Substation Market and Smart Transformers Market to Reach $181.3 billion and $5.1 billion by 2030 | Low Voltage Substation to Generate Over 40% Revenue, Says Extrapolate

Transform your investments in the energy sector with Extrapolate's latest report on the Substation Market and Smart Transformers Market. With a projected CAGR of 4.4% and 12.1% respectively, by 2030. Get insights on key drivers and stay ahead of the game with real-time monitoring and control technology in Smart Transformers.

Dubai, UAE, Jan. 26, 2023 (GLOBE NEWSWIRE) -- Global Substation Market Outlook to 2030:

As per the recent report published by Extrapolate, the global Substation Market is projected to grow from USD 129.9 billion in 2021 to USD 181.3 billion by 2030, at a CAGR of 4.4% during the forecast period of 2022­-2030.

A substation is crucial to the reliable operation of the electric grid as it provides the interface between transmission and distribution systems and is responsible for voltage transformation, load balancing, and protection from system faults. Therefore, it is essential that end-users have a clear understanding of the factors impacting this critical sector. In the last few years, for instance, the growing adoption of renewable energy sources has led to a greater demand for more flexible and efficient substations.

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As more solar and wind energy enters the grid, market players are producing substations that can quickly adapt as well as handle the variability of these sources. In addition to this, the emergence of smart grid technologies has shifted the focus toward substation automation and data management. This includes the use of advanced sensors, automation systems, and communication networks, which allow for real-time monitoring and control of substations, resulting in improved reliability and efficiency.

In its latest analysis, Extrapolate has identified a number of key drivers influencing the substation market’s growth, including:

  • Continued move towards renewable energy sources, which is putting increasing pressure on traditional substations
  • Rise of electric vehicles, which is creating new demand for charging infrastructure. The need for greater grid flexibility to accommodate the variability of renewable energy sources
  • Continuing digitalization of the power sector is driving the need for more sophisticated monitoring and control systems

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Global Substation Market Segmented By Voltage

  • Low
  • Medium
  • High

Low Voltage Substation Generates Over 40% of Revenue of Substation Market 

As the global population and economy expand, so does the demand for electricity. This, in turn, drives the demand for low-voltage substations, which play a vital role in the distribution of power. Factors contributing to this increased demand include population growth, economic development, and an increasing reliance on technology. Furthermore, growing awareness of energy efficiency and the increased use of renewable energy sources, such as solar PV and wind power, which require lower voltages, also contribute to the rising demand for low-voltage substations.

Global Substation Market Segmented By Application

  • Transmission
  • Distribution

Distribution Segment to Garner Highest Market Revenue

As the demand for electricity increases, so does the need for substations to distribute power. Substations play a vital role in the electrical grid, providing a safe and reliable way to transfer power from one area to another. With the growing demand for electricity, substations are becoming increasingly important in ensuring that power is distributed efficiently and effectively.

There are a number of reasons why the demand for substations is increasing in power distribution. Firstly, as the population grows and more people move into urban areas, the demand for electricity increases. Secondly, as the global economy continues to grow and develop, businesses are increasingly relying on electricity to power their operations. Finally, as we become more reliant on technology, we are using more and more devices that require electricity to function.

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North America to Hold Dominance in Global Substation Market

Substation projects can be found in nearly every U.S. state and Canadian province, with the majority of work concentrated in Texas, California, and Illinois. The U.S. has more than double the number of substations than any other country in the world, with over 55,000 in total. As per our latest study, the country has over 6,400 power plants, and transmission lines are spread across 450,000 miles, which are serviced by over 3,000 players. 

Canada ranks a distant second with just over 20,000 substations. Combined, North America has nearly 35% of the global substations.

Not only is North America the largest producer of substations, but it is also the largest consumer. The majority of substations in North America are used for utility applications such as power generation and distribution, but an increasing number are being built for commercial and industrial customers who are seeking to improve their energy efficiency and lower their operating costs. With the vast majority of new substation construction taking place in North America.

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Competitive Landscape:

The global substation industry remains quite fragmented, with a large number of small and medium-sized players competing for market share. This provides a good opportunity for new entrants to gain a foothold in the industry.

In line with a strong growth outlook, the substation market players are taking efforts to overcome the increasing complexity of substations due to the integration of new technologies such as renewable energy sources and storage, tight project timelines, and rising costs. In order to overcome these challenges and realize the full potential of the market, companies are taking a number of actions, including: Developing standardized solutions to speed up project delivery times; Investing in digitalization to improve operational efficiency; and Working closely with other stakeholders in the value chain to drive down costs, among others.

  • ABB Ltd. (Switzerland)
  • Trilliant Holdings Inc. (U.S.)
  • ALSTOM (France)
  • Schneider Electric. (France)
  • Cisco Systems, Inc. (U.S.)
  • Siemens (Germany)
  • Eaton. (Ireland)
  • General Electric (U.S.)
  • Itron, Inc. (U.S.)
  • Echelon Corporation (U.S.)

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Part II: Smart Transformers Market Outlook to 2030

According to a recent report published by Extrapolate, the global Smart Transformers Market was valued at USD 1.9 billion and is projected to reach USD 5.1 billion by 2030, at a CAGR of 12.1% during the forecast period of 2022-2030.

The Smart Transformers market is witnessing steady growth, driven by the increasing adoption of renewable energy sources and the need for advanced transmission and distribution systems. Smart transformers are equipped with state-of-the-art technology, such as sensors, communication systems, and control systems, which allow real-time monitoring and control of the power grid. The increasing adoption of renewable energy sources, such as wind and solar power, is a major driver for the market, as these sources require advanced transmission and distribution systems to ensure a stable and reliable power supply.

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Our analysis shows that the majority of this growth will come from the Asia-Pacific region, where rising electricity demand and investment in smart grid infrastructure are fueling market expansion. In China, for example, the government has embarked on an ambitious plan to upgrade the country's power grid, with a focus on integrating renewable energy sources and increasing digitalization. This is expected to drive strong growth in the China smart transformers market.

Top 4 Drivers of the Global Smart Transformers Market

  • Increasing adoption of renewable energy sources drives the adoption of smart transformers
  • Favorable government policies, initiatives, and incentive promote deployment of smart transformers
  • Growing adoption of electric vehicles driving demand for product to improve efficiency of power delivery
  • Increasing efforts towards modernization of power grids is driving the demand for smart transformers

Smart Grid to Remain the Largest Consumer in Global Smart Transformers Market

In the last few years, the global smart transformers market has witnessed a strong demand coming from smart grid applications due to several advantages that it offers, such as improved grid efficiency and operations, reduced line losses, increased reliability and security, flexibility to support renewable energy integration, and the ability to provide real-time information about grid conditions.

The North American Electric Reliability Corporation (NERC) has estimated that there could be a need for up to 200,000 new transformers in the U.S. over the next 20 years due to the retirement of older units and the growth of the electric grid. Transmission and distribution utilities are already beginning to invest in smart transformers. For example, American Electric Power (AEP) has installed more than 1,000 grid-connected smart transformers at various locations across its service territory.

From a business perspective, the adoption of smart transformers in the smart grid presents a significant opportunity for companies that manufacture, distribute, and service these devices. As the demand for smart grid solutions continues to grow, utilities and other organizations will need to purchase large numbers of smart transformers to upgrade their existing systems. This will create a significant market for manufacturers of smart transformers, as well as for companies that provide installation, maintenance, and other services related to these devices.

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Smart Transformers in Power Distribution: Current Position, Demand, Consumption, and Impact of Government Initiatives

The demand for smart transformers in the power distribution segment has been increasing in recent years due to the growing need for efficient and reliable power delivery systems. These transformers are equipped with advanced sensors, communication systems, and control systems that enable real-time monitoring and management of power distribution networks.

Currently, the global smart transformer market is driven by the growing need for renewable energy integration and the increasing adoption of electric vehicles. The demand for these transformers is expected to grow at a significant rate in the coming years as governments around the world promote the use of clean energy sources and implement policies to support the deployment of electric vehicles.

The consumption of smart transformers is primarily driven by the utility sector, which accounts for a major share of the overall market. With the increasing focus on grid modernization and the integration of renewable energy sources, the utility sector is expected to continue to drive demand for smart transformers.

North America to Contribute Significantly to Global Smart Transformers Market Growth

North America is currently one of the leading regions in terms of the adoption of smart transformers for power distribution. The region has a well-established power distribution infrastructure and a high penetration of advanced technologies, which has enabled the successful deployment of smart transformers. Additionally, the US government has implemented several initiatives to support the deployment of smart grid technologies, including smart transformers. The government has provided funding for the research and development of smart grid technologies and has also established programs to support the deployment of smart grid infrastructure. These initiatives have helped accelerate the adoption of smart transformers in the US.

The current demand for smart transformers in North America is primarily driven by the growing need for renewable energy integration and the increasing adoption of electric vehicles. The region has a high penetration of solar and wind energy, and the increasing adoption of electric vehicles is also expected to drive the demand for smart transformers. In terms of consumption, the utility sector is the primary driver of the consumption of smart transformers in North America. With the increasing focus on grid modernization and the integration of renewable energy sources, the utility sector is expected to continue to drive demand for smart transformers.

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Competitive Landscape

ABB, Hitachi Energy Ltd, Schneider Electric, Siemens, Mitsubishi Electric Corporation, Eaton, Alstom, Ormazabal (Velatia, SL), GE, Powerstar, CG Power and Industrial Solutions Limited, and Triad Magnetics are some of the key players in the global smart transformers market.

Key Points from TOC:

Chapter 1. Executive Summary
Chapter 2. Research Methodology
Chapter 3. Market Outlook
Chapter 4. COVID-19 Impact On Smart Transformers Market
Chapter 5. Global Smart Transformers Market Overview, By Type, 2017 - 2030(USD Million)
Chapter 6. Global Smart Transformers Market Overview, By Application, 2017 - 2030(USD Million)


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About Us:
Extrapolate is a Global Market Research, Advisory and Consulting firm which works closely with Industry experts from various industries to bring the latest and most accurate research reports.

In an era of breakneck change and a low tolerance for missed or misread opportunities, businesses need astute guidance to shape markets - not merely respond to them. Extrapolate helps clients develop market perspectives that drive success.


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