Selbyville, Delaware,, Oct. 16, 2024 (GLOBE NEWSWIRE) --
The industrial transmission substation market is predicted to cross USD 31.4 billion by 2032, as reported in a research study by Global Market Insights Inc. This growth is primarily due to the modernization of aging infrastructure and the rising prominence of renewable energy sources.
Digital substations are revolutionizing the landscape by substituting traditional electromechanical devices with cutting-edge digital technologies. This transition not only boosts operational efficiency but also reduces physical space needs and enhances safety. Industries, in their quest to optimize energy consumption and cut operational costs, are increasingly turning to intelligent transmission substations. These advanced substations, equipped with automation, remote monitoring, and predictive maintenance, allow for precise power transmission control, thereby minimizing energy losses and bolstering overall system efficiency.
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Driven by the dual forces of industrialization and urbanization, the electrical system segment of the industrial transmission substation market is set to witness a CAGR of 3.1% by 2032. This growth is further fueled by grid modernization, the integration of renewable energy, and ongoing technological advancements.
Based on technology, the conventional segment is projected to surpass USD 28.9 billion by 2032. Substations have a track record of withstanding challenging conditions while ensuring reliable performance. Their designs and infrastructures, honed over time, prioritize efficiency and minimal downtime. However, with the advent of technologies like smart grids and the integration of renewable energy, there is a pressing need for substantial investments in adaptable infrastructures.
Asia-Pacific industrial transmission substation market will exceed USD 15.9 billion by 2032. This surge is attributed to rapid urbanization, industrial growth, and escalating energy demands. As the region's economy progresses, there is a pronounced push towards investing in power transmission infrastructure, especially industrial transmission substations. Furthermore, as the region seeks a dependable and efficient electricity supply, there is a growing demand for substations adept at managing the fluctuations of renewable energy sources and ensuring stable grid operations.
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Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Market definitions
1.2 Base estimates & calculations
1.3 Forecast calculation
1.4 Data sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid
1.4.2.2 Public
Chapter 2 Executive Summary
2.1 Industry 360° synopsis, 2021 - 2032
Chapter 3 Industrial Transmission Substation Market Insights
3.1 Industry ecosystem analysis
3.2 Regulatory landscape
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.5 Porter's analysis
3.5.1 Bargaining power of suppliers
3.5.2 Bargaining power of buyers
3.5.3 Threat of new entrants
3.5.4 Threat of substitutes
3.6 PESTEL analysis
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About Global Market Insights Inc.
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.
