Low Voltage Substation Market Size - By Technology (Conventional, Digital), By Component (Substation Automation System, Communication Network, Electrical System, Monitoring & Control System), By Category (New, Refurbished), Country Outlook & Forecast, 202

Low Voltage Substation Market Size - By Technology (Conventional, Digital), By Component (Substation Automation System, Communication Network, Electrical System, Monitoring & Control System), By Category (New, Refurbished), Country Outlook & Forecast, 2024 – 2032

Low Voltage Substation Market size will record 2.3% CAGR between 2024 and 2032, driven by the growing shift towards sustainable energy sources.

The integration of advanced technologies in substations is helping to reduce energy losses and improve the overall efficiency in energy distribution. Development and use of new materials for substation components, such as transformers and switchgear, are also improving performance and durability. For instance, in April 2022, Schneider Electric launched Metalclad Distribution Substation, its 2nd generation integrated and compact electrical substation range for delivering unparalleled convenience and reliability to customers in energy, utilities, and commercial industries. Rising collaboration between public entities and private companies for increasing investments and developing modern substation infrastructure will favor the market growth.

The low voltage substation industry is segmented into technology, component, category and region.

By technology, the industry value from the digital segment will witness lucrative growth through 2032. This can be attributed to the rising preference for digital low voltage substations as they can be deployed more quickly compared to traditional substations while helping to meet the urgent infrastructure needs. Digital substations also contribute to sustainability goals by enhancing the efficiency of energy distribution and reducing the carbon footprints.

With respect to component, the low voltage substation market size from the electrical system segment will record expansion from 2024 to 2032. The rapid rate of urbanization is leading to higher electricity consumption in residential, commercial, and industrial areas, further necessitating the deployment of low voltage substations to manage and distribute electricity effectively. With several countries shifting towards renewable energy to meet the sustainability goals, these substations have further grown essential for connecting renewable energy systems to the main grid.

Europe low voltage substation industry value will expand through 2032 due to the rising demand for electricity in urban areas along with the electrification of transportation and other sectors. The surge in distributed energy generation, such as rooftop solar panels is necessitating the adoption of substations to manage multiple energy inputs and ensure stable distribution. Significant public and private sector investments for upgrading and expanding the power infrastructure will also drive the regional market growth.