Substation Market Growth Rate To Reach USD$ 1,23,417 Mn by 2028 | CAGR of 3.3% Prediction by Acumen Research and Consulting

Global Substation Market size is estimated to grow at CAGR above 3.3% over the forecast timeframe and reach a market value of around US$ 1,23,417 Mn by 2028

LONDON, Jan. 07, 2022 (GLOBE NEWSWIRE) -- Rising energy demand, coupled with high spending by the government on transmission and distribution of power is resulting in demand for substations. Substation plays a major role in the power sector. It supports applications such as switching generators, equipment, and circuits or lines in and out of a system. This helps to assure the continuous flow of power to the residential and commercial sectors. In the US there are about 7,000 power plants, along with 55,000 substations. The governments of developed countries are focusing on the development of smart cities. Deployment of smart transmission lines and modernization of substations is on high priority. Investment in the development of smart grids and substations is rising; from 2014-2016 the investment rose by 41% from US$ 3.4 Bn to US$ 4.8 Bn.

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Present grid and substation infrastructure in the US is old and the power demand is increasing day by day. Electrical manufacturers are focused on product development activities and the introduction of smart devices is expected to impact the growth of the target market. Their approach towards deploying enhanced and efficient products that lower the operating cost will further drive the market. Smart grids and substations are deployed with sensors that help in monitoring the assents on a real-time basis.

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Adoption of advanced technologies such as cloud, wireless, and IP in the infrastructure is resulting in simplification of the operation process. Deployment of wireless communication systems aids in the development and establishment of new substations in urban as well as remote locations. IoT penetration in various industry verticals is increasing. The use of advanced IoT devices with sensor technology help in monitoring the condition of substation, upload, share and link the required data with other substations, etc. These aspects cumulatively are positively impacting the growth of the substation market. However, high initial set-up costs linked with substations, and growing concerns over cyber-attacks are some of the factors that are restraining the market growth.

Growing digitization across the world fuels segmental growth in the technology category

The technology segment is divided into conventional and digital. Among technology, the digital segment is expected to witness faster growth in the future due to the availability of IoT devices and rapid advancements in sensor and wireless technology.

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The utility end-use grabbed a significant interest among substation services in the recent past

The utility industry is in charge of electricity generation, transmission, and distribution. Electric utilities, which include publicly-owned, investor-owned, cooperatives, and nationalized companies, are the primary suppliers of power in the majority of countries worldwide. Additionally, digital substations are mostly used for the transmission and distribution of electricity. These factors are contributing to a significant growth rate of utilities among end-users.

Robust energy demand from emerging countries such as China and India fuels the APAC substation market growth

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The Asia Pacific region is undergoing rapid transformation. High investment in various industries, increasing production activities and new establishment of manufacturing facilities are increasing the energy demand. The government to encourage regional manufacturers is providing various business policies. The ultimate result is the emergence of small and mid-size enterprises with new products and solutions. In order to cater to the rising power need from these enterprises, administrative bodies are enhancing the power infrastructure through the construction of new power grids and substations even at remote locations. In 2019, Assam Electricity Regulatory Commission sanctioned the projects for the development of the Mariani Substation. The Mariani Substation is located in Assam, India, and is operated by the Power Grid Corporation of India. The project was related to the up-gradation of the present infrastructure.

Competitive Analysis of Global Substation Market

Players operating in the global substation market are Efacec, Siemens, Net Control Group, Locamation, Texas Instruments, Eaton, Schneider Electric, Rockwell Automation, Tesco Automation, Belden, Alphapower Electrical Technology PLC, NR Electric, and General Electric.

Major players are focused on acquiring redevelopment/up-gradation projects in order to enhance the business. In 2019, California Public Utilities Commission approved the development project related to “San Miguel Substation”. The San Miguel Substation project is expected to be completed by 2021 and will be operated by South Texas Electric Cooperative. The government is emphasizing the use of green energy in order to save the environment. This green energy approach is resulting in the deployment of windmills and solar plants onshore as well as offshore. In collaboration with public players, the government is focusing on establishing substations on the shore. These collective aspects are fueling the substation market growth. Lack of funding and limitation in the deployment of the advanced device due to non-availability of required infrastructure are factors challenging the substation market growth. However, high government spending on the development of smart grids and flourishing green energy projects are attributed factors to show opportunities to players operating in the substation market.

•        Schneider Electric stated in January 2020 that it would expand its UK manufacturing sites in Scarborough and Leeds in response to increased demand for renewable and green technology.

•        In May 2019, Eaton launched a frequency response energy solution, Energy Aware, to help energy-intensive sectors stabilize networks and contribute to renewable energy.

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