Substation Market Size, CAGR | Growth - 2028

Analysts at Ameco Research anticipate the worldwide substation market to grow beyond US$ 1,23,400 million by 2028 at a CAGR of more than 3% throughout the forecast period.

A substation is a high-voltage electric system facility that switches generators, equipment, circuits, and lines in and out of the system. A substation's job is to convert high-voltage electricity from the transmission system to lower-voltage electricity that can be readily distributed to homes and businesses via distribution lines. The increased demand for power and the increased use of non-renewable energy assets have shifted the focus of electricity generation to renewable energy sources. Furthermore, renewable energy with substation has been integrated in the use of automation in electricity generation, distribution, and control. The rising need for power from renewable assets in industrialized countries to promote sustainable development has bolstered the substation market's growth prospects in the near future.Although the COVID-19 epidemic had no effect on the substation market in 2019, it had an influence in 2020 and beyond.

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The upgradation of the aging substations fuels the global substation market

Analog devices and older protocols like ModBus and DNP3 are used in existing substation automation systems. Modern digital substation communications, such as the IEC 61850 protocol, which connects directly to new Intelligent Electronic Devices (IEDs), are however making their way into substations and sending data up to operations centers. Rapid industrialization, combined with a growing demand for cost-effective energy management systems around the world, are propelling the market forward. The increased usage of non-renewable energy resources, combined with rising energy demand, has moved the demand for power generation to renewable energy sources. Furthermore, the introduction of automation in power generation, distribution, and administration has enabled the integration of renewable energy with digital substations. Electrical producers are concentrating their efforts on product development, and the introduction of smart gadgets is projected to have an impact on the target market's growth. Their strategy of launching upgraded and efficient products that reduce operational costs will help to propel the market forward.

Growth in investments for establishment of new substations is a factor that has spurred the demand of the market and is expected to create significant opportunities for the market during the forecast period. For instance, the government of Odisha built 550 new 33/11 KV substations in various blocks around the state to enhance the distribution system, reduce T&D losses, and provide consumers with high-quality power. Furthermore, growing number of renewable energy projects are expected to create huge demand for substations market in the coming years. For example, India had 101.53 GW of renewable energy capacity as of September 2021, accounting for 38% of its installed power capacity.

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Major Players

The substation market is highly consolidated, with numerous players. The prominent players offered in the report include Alphapower Electrical Technology PLC, Eaton, Emerson Electric, Belden, Cisco Systems, Efacec,General Electric, NetControl Group, Rockwell Automation, Schneider Electric, Siemens, NR Electric, Tesco Automation, and Texas Instruments.

Global Substation Market Segmentation

Technology, component, connectivity, application, voltage level, end-use, and regions are the segmentation considered in the global substation market. Based on technology, the market is bifurcated into digital and conventional. The component segment includes substation automation system, electrical system (busbar, transformer, and protection devices (protective relay, circuit breaker, and switchgear)), communication network, monitoring & control system (programmable logic controller, human machine interface, and others), and others. Based on connectivity the market is categorized into ≤ 33 kV, > 110 kV to ≤ 220 kV, > 220 kV to ≤ 550 kV, > 33 kV to ≤ 110 kV, and >550 kV. Distribution and transmission are the bifurcations of the application segment. The voltage level segment includes low, medium, and high. Furthermore, utility and industrial are covered under the end-use segment.

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Regional
The regional categorizationcomprises North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Based on the regional distribution, North America occupied a substantial market share throughout the forecast period. Government regulations requiring inexpensive, uninterrupted electricity, as well as a preference for increased energy efficiency, capacity expansion, and technical improvements, are driving market growth in North America. Meanwhile, the Asia-Pacific region is anticipated to attain the fastest growth rate during the forecast period due to the presence of a significant number of substations and their types in countries such as China and India. The substation is gaining traction in China and India. China currently produces more electricity than the United States and the EU's 27 countries combined. India, along with other smaller nations, is investing in new electric infrastructure, including substations.

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