Substation Grounding System Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The global substation grounding system market is expected to grow at a CAGR of over 4% during the forecast period of 2020-2025. Factors such as increasing power generation capacity plan across the world, growing demand for replacing/refurbishing of aging substation infrastructure, and increasing electricity demand, particularly in China and India, owing to rapidly increasing industrial and infrastructural development activities, are expected to drive the market during the forecast period. Moreover, increasing investments in transmission and distribution infrastructure with efficient fully safe systems are expected to bolster the growth of the market. However, delay in the implementation of electrification projects globally and high cost associated with substation grounding, the growth of the market is likely to be hampered.
Key HighlightsThe substation grounding system market is moderately consolidated. Some of the key players are ABB Ltd, Siemens AG, Eaton Corporation PLC, Hubbell Incorporated, and Southwire Company LLC.
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