USD 1783.74 million
Report ID:
SQMIG55A2008 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|Tables:
88
|Figures:
76
Substation Market size was valued at USD 1887.5 Million in 2023 and is poised to grow from USD 1995.09 Million in 2024 to USD 3092.02 Million by 2032, growing at a CAGR of 5.7% during the forecast period (2025-2032).
Substation is an electrical set-up with high-voltage capacity, which can be used to control the generators, circuits, and systems. The set-up is majorly used to convert AC to DC and is available in different sizes & voltage and also consists of an inbuilt transformer along with related switches. Some of the huge substations are built with different types of transformers, circuit breakers, switches, and other equipment.
Global substation market is witnessing strong growth due to rising number of infrastructure development project for smart cities, increasing power demand with limited space availability, growing need to replace traditional substation infrastructure, and increasing interoperability and safety. Rising demand for renewable energy projects and for battery technology to generate electricity is creating ample opportunities for the market growth.
US Substation Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 1783.74 million
Largest Segment
Distribution
Fastest Growth
Transmission
Growth Rate
5.7% CAGR
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Substation Market is segmented by voltage, application, and end-user and region. Based on voltage, Substation Market is categorized into low, medium, and high, based on application, Substation Market is categorized into transmission and distribution. Based on end-user, Substation Market is categorized into utilities and industrial. By region, the market is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Substation Market Analysis by Application
By application, the substation market is bifurcated into transmission and distribution. The distribution segment is expected to dominate the market until 2028 because of rapidly growing demand for electricity around the world and it creates the need for efficient power distribution networks. During the forecast period, the distribution segment to go under rapid expansion on account of growing pressure on existing energy infrastructure and rising demand for efficient electricity grids in several developing countries.
Substation Market Analysis by End-User
Based on end-user, the substation market is segmented into utilities and industrial. The industrial segment is expected to grow significantly. Due to various rapid industrialization in developing countries, the demand for continuous electricity supply is increasing across the industrial sector. Industries are always looking for ways to save money and energy. One way they do this is by installing substations. These are large, powerful machines that help industries save energy by supplying them with electricity. substations are also being installed in order to protect the industry from natural disasters. If an earthquake or other natural disaster hits, the substation can help the industry remain operational.
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Asia Pacific is dominating the global substation market and is expected to continue holding a significant market share during the forecast period. The demand for electricity is growing in Asia Pacific because of the increasing population, economic development, and electric vehicles. The population is growing rapidly in countries such as China and India, and these countries are adding both jobs and buildings. These additions require a lot of electricity to run businesses and homes. In addition, electric vehicles are becoming more popular in Asia Pacific. Many people are concerned about the environment and want to reduce their carbon footprints. Switching to electric vehicles can help do this.
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Substation Market Driver
Substation Market Restraint
Transmission infrastructure technological advancements are expected to play a key role in efficient network upgrades and expansion. This is anticipated to help in meeting the government's objective of providing 24-hour power supply to all citizens. Moreover, it has been observed that most of the governments around the globe are trying to manage and maintain overcrowded transmission network for ensuring grid stability. This, in turn, is adding value to the technological advancement. However, these activities in the substation market are expected to face some challenges and slow the growth rate due to high initial cost of establishing digital substations. The high cost comes from the large number of intelligent electronic devices (IEDs) used in substations.
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The global substation market is highly fragmented with strong presence of numerous large enterprises across developed and emerging economies. Apart from this, most of the companies are trying to expand their product pipelines through R&D, mergers and acquisitions, industry-academia partnership to commercialize more marketed molecules, or sequencing approaches. As per our market analysis, the demand for electric vehicles increases, the substation market is projected to get more competitive because of many players are already eying on taping the opportunity and establish themselves in the evolving EV market.
Substation Market Top Players Company Profiles
Substation Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our business information services team that collects, collates, co-relates and analyses the data collected by means of primary exploratory research backed by the robust secondary desk research.
According to our market analysis, the renewable energy industry is poised to enter a new phase of expansion as a result of rising customer demand, cost competitiveness, innovation, and collaboration. Demand for renewable energy was high across global substation market. The declining cost of renewable energy, rising capacity of renewable energy, and increased competitiveness of battery storage are projected to encourage the growth of global substation market.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 1783.74 million |
Market size value in 2031 | USD 2925.28 million |
Growth Rate | 5.7% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Million |
Segments covered |
|
Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
|
Customization scope | Free report customization with purchase. Customization includes:-
|
Historical Year | 2019 |
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Substation Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Substation Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Substation Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Substation Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Substation Market size was valued at USD 1783.74 million in 2019 and is poised to grow from USD 1887.5 million in 2023 to USD 2925.28 million by 2031, growing at a CAGR of 5.7% in the forecast period (2024-2031).
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Report ID: SQMIG55A2008
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