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According to the latest research by SkyQuest Technology, The Global Substation Market is valued at USD 98.05 Billion in 2021, and it is anticipated to attain a value of USD 121.41 Billion by 2028, at a CAGR of 3.10 % over the forecast period (2022 – 2028).

The substation is an electrical set-up having a high-voltage capacity and this set-up can be used to control the generators, circuits, and systems. The set-up is majorly used to convert AC to DC and is available in different sizes & voltage and also consists of an inbuilt transformer along with related switches. Some of the huge substations are built with different types of transformers, circuit breakers, switches, and other equipment.

In the Substation industry, the ability to respond quickly to disasters, provide temporary load support, and continue to expand transmission capacities will all have a positive impact on the deployment of substation automation systems. Rising investments in advanced technological developments, combined with ongoing digitalization throughout the industrial periphery, will boost product penetration. Furthermore, the incorporation of intelligent monitoring and control units, as well as improved product configurations and technological advancements, will propel the industry spectrum. Product deployment will be accelerated by interoperability, reliability and availability, intelligent grid communication capabilities, ease of configuration and installation, and reduced copper cabling.

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The global Substation market has been driven by product specifications that are in line with the growing demand for dependable and safe electrical infrastructure in commercial, utility, industrial, and residential establishments will have a positive impact on technological penetration.

Furthermore, The Substation industry is also benefiting by government regulatory initiatives and updates for installers and end-users following standard product configurations will provide a positive business outlook. A paradigm shift toward retrofitting and refurbishing overhead transmission and underground line networks will boost product adoption. Rising trends in energy-efficient technologies, as well as increased investments in new grid infrastructure development, will further enhance the business scenario. The increased emphasis on replacing and expanding existing power equipment with advanced systems will stimulate growth.

The Substation market analysis provides insights that the industry spectrum will be supplemented by a paradigm shift toward the integration of electric-powered transportation units, as well as the demand for safe and reliable electricity supply across these transport peripherals. The increasing demand for electricity across various industries, combined with the integration of sustainable energy infrastructure favored by funding from local regulatory authorities and institutions such as the World Bank, IFC, and similar organizations, will positively influence industry dynamics. Furthermore, the deployment of simple-to-install, energy-efficient, and dependable intelligent technologies will improve product implementation.

Read the market research report, “Substation Market Size, Share & Trends Analysis Report Based on Voltage (Low, Medium, and High), By Application (Transmission and Distribution), By End-user (Utilities and Industrial), By Region, And Segment Forecasts, 2022 – 2028” by SkyQuest

The substation industry spectrum will be supplemented by a paradigm shift toward the integration of electric-powered transportation units, as well as the demand for safe and reliable electricity supply across these transport peripherals. The increasing demand for electricity across various industries, combined with the integration of sustainable energy infrastructure favored by funding from local regulatory authorities and institutions such as the World Bank, IFC, and similar organizations, will positively influence industry dynamics. Furthermore, the deployment of simple-to-install, energy-efficient, and dependable intelligent technologies will improve product implementation.

Based on Global Substation market study, the Asia Pacific substation market is expected to install over 13,000 units by year 2028. Continuous urbanization, fueled by rapid infrastructure development in Asia Pacific countries such as China and India, will accelerate the demand for efficient T&D systems. The increasing demand for substation components to meet the energy demands of these establishments will improve the business outlook. Growing emphasis on commercial sector development, combined with increased investment in the sector, will significantly increase technological demand.

Based on Substation market regional analysis Malaysia dominates the substation market in the Asia Pacific region as a result of ongoing industrial development and grid network decentralization. In recent years, the Malaysian government has introduced a plan called ‘Green Technology Master’ to promote and establish green technology and the economy, with an emphasis on the manufacturing sector. Furthermore, ongoing government reforms and policies, as well as targets to integrate the power infrastructure with advanced and efficient electrical equipment, will influence the industry outlook, as well utilities’ preference for renewable generation sources.

Based on Global Substation market study, The regional shift toward renewable energy infrastructure, combined with the electrification of the off-grid network, will drive growth in the global substation market. Stringent government regulations requiring affordable, uninterrupted electricity, as well as a preference for improved energy efficiency, capacity expansion, and technological advancements, will drive the industry size even further. Inorganic growth ventures, technological alliances, acquisitions & mergers, and Joint Ventures (JV) between industry leaders will drive the business outlook. For instance, In August 2021, Siemens was awarded a contract to install over 7,500 km of high voltage DC transmission lines for the Suedlink substation, connecting Wilster and Bergrheinfeld to provide the required number of converters, and will prepare a detailed project report for facilities in the preceding months. This project will assist the company in acquiring positive industrial drivers throughout the European market.

The report published by SkyQuest Technology Consulting provides in-depth qualitative insights, historical data, and verifiable projections about market size. The projections that are featured in SkyQuest’s reports are derived using proven research methodologies and assumptions. Our in-depth research analysis implements a quadruple approach to estimating the market size. Exhaustive primary and secondary research is conducted to collect information on the market, peer market, and parent market. The next step is to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both the top-down and bottom-up approaches are employed to estimate the complete market size. Thereafter, market breakdown and data triangulation are done to estimate the market size of segments and subsegments.

What does this Report Deliver? • Market Estimation for 20+ Countries • Substation Market demand by Region, Sub-Region, and Country • Customization on Segments, Regions, and Company Profiles • 100+ tables, 150+ Figures • Global, Regional, and Country specific Substation Market Trends • Comprehensive Mapping of Substation Industry Parameters • Attractive Investment Proposition in the Global Substation Industry • Competitive Strategies Adopted by Substation Market Key Players • Drivers, Restraints, Opportunities, Challenges, and the impact on the Substation Market Size • Market growth rate till 2028 • Regulatory scenario, regional dynamics, and Substation market insights of leading countries in each region • In-depth Market insights by Region and Country • Market Segmentation Trend Analysis, Opportunities, and Growth • Porter’s five force analysis to know the market’s condition • Pricing Analysis and Substation Market Sales • Parent market analysis • Product portfolio benchmarking

SkyQuest has segmented the Global Substation Market based on Voltage, Application, End-user, and Region: • Substation Voltage Outlook (Revenue, USD Billion, 2021 – 2028) o Low o Medium o High • Substation Application Outlook (Revenue, USD Billion, 2021 – 2028) o Transmission o Distribution • Substation End-User Outlook (Revenue, USD Billion, 2021 – 2028) o Utilities o Industrial • Substation Regional Outlook (Revenue, USD Billion, 2021 – 2028) o North America  U.S.  Canada • Europe  Germany  France  UK  Italy  Spain  Rest of Europe • Asia Pacific  China  India  Japan  Rest of Asia Pacific • Central & South America  Brazil  Rest of CSA • Middle East & Africa  GCC Countries  South Africa  Rest of MEA

List of Key Players of Substation Market • GE (US) • NR Electric Co., Ltd. (China) • Siemens (Germany) • Hitachi ABB Power Grids (Switzerland) • Schneider Electric (France) • Eaton (Ireland) • Efacec (Portugal) • Rockwell Automation (US) • L&T Electrical & Automation (India) • Texas Instruments Incorporated (US)

SkyQuest Technology is leading growth consulting firm providing market intelligence, commercialization and technology services. It has 450+ happy clients globally.

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