Industrial Substation Market
PUBLISHED: 2024 ID: SMRC25987
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Industrial Substation Market

Industrial Substation Market Forecasts to 2030 - Global Analysis By Type (Distribution Substations, Transmission Substations, Switching Substations, Converter Substations, Mobile Substations and Other Types), Component, Voltage Level, Application, End User and By Geography

4.7 (56 reviews)
4.7 (56 reviews)
Published: 2024 ID: SMRC25987

This report covers the impact of COVID-19 on this global market
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Years Covered

2021-2030

Estimated Year Value (2023)

US $66.12 BN

Projected Year Value (2030)

US $97.44 BN

CAGR (2023 - 2030)

5.7%

Regions Covered

North America, Europe, Asia Pacific, South America, and Middle East & Africa

Countries Covered

US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa

Largest Market

Asia Pacific

Highest Growing Market

Europe


According to Stratistics MRC, the Global Industrial Substation Market is accounted for $66.12 billion in 2023 and is expected to reach $97.44 billion by 2030 growing at a CAGR of 5.7% during the forecast period. An industrial substation is a crucial component of electrical power distribution systems, responsible for transforming high-voltage electricity from transmission lines into lower voltages suitable for use in industrial facilities. They play a vital role in ensuring a reliable and efficient power supply to industrial operations, helping to meet the demanding energy needs of factories, manufacturing plants, and other large-scale industrial facilities.

According to the International Energy Agency (IEA), the share of renewable sources in world electricity generation reached 25% in 2019. By 2050, renewable power will be able to provide the bulk of global power demand, which would be approximately 86%.

Market Dynamics: 

Driver: 

Rapid industrialization & urbanization in emerging economies

As emerging economies experience substantial economic growth, there is an increasing demand for reliable and efficient power infrastructure to support industrial activities and urban development. Industrial substations play a crucial role in ensuring stable electricity supply to power factories, manufacturing facilities, and urban infrastructure. Consequently, the growing need for electricity in emerging economies drives the expansion and modernization of industrial substations to meet the rising energy demands.

Restraint:

Intermittency of renewable energy sources

As renewable energy, such as solar and wind power, fluctuates based on weather conditions, it creates challenges for maintaining a stable power supply to industrial substations. This intermittency necessitates additional grid management and backup systems to ensure uninterrupted power supply to industrial facilities. Such requirements increase costs and complexities associated with industrial substation operations, thereby restraining market growth.

Opportunity:

Aging infrastructure replacement

As existing electrical substations deteriorate with time, there's a growing demand to upgrade or replace them with modern, more efficient, and reliable substations. This trend is particularly prominent in industrial settings where uninterrupted power supply is critical for operations. Consequently, industries are investing in new substations equipped with advanced technologies to enhance energy distribution, ensure reliability, and mitigate risks associated with outdated infrastructure, driving the market growth.

Threat:

High initial capital investments

Establishing industrial substations requires substantial financial resources for procuring equipment, land acquisition, construction, and installation of necessary infrastructure. This financial barrier can deter potential investors, particularly for SMEs with limited capital resources. Moreover, the complexity and scale of industrial substation projects exacerbate the financial burden, leading to slower adoption rates and constraining the market expansion.

Covid-19 Impact

The covid-19 pandemic had a mixed impact on the industrial substation market. While initial disruptions in supply chains and project delays were observed due to lockdown measures and workforce shortages, the sector demonstrated resilience driven by essential infrastructure needs. Governments' stimulus packages and emphasis on infrastructure development to spur economic recovery provided a boost. Moreover, the pandemic accelerated trends such as remote monitoring and digitalization, prompting investments in technologies to enhance operational efficiency and resilience. Overall, the market showed adaptability amidst the epidemic challenges.

The distribution substations segment is expected to be the largest during the forecast period

The distribution substations segment is estimated to have a lucrative growth. Distribution substations are crucial components of electrical power systems. They serve to step down the voltage from transmission lines to levels suitable for distribution to end-users. Distribution substations are strategically located throughout the grid to efficiently manage the flow of electricity and maintain system stability, playing a vital role in providing electricity to communities. 

The power generation segment is expected to have the highest CAGR during the forecast period

The power generation segment is anticipated to witness the highest CAGR growth during the forecast period. Industrial substations play a crucial role in power generation applications by serving as key intermediaries between power plants and end-users. These substations facilitate the transmission and distribution of electricity from power plants to industrial facilities, ensuring reliable and efficient power supply. They provide stable and uninterrupted power to drive machinery, processes, and other critical operations essential for industrial productivity and growth.

Region with largest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to expanding industrialization, urbanization, and infrastructural development. Rapid industrial growth in countries like China, India, and Japan is propelling demand for reliable power distribution infrastructure, leading to increased investments in industrial substations. Government initiatives promoting renewable energy integration and grid modernization further contribute to market expansion. Overall, the Asia Pacific industrial substation market is poised for sustained growth in the coming years.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period, owing to the need for modernization of aging infrastructure, integration of renewable energy sources, and increasing electricity demand from industrial sectors. Initiatives promoting energy efficiency and sustainability further stimulate market growth. Countries like Germany, France, and the UK lead in investment and development of industrial substations, focusing on advanced technologies like digital substations and smart grid solutions. Regulatory frameworks promoting grid reliability and resilience also contribute to market expansion.

Key players in the market

Some of the key players profiled in the Industrial Substation Market include ABB Limited, Siemens AG, General Electric Company, Schneider Electric SE, Eaton Corporation, Toshiba Corporation, Hitachi Limited, Mitsubishi Electric Corporation, Crompton Greaves Limited, Hyundai Electric & Energy Systems Corporation, Larsen & Toubro Limited (L&T), Alstom Grid, Powell Industries Inc., Schweitzer Engineering Laboratories, Linux Foundation Energy and Advantech India.

Key Developments:

In March 2024, Advantech, a global leader in Industrial IoT, is excited to announce the launch of ECU-479, an IEC-61850-3 Certified Power Automation Computer for smart substation digitalization and virtualization. Specifically designed for next-generation smart substations and harsh environments, the fanless computer can operate in wide temperature ranges (-25 to 70°C).

In January 2024, Hitachi Energy has launched a new addition to digital substation technology with the SAM600 3.0, a process interface unit (PIU) meant to help transmission utilities accelerate the adoption of digital substations. SAM600 is intended to speed the upgrade of conventional substations to digital substations.

Types Covered:
• Distribution Substations
• Transmission Substations
• Switching Substations
• Converter Substations
• Mobile Substations
• Other Types

Components Covered:
• Transformers
• Circuit Breakers
• Switchgear
• Relays
• Capacitors
• Surge Arresters
• Insulators
• Other Components

Voltage Levels Covered:
• Low Voltage (LV) Substations (up to 1 kV)
• Medium Voltage (MV) Substations (1 kV to 33 kV)
• High Voltage (HV) Substations (33 kV to 400 kV)
• Extra High Voltage (EHV) Substations (above 400 kV)

Applications Covered:
• Water & Wastewater Treatment
• Infrastructure Projects
• Transportation
• Manufacturing
• Power Generation
• Other Applications

End Users Covered:
• Government & Public Sector
• Commercial Entities
• Utility Companies
• Other End Users

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan        
o China        
o India        
o Australia  
o New Zealand
o South Korea
o Rest of Asia Pacific    
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa 
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings: 
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary   
     
2 Preface    
 2.1 Abstract   
 2.2 Stake Holders  
 2.3 Research Scope  
 2.4 Research Methodology 
  2.4.1 Data Mining 
  2.4.2 Data Analysis 
  2.4.3 Data Validation 
  2.4.4 Research Approach 
 2.5 Research Sources  
  2.5.1 Primary Research Sources
  2.5.2 Secondary Research Sources
  2.5.3 Assumptions 
     
3 Market Trend Analysis  
 3.1 Introduction  
 3.2 Drivers   
 3.3 Restraints  
 3.4 Opportunities  
 3.5 Threats   
 3.6 Application Analysis 
 3.7 End User Analysis  
 3.8 Emerging Markets  
 3.9 Impact of Covid-19  
     
4 Porters Five Force Analysis  
 4.1 Bargaining power of suppliers 
 4.2 Bargaining power of buyers 
 4.3 Threat of substitutes 
 4.4 Threat of new entrants 
 4.5 Competitive rivalry  
     
5 Global Industrial Substation Market, By Type
 5.1 Introduction  
 5.2 Distribution Substations 
 5.3 Transmission Substations 
 5.4 Switching Substations 
 5.5 Converter Substations 
 5.6 Mobile Substations  
 5.7 Other Types  
     
6 Global Industrial Substation Market, By Component
 6.1 Introduction  
 6.2 Transformers  
 6.3 Circuit Breakers  
 6.4 Switchgear  
 6.5 Relays   
 6.6 Capacitors  
 6.7 Surge Arresters  
 6.8 Insulators  
 6.9 Other Components  
     
7 Global Industrial Substation Market, By Voltage Level
 7.1 Introduction  
 7.2 Low Voltage (LV) Substations (up to 1 kV)
 7.3 Medium Voltage (MV) Substations (1 kV to 33 kV)
 7.4 High Voltage (HV) Substations (33 kV to 400 kV)
 7.5 Extra High Voltage (EHV) Substations (above 400 kV)
     
8 Global Industrial Substation Market, By Application
 8.1 Introduction  
 8.2 Water & Wastewater Treatment
 8.3 Infrastructure Projects 
 8.4 Transportation  
 8.5 Manufacturing  
 8.6 Power Generation  
 8.7 Other Applications  
     
9 Global Industrial Substation Market, By End User
 9.1 Introduction  
 9.2 Government & Public Sector 
 9.3 Commercial Entities 
 9.4 Utility Companies  
 9.5 Other End Users  
     
10 Global Industrial Substation Market, By Geography
 10.1 Introduction  
 10.2 North America  
  10.2.1 US  
  10.2.2 Canada  
  10.2.3 Mexico  
 10.3 Europe   
  10.3.1 Germany  
  10.3.2 UK  
  10.3.3 Italy  
  10.3.4 France  
  10.3.5 Spain  
  10.3.6 Rest of Europe 
 10.4 Asia Pacific  
  10.4.1 Japan  
  10.4.2 China  
  10.4.3 India  
  10.4.4 Australia  
  10.4.5 New Zealand 
  10.4.6 South Korea 
  10.4.7 Rest of Asia Pacific 
 10.5 South America  
  10.5.1 Argentina 
  10.5.2 Brazil  
  10.5.3 Chile  
  10.5.4 Rest of South America
 10.6 Middle East & Africa 
  10.6.1 Saudi Arabia 
  10.6.2 UAE  
  10.6.3 Qatar  
  10.6.4 South Africa 
  10.6.5 Rest of Middle East & Africa
     
11 Key Developments   
 11.1 Agreements, Partnerships, Collaborations and Joint Ventures
 11.2 Acquisitions & Mergers 
 11.3 New Product Launch 
 11.4 Expansions  
 11.5 Other Key Strategies 
     
12 Company Profiling   
 12.1 ABB Limited  
 12.2 Siemens AG  
 12.3 General Electric Company 
 12.4 Schneider Electric SE 
 12.5 Eaton Corporation  
 12.6 Toshiba Corporation 
 12.7 Hitachi Limited  
 12.8 Mitsubishi Electric Corporation
 12.9 Crompton Greaves Limited 
 12.10 Hyundai Electric & Energy Systems Corporation
 12.11 Larsen & Toubro Limited (L&T) 
 12.12 Alstom Grid  
 12.13 Powell Industries Inc. 
 12.14 Schweitzer Engineering Laboratories
 12.15 Linux Foundation Energy 
 12.16 Advantech India  
     
List of Tables    
1 Global Industrial Substation Market Outlook, By Region (2021-2030) ($MN)
2 Global Industrial Substation Market Outlook, By Type (2021-2030) ($MN)
3 Global Industrial Substation Market Outlook, By Distribution Substations (2021-2030) ($MN)
4 Global Industrial Substation Market Outlook, By Transmission Substations (2021-2030) ($MN)
5 Global Industrial Substation Market Outlook, By Switching Substations (2021-2030) ($MN)
6 Global Industrial Substation Market Outlook, By Converter Substations (2021-2030) ($MN)
7 Global Industrial Substation Market Outlook, By Mobile Substations (2021-2030) ($MN)
8 Global Industrial Substation Market Outlook, By Other Types (2021-2030) ($MN)
9 Global Industrial Substation Market Outlook, By Component (2021-2030) ($MN)
10 Global Industrial Substation Market Outlook, By Transformers (2021-2030) ($MN)
11 Global Industrial Substation Market Outlook, By Circuit Breakers (2021-2030) ($MN)
12 Global Industrial Substation Market Outlook, By Switchgear (2021-2030) ($MN)
13 Global Industrial Substation Market Outlook, By Relays (2021-2030) ($MN)
14 Global Industrial Substation Market Outlook, By Capacitors (2021-2030) ($MN)
15 Global Industrial Substation Market Outlook, By Surge Arresters (2021-2030) ($MN)
16 Global Industrial Substation Market Outlook, By Insulators (2021-2030) ($MN)
17 Global Industrial Substation Market Outlook, By Other Components (2021-2030) ($MN)
18 Global Industrial Substation Market Outlook, By Voltage Level (2021-2030) ($MN)
19 Global Industrial Substation Market Outlook, By Low Voltage (LV) Substations (up to 1 kV) (2021-2030) ($MN)
20 Global Industrial Substation Market Outlook, By Medium Voltage (MV) Substations (1 kV to 33 kV) (2021-2030) ($MN)
21 Global Industrial Substation Market Outlook, By High Voltage (HV) Substations (33 kV to 400 kV) (2021-2030) ($MN)
22 Global Industrial Substation Market Outlook, By Extra High Voltage (EHV) Substations (above 400 kV) (2021-2030) ($MN)
23 Global Industrial Substation Market Outlook, By Application (2021-2030) ($MN)
24 Global Industrial Substation Market Outlook, By Water & Wastewater Treatment (2021-2030) ($MN)
25 Global Industrial Substation Market Outlook, By Infrastructure Projects (2021-2030) ($MN)
26 Global Industrial Substation Market Outlook, By Transportation (2021-2030) ($MN)
27 Global Industrial Substation Market Outlook, By Manufacturing (2021-2030) ($MN)
28 Global Industrial Substation Market Outlook, By Power Generation (2021-2030) ($MN)
29 Global Industrial Substation Market Outlook, By Other Applications (2021-2030) ($MN)
30 Global Industrial Substation Market Outlook, By End User (2021-2030) ($MN)
31 Global Industrial Substation Market Outlook, By Government & Public Sector (2021-2030) ($MN)
32 Global Industrial Substation Market Outlook, By Commercial Entities (2021-2030) ($MN)
33 Global Industrial Substation Market Outlook, By Utility Companies (2021-2030) ($MN)
34 Global Industrial Substation Market Outlook, By Other End Users (2021-2030) ($MN)
     
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.

List of Figures

RESEARCH METHODOLOGY


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.


Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.


For more details about research methodology, kindly write to us at info@strategymrc.com

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