SELBYVILLE , Del., Oct. 12, 2021 /PRNewswire/ -- Global substation market revenue is projected to cross USD 130 billion by 2027, as reported in the latest study by Global Market Insights Inc. Ongoing refurbishment & retrofitting of existing grid infrastructure along with expansion of smart grids will fuel the demand for substations.
Ongoing industrialization along with technological advancements for complete digitalization of grid infrastructure will augment the transformer electrical system industry growth. Effective feedback capabilities, optimal time for fault corrections, and fault detection will propel the communication network technology segment demand. Growing consumer inclination toward the adoption of reliable, energy-efficient, advanced, fire-resistant, and secure electrical equipment will propel the business scenario.
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Rapid integration of renewable energy infrastructure along with growing inclination of utilities and installers toward the refurbishment of the existing electrical infrastructure will drive ≤ 33 kV substation market size. Advanced systems with fire resistance technologies and high voltage current trends to sustain the volatility across the renewable networks will further propel product adoption.
Some major findings of the global substation market report include:
- Significant investments by state-owned utilities for expansion of existing infrastructure will boost the industry size.
- Continuous development of existing distribution network coupled with ongoing expansion of the grid will positively influence the substation demand.
- Eminent players operating across the global substation market include Locamation, Siemens, Hitachi ABB Power Grids, General Electric, Schneider Electric, Emerson Electric, etc.
- Favourable government incentive programs for efficient transmission and distribution network will accelerate product penetration.
- Large scale suburbanization along with ongoing industrial development will drive the business landscape.
Browse key industry insights spread across 780 pages with 1,784 market data tables & 38 figures & charts from the report, "Substation Market Share By Technology (Conventional, Digital), Component (Substation Automation System, Communication Network, Electrical System, Monitoring & Control System), Application (Transmission, Distribution), By Connectivity (≤ 33 kV, > 33 kV to ≤ 110 kV, > 110 kV to ≤ 220 kV, > 220 kV to ≤ 550 kV, > 550 kV), Voltage Level (Low, Medium, High), End Use (Utility, Industrial), Category (New, Refurbished), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share, and Forecast, 2021 – 2027" in detail along with the table of contents:
Favourable regulatory schemes relating to rural electrification coupled with the incorporation of decentralized micro-grid infrastructure in autonomous areas will stimulate product penetration. Rapid commercialization and rising investments across the utility-based electrification networks along with paradigm shift toward conversion of overhead electric lines to underground network and aerial bunched cables will augment the product penetration across the regions.
Growing demand for efficient transmission and distribution infrastructure in line with increasing commercial and industrial investments will fuel the substation market expansion across North America. Government initiatives to promote substation automation and monitor control system technologies will comprehensively enhance the product penetration. For instance, the Smart Grid Investment Grant program (SGIG) aims at escalating modernization of existing transmission grids across the U.S. owing to the significant growth of smart grid deployment projects.
During the COVID- 19 pandemic, the global economies witnessed a marginal downfall in the overall industry scenario. The adaptation of the leading market players to the changing market conditions will support in limiting the disruptions caused by the spread. However, government initiatives to resume various operations across manufacturing facilities, major industries, power plants, and infrastructure projects will positively influence the overall business outlook.
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