Substation Market Size, Share, Growth Analysis, By Voltage(Low, Medium, High), By Application(Transmission, Distribution), By End-User(Utilities, Industrial), By Region - Industry Forecast 2024-2031

Substation Market Driver

• As investment in power grid networks increases, micro-grids are becoming more popular around the world. Governments are also very interested in grid expansion and are working hard to expand it in a number of countries. Investment in cross-border grid networks is also increasing globally. As demand for network infrastructure for electricity transmission and distribution grows around the world, so does the demand for power consumption. Global investment in smart grid networks is also increasing rapidly. The factors listed above will drive substation market growth during the forecast period.
• Several developing and developed countries in the world have begun to invest in power grid infrastructure refurbishment or replacement.  The aging infrastructure is becoming more prevalent, which is trying to interfere with the smooth and efficient operation of electrical systems.  This shows a positive sign for substation market as electrical infrastructure retrofitting activities to growth further in several countries around the world.  The refurbishment and retrofit of existing infrastructure help to extend the life of the infrastructure while also achieving maximum efficiency.

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.