Substations are designed to perform several key functions, including voltage transformation, voltage regulation, circuit protection, and control of electrical power. They help maintain the quality and reliability of the electrical supply. Circuit breakers and fuses, among other safeguards, are found in substations to protect the power system from faults and overloads. To avoid extensive outages and equipment damage, these devices isolate problematic grid components.  

The increasing adoption of renewable energy sources, such as wind and solar power, is expected to drive substantial growth in the substation market. Substations are crucial for integrating these intermittent energy sources into the grid, ensuring a smooth and reliable power supply. The deployment of smart grid technologies, which include advanced monitoring, control, and automation systems in substations, is expected to drive growth.

The report “Substation Market, By Component (Electrical System, Substation Automation System, Monitoring & Control System, Communication Network, and Others), By Voltage (High, Medium, and Low), By Application (Distribution, and Transmission), By End-Users (Industrial, and Utilities) and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2034”

 Key Highlights:

• In February 2023, Energy officials decided to set up 34 electrical substations in the state capital. The district electrical committee voted to increase the capacity of the current transformers during a meeting held at the collectorate in order to guarantee the city's uninterrupted power supply.

Analyst View:

The expansion of EVs and the continuous electrification of transportation will call for the construction of more substations to support the EV charging network. Powering charging stations requires the use of substations. Expanding power generation and distribution capacities will be necessary to meet the expanding global energy demand, which is being driven by population increase, urbanization, and industrialization. In order to meet this growing demand, substations are essential.

Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Substation Market, By Component (Electrical System, Substation Automation System, Monitoring & Control System, Communication Network, and Others), By Voltage (High, Medium, and Low), By Application (Distribution, and Transmission), By End-Users (Industrial, and Utilities) and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2034”

Key Market Insights from the report:

Substation Market accounted for US$ 145.7 Billion in 2024 and is estimated to be US$ 269.8 Billion by 2034 and is anticipated to register a CAGR of 7.00%. Substation Market is segmented based on Component, Voltage, Application, End-Users and Region.

• Based on Component, Substation Market is segmented into Electrical System, Substation Automation System, Monitoring & Control System, Communication Network, and Others.
• Based on Voltage, Substation Market is segmented into High, Medium, and Low.
• Based on Application, Substation Market is segmented into Distribution, and Transmission.
• Based on End-Users, Substation Market is segmented into Industrial, and Utilities.
• By Region, the Substation Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Competitive Landscape & their strategies of Substation Market:

The prominent players operating in the Substation Market includes, Emerson, Siemens, Schneider Electric, Rockwell Automation, GE, Belden, Hitachi ABB Power Grids, NR Electric Co., Ltd, Efacec, and Texas Instruments Incorporated.  

To know more

Contact Us:

Sales

Prophecy Market Insights

U.S: 1 860 531 2574

RoW: 91 7775049802

Email- sales@prophecymarketinsights.com

Website- www.prophecymarketinsights.com

Blog- www.prophecyjournals.com