by Manufacturers

Chapter 4: Global Production, Profits (Value) by Region

Chapter 5: Global Supply (Production), Import, Export, Consumption, by Regions

Chapter 6: Global Price Trend by Type, Revenue (Value), Production

Chapter 7: Manufacturing Cost Analysis

Chapter 8: Global Market Analysis by Application

Chapter 9:   Industrial Chain and Downstream Buyers, Sourcing Strategy

Chapter 10: Marketing Strategy Analysis, Distributors/Traders

Chapter 11: Market Effect Factors Analysis

Chapter 12: Global Smart Substation Market Forecast

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The years considered for the study are as follows:

Base Year: 2021
Estimated Year: 2022
Projected Year: 2028
Forecast Period: 2022 to 2028

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