Substation Market to Touch USD 173.64 Billion by 2028; L&T Received Turnkey Construction Contract for 380 kV Substation in Saudi Arabia: Fortune Business Insights™
Companies Profiled in the Substation Market Report: GE (U.S.), NR Electric Co., Ltd. (China), Siemens (Germany), Hitachi ABB Power Grids (Switzerland), Schneider Electric (France), Eaton (Ireland), Efacec (Portugal), Rockwell Automation (U.S.), Emerson (U.S.), Belden (U.S.), L&T Electrical & Automation (India), Texas Instruments Incorporated (U.S.)
Pune, India, March 07, 2022 (GLOBE NEWSWIRE) — The substation market size was valued at USD 124.52 billion in 2020. The market is expected to rise from USD 128.25 billion in 2021 to USD 173.64 billion by 2028 at a 4.4% CAGR during the forecast period 2021-2028. Fortune Business Insights™ has deep-dived into these insights in its latest research report titled, “Substation Market, 2021-2028.”
According to the study, substation equipment will be sought across end-use applications, with leading companies poised to expand their portfolio. Industry players are expected to bolster penetration across utilities and industrial sectors.
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COVID-19 Impact
Supply Chain Disruptions Prompt Investments in Power Transmission
The onslaught of the COVID-19 pandemic did not bode well for the business outlook, with governments and substation equipment manufacturers observing disruptions. End-use sectors, including constructions, railway, mining, and oil & gas were compelled to redefine their strategies. Besides, power demand from commercial and industrial sectors also dipped during the pandemic.
Segments
Voltage, Application, End-User, and Region are Studied
Based on voltage, the Substation Market is segmented into high, medium, and low.
In terms of application, the industry is segregated into transmission and distribution.
On the basis of end-user, the market is fragmented into industrial and utilities.
With respect to region, the market is divided into North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
To get to know more about the short-term and long-term impact of COVID-19 on this Substation Market,
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Report Coverage
The report deep-dives into top-down and bottom-up approaches to offer a strategic view on product mapping of both emerging players and well-established companies. Besides, primary sources, including interviews with major stakeholders and opinion leaders have also been used in the report-making. The report includes secondary sources, such as SEC filings, press releases and website reports, fostering the veracity of the report. The report includes qualitative and quantitative analysis to provide a comprehensive view of the global market.
Drivers and Restraints
Uptake of Micro-Grid Network to Spur Return on Investment (RoI)
Industry players expect the rising footfall of micro-grids to bolster RoI across the advanced and emerging economies. Governments have exhibited a profound inclination for grid expansion, with cross-border networks gaining traction. Moreover, an exponential rise in power consumption could foster the substation market growth in the ensuing period. With smart grids setting the trend globally, retrofit and refurbishment activities are poised to be pronounced. In a bid to streamline operations, leading companies are likely to do away with aging infrastructure.
Meanwhile, rigorous regulations and increased dependency on imports are expected to dent the business outlook.
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Regional Insights
Burgeoning Electricity Demand to Underpin Asia Pacific Market
Well-established players and new entrants are poised to inject funds into China, India, and Australia on the back of soaring urbanization and industrialization. Governments have upped investments to streamline transmission and distribution systems. The Asia Pacific substation market share will witness an appreciable gain due to rising renewable energy capacity. Prominently, surging installation of wind energy could boost the industry growth.
The industry in North America is expected to witness growth during the forecast period, partly due to the surging penetration of electronic equipment. A notable uptick in power consumption across the U.S. and Canada could add impetus to the regional growth. Industry players expect transmission and distribution networks to witness notable investments across the region.
Stakeholders envisage Europe to witness investments galore following the strong demand for an uninterrupted power supply. An infusion of funds into power grid infrastructure will be noticeable, with the U.K., France, and Germany spearheading the growth projection. Besides, smart grids will continue to fuel the trend across the region over the next few years.
Competitive Landscape
Industry Players to Inject Funds into Strategic Approaches to Tap Markets
Both well-established players and emerging economies are poised to invest in mergers & acquisitions, product launches, technological advancements, and R&D activities. Prevailing trends suggest industry participants could emphasize geographical expansion during the forecast period.
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Key Industry Developments
- August 2021 – L&T has announced that it received a turnkey construction contract for a 380 kV substation in the Tabuk City of Northern Saudi Arabia from the Saudi Electricity Company (SEC).
- June 2021 – Godrej Electrical & Electronics’ PIRE arm secured an order for a 400 kV substation in Mumbai, India.
Major Players Profiled in the Substation Market Report:
• GE (U.S.)
• NR Electric Co., Ltd. (China)
• Siemens (Germany)
• Hitachi ABB Power Grids (Switzerland)
• Schneider Electric (France)
• Eaton (Ireland)
• Efacec (Portugal)
• Rockwell Automation (U.S.)
• Emerson (U.S.)
• Belden (U.S.)
• L&T Electrical & Automation (India)
• Texas Instruments Incorporated (U.S.)
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Table Of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Substation Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Substation Market Analysis (USD Billion), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Voltage
- Low
- Medium
- High
- Market Analysis, Insights and Forecast – By Application
- Transmission
- Distribution
- Substation Market Analysis, Insights and Forecast – By End-user
- Utilities
- Industrial
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Substation Market Analysis (USD Billion), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Voltage
- Low
- Medium
- High
- Market Analysis, Insights and Forecast – By Application
- Transmission
- Distribution
- Market Analysis, Insights and Forecast – By End-user
- Utilities
- Industrial
- Market Analysis, Insights and Forecast – By Country
- U.S. Market Analysis, Insights and Forecast – By End-user
- Utilities
- Industrial
- Canada Substation Market Analysis, Insights and Forecast – By End-user
- Utilities
- Industrial
- U.S. Market Analysis, Insights and Forecast – By End-user
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