Selbyville, Delaware, Jan. 09, 2020 (GLOBE NEWSWIRE) --
Global Substation Market revenue is set to cross USD 210 Billion by 2026, as reported in the latest study by Global Market Insights, Inc. Ongoing retrofitting & refurbishment of existing grid network will drive the demand for substations.
Ongoing industrialization with an aim to advance the overall economic growth positively swayed by foreign direct investment schemes to support the industrial & commercial establishments will augment the demand for primary & secondary electric distribution infrastructure. In addition, rapid digitalization across industrial establishments has significantly incorporated a competitive industry scenario owing to the increasing energy demand from communication base stations and data centers. Growing adoption of reliable, energy efficient, advanced, fire-resistant, and secure electric equipment has developed a favorable business scenario.
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Utility aided electrical infrastructure has been positively swayed by government & regulatory directives subject to the grid deployment. Positive regulatory schemes pertaining to rural electrification coupled with the incorporation of decentralized micro-grid infrastructure across standalone areas have energized the product penetration. Moreover, institution of sustainable energy network favored by investments from local institutions and regulatory authorities including the world bank, IFC, and similar organizations across developing regions will positively sway the industry dynamics.
Some major findings of the global substation market report include:
- Rapid development of existing grid network along with ongoing grid modernization is positively swaying the demand for substation market
- Extensive investments from the state-owned utilities for the expansion of prevailing infrastructure is driving the industry growth
- Ongoing government schemes and incentives toward an efficient transmission & distribution network will augment the product penetration
- Major participants operating across the global substation market are ABB, Emerson Electric, Eaton and Siemens
- Companies opt for strategic alliances with technology providers to implement effective monitoring & control.
- Large scale suburbanization & ongoing industrial development across Asia Pacific & Middle East have led to considerable increase in demand for substation systems
Browse key industry insights spread across 4617 pages with 1850 market data tables & 36 figures & charts from the report, “Global Substation Market Share By Technology (Conventional, Digital), By Component (Electrical System {Transformer, Busbar, Protection Devices [Circuit Breaker, Protective Relay, Switchgear]}, Monitoring & Control System {Human Machine Interface, Programmable Logic Controller, Others}, Others), By Application (Transmission, Distribution), By Connectivity (< 33 kV, 33 kV to 110 kV, 110 kV to 220 kV, 220 kV to 550 kV, > 500 kV), By Voltage Level (Low, Medium, High), By End Use (Utility, Industrial), By Category (New, Refurbished), Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/substation-market
Low and medium voltage substations up to 145 kV in the recent years have gained a substantial thrust on account of the large-scale residential applications and rapid commercial expansion across the developing nations. Furthermore, the suburban migration has further led to the expansion of multi-storey apartments and residential complexes, escalating the industry growth. Positive consumer and regulatory inclination toward the incorporation of sustainable electricity networks will further stimulate the industry growth.
The U.S. market is set to witness growth of over 5% by 2026. Increasing demand for efficient transmission & distribution infrastructure along with an upsurge in commercial & industrial investment will fuel the business growth. Eminent government initiatives to promote substation automation & monitoring control systems technologies favored by stringent regulatory norms will positively sway the industry share. In 2016, U.S. utilities including public power providers, cooperatives and investor-owned utilities (IOUs) invested over USD 4.8 billion in smart grid technologies and control systems.
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Browse Related Reports:
Digital Substation Market Report 2025: The industry in the recent years, has gained significant upsurge on account of rising concerns related to fire, health, electrical supply faults, and other operational threats. Lack of efficient electrical network across emerging regions coupled with paradigm shift toward the development of existing infrastructure has integrated a favorable business scenario. Prominent market participants include Beijing Sifang Automation Co., Open System International, Guodian Nanjing Automation Co, L&T, Rockwell Automation, Cisco, Siemens, Schneider, Eaton, GE, Emerson Electric, NR Electric, Belden Inc, Texas Instruments, Tesco Automation, NetControl, Efacec, Locamation and ABB.
https://www.gminsights.com/industry-analysis/digital-substation-market
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.