Substation Market Size By Technology (Conventional, Digital), By Component (Substation Automation System, Communication Network, Electrical System, Monitoring & Control System), Application, Connectivity, Voltage Level, End-use, Category & Forecasts, 2023

Substation Market Size By Technology (Conventional, Digital), By Component (Substation Automation System, Communication Network, Electrical System, Monitoring & Control System), Application, Connectivity, Voltage Level, End-use, Category & Forecasts, 2023 - 2032


Global Substation Market value will exhibit remarkable growth over 2023-2032.

The increasing demand for electricity, driven by population growth, urbanization, and industrialization, has necessitated the modernization and expansion of existing power infrastructure. According to the U.S. Energy Information Administration, electricity consumption in the United States grew by 2.3% in 2022, reaching 4.0 trillion kilowatt hours in 2022 from 3.9 trillion kilowatt hours in 2021. The administration has set a target of 4.4 trillion kilowatt hours of electricity consumption for 2023.

The remarkable rise in power demand drives the need for new substations to enhance transmission and distribution capabilities, which will help stimulate substation industry revenue streams through 2032. The transition toward more clean and sustainable energy alternatives is also playing a key role in defining the market outlook as the integration of renewable energy sources, such as wind and solar, into the power grid requires the establishment of substations to facilitate their connection and integration.

The overall substation market is classified based on technology, component, application, connectivity, voltage level, category, end-use, and region.

Regarding technology, the digital substation industry size will expand at a modest CAGR from 2023 to 2032. Digital substations offer advanced automation, control, and monitoring capabilities, enabling utilities to optimize grid operations and improve overall system reliability. These substations support the seamless integration of renewable energy sources and facilitate grid modernization efforts. Additionally, they provide enhanced cybersecurity features and interoperability, ensuring the protection and efficient management of power systems. The increasing need for advanced technologies and improved operational efficiency drives the demand for digital substations in the energy sector.

Based on the component, the substation market share from the communication network segment will grow commendably through 2032. The expansion of communication networks, including 5G and broadband infrastructure, requires the establishment of substations to provide reliable power supply and distribution. Substations play a crucial role in supporting the deployment of network equipment and ensuring uninterrupted connectivity. Besides, the increasing data consumption and demand for high-speed connectivity drive the need for substations to handle the growing power requirements of communication networks.

In terms of application, the distribution segment will amass a sizeable share of the substation industry revenue by 2032. The increasing electricity demand and the need for efficient distribution of power drive the expansion of distribution networks, necessitating the establishment of substations. The integration of renewable energy sources and the electrification of transportation increases the complexity and capacity requirements of distribution systems. This apart, the aging infrastructure and the need for grid modernization contribute to the growing demand for substations in distribution applications.

North America substation market will garner appreciable gains over 2023-2032. The need to upgrade and expand aging power infrastructure to meet increasing electricity demand drives the demand for new substations in the region. Rapid integration of renewable energy sources and the development of smart grid technologies require additional substations for efficient power distribution. Further, government initiatives and regulations promoting grid reliability and resilience contribute to the growing demand for substations in North America.


Chapter 1 Methodology & Scope
1.1 Market scope & definition
1.2 Base estimates & calculations
1.3 Forecast parameters
1.4 Data Sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Unpaid sources
Chapter 2 Executive Summary
2.1 Global substation industry 360 degree synopsis, 2019 – 2032
2.2 Business trends
2.3 Technology trends
2.4 Component trends
2.5 Application trends
2.6 Connectivity trends
2.7 Voltage level trends
2.8 End use trends
2.9 Category trends
2.10 Regional trends
Chapter 3 Global Substation Industry Insights
3.1 Industry ecosystem analysis
3.1.1 Vendor Matrix
3.2 Industry impact forces
3.2.1 Growth drivers
3.2.1.1 North America & Europe
3.2.1.1.1 Expansion of smart grid networks
3.2.1.1.2 Refurbishment & retrofit of existing grid infrastructure
3.2.1.2 Asia Pacific
3.2.1.2.1 Rising peak load demand
3.2.1.2.2 Expansion of micro-grid networks
3.2.1.2.3 Grid stability & security of supply concerns
3.2.1.3 Middle East, Africa & Latin America
3.2.1.3.1 Increasing electricity demand
3.2.1.3.2 Integration of a sustainable energy infrastructure
3.2.2 Industry pitfalls & challenges
3.2.2.1 Slow paced technological evolution across developing regions
3.2.2.2 High dependency on importsGrowth potential analysis
3.3 Growth potential analysis
3.4 COVID- 19 impact analysis
3.5 Regulatory landscape
3.5.1 U.S.
3.5.2 Europe
3.6 Porter's Analysis
3.7 PESTEL Analysis
Chapter 4 Competitive Landscape, 2022
4.1 Strategy dashboard
4.2 Technology landscape
Chapter 5 Global Substation Market Size and Forecast, By Technology (Units & USD Million)
5.1 Key trends, by technology
5.2 Conventional
5.3 Digital
Chapter 6 Global Substation Market Size and Forecast, By Component (USD Million)
6.1 Key trends, by component
6.2 Substation Automation System
6.3 Communication Network
6.4 Electrical System
6.5 Monitoring & Control System
6.6 Others
Chapter 7 Global Substation Market Size and Forecast, By Application (Units & USD Million)
7.1 Key trends, by application
7.2 Transmission
7.3 Distribution
Chapter 8 Global Substation Market Size and Forecast, By Connectivity (Units & USD Million)
8.1 Key trends, by connectivity
8.2 ≤ 33 kV
8.3 > 33 kV to ≤ 110 kV
8.4 > 110 kV to ≤ 220 kV
8.5 > 220 kV to ≤ 550 kV
8.6 > 550 kV
Chapter 9 Global Substation Market Size and Forecast, By Voltage Level (Units & USD Million)
9.1 Key trends, by voltage level
9.2 Low
9.3 Medium
9.4 High
Chapter 10 Global Substation Market Size and Forecast, By End Use (Units & USD Million)
10.1 Key trends, by end use
10.2 Utility
10.3 Industrial
Chapter 11 Global Substation Market Size and Forecast, By Category (Units & USD Million)
11.1 Key trends, by category
11.2 New
11.3 Refurbished
Chapter 12 Global Substation Market Size and Forecast, By Region (Units & USD Million)
12.1 Key trends, by region
12.2 North America
12.2.1 U.S.
12.2.2 Canada
12.2.3 Mexico
12.3 Europe
12.3.1 Germany
12.3.2 France
12.3.3 Italy
12.3.4 UK
12.3.5 Russia
12.4 Asia Pacific
12.4.1 China
12.4.2 India
12.4.3 Japan
12.4.4 South Korea
12.4.5 Australia
12.5 Middle East & Africa
12.5.1 Saudi Arabia
12.5.2 UAE
12.5.3 Qatar
12.5.4 Oman
12.5.5 South Africa
12.6 Latin America
12.6.1 Brazil
12.6.2 Chile
Chapter 13 Company Profiles
13.1 Hitachi Energy Ltd.
13.2 Locamation
13.3 Efacec
13.4 Netcontrol Group
13.5 Tesco Automation Inc.
13.6 Texas Instruments Incorporated
13.7 Belden Inc.
13.8 NR Electric Co., Ltd.
13.9 Siemens
13.10 General Electric
13.11 Eaton
13.12 Schneider Electric
13.13 ABB
13.14 Cisco Systems, Inc.
13.15 Rockwell Automation, Inc.
13.16 L&T Electrical and Automation
13.17 Open System International, Inc.
13.18 SIFANG
13.19 CG Power & Industrial Solutions Ltd.

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