Ongoing grid retrofitting and refurbishment activities to foster the global substation market outlook by 2026
With ongoing industrialization focusing on fostering overall economic growth in a positive manner with help from foreign direct investments to support commercial and industrial establishments would also boost the demand for primary as well as secondary electric distribution infrastructure.
Additionally, rapid digitalization throughout industrial establishments has substantially integrated a competitive industry scenario, primarily due to the growing energy demand from data centers and communication base stations. The rising adoption of reliable, advanced, fire-resistant, energy efficient and reliable electric equipment has established a positive business scenario.
As per a research report by Global Market Insights, Inc., global substation market is estimated to surpass an annual installation of 24,500 units by 2025.
Utility aided by electrical infrastructure has been positively influenced by government and regulatory directives subject to the deployment of the grid. Regulatory schemes relating to the rural electrification along with the inclusion of decentralized micro-grid infrastructure throughout standalone regions have augmented the product penetration.
Furthermore, establishment of energy networks that are sustainable and are supported by investments from regulatory authorities and local institutions like the IFC, World Bank and other similar organizations throughout developing nations may positively influence the industry dynamics.
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With respect to voltage level, low & medium voltage substations that are up to 145 kV have achieved a substantial thrust owing to rapid commercial expansion and large-scale residential applications throughout developing nations in recent years.
Moreover, the suburban migration has also led to the development of residential complexes as well as multi-story apartments, thereby accelerating the industry growth. Furthermore, encouraging consumer as well as regulatory inclination for incorporating sustainable electricity networks would further encourage industry growth.
On the geographical front, the United States substation market is set to foresee a 5% growth by 2026. Growing demand for effective transmission & distribution infrastructure coupled with an increase in commercial and industrial investment would stimulate the business growth.
Moreover, government initiatives to promote technologies of substation automation & monitoring control systems backed by strict regulatory norms might further influence the industry share. The U.S. utilities, which includes cooperatives, public power providers and utilities that are investor owned, invested around $4.8 billion back in 2016 in smart grid control systems and technologies.
Additionally, ongoing industrial development and large-scale suburbanization throughout APAC and MEA have led to significant increase in demand for substation systems.
Overall, the above-mentioned factors are likely to offer a wide array of growth opportunities for substation market.
The competitive spectrum of global substation market includes companies like Siemens, Emerson Electric, ABB and Eaton among others. These prominent players are also employing strategic alliances with technology providers to execute effective monitoring & control.
Author Name : Nandita Bhardwaj