November 30, 2020
According to the recent research report titled ‘Global Substation Market Size By Technology, By Component, By Application, By Connectivity, By Voltage Level, By End Use, By Category Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026,’ available with Market Study Report LLC, global substation market was valued at USD 151 billion in 2019 and is expected to exceed an annual installation of 24500 units by the year 2026.
Constant grid modernization, increasing investments by state owned utilities for expansion of existing infrastructure, and development of current grid network are primarily driving the growth of global substation market. Ongoing industrial amplification and large-scale suburbanization across Middle East and Asia Pacific, along with strategic alliances by companies to implement effective monitoring & control is also contributing to the overall market outlook.
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Deployment of decentralized micro-grid infrastructure under rural electrification initiatives are boosting the product demand. In addition, establishment of sustainable energy networks motivated by investments from regulatory authorities and organizations such as IFC, and World Bank in developing geographies is stimulating worldwide substation industry expansion.
In recent years, low and medium voltage substations of up to 145 kV have gained significant momentum due to rapid commercial growth and large-scale residential applications in developing countries. Further, suburban migration leading to expansion of multi-storey apartments and residential buildings is intensifying the growth of the industry.
From the regional perspective, the United States substation industry is expected to record a 5% CAGR through 2026, owing to inflowing commercial & industrial investments, in consort with surge in demand for effective transmission & distribution infrastructure. Moreover, favorable government initiatives to encourage substation automation & monitoring control solutions, supported by strict regulations will positively impact the regional market growth.
Major contenders impacting global substation market dynamics are NetControl Group, Texas Instruments Inc., L&T Electrical & Automation Ltd., Open Systems International Inc., Beijing Sifang Automation Co. Ltd., Guodian Nanjing Automation Co. Ltd., Rockwell Automation Inc., Cisco Systems Inc., Siemens AG, Schneider Electric, Eaton Corporation, General Electric Co., Emerson Electric Co., NR Electric Co. Ltd., Belden Inc., Tesco Automation, Efacec Power Solutions, Locamation B.V., and ABB Limited.