USD 132.6 billion
Substation Market Size, Share, and Growth Analysis
Substation Market By Technology (Conventional, Digital), By Component (Substation Automation System, Communication Network), By Application, By Connectivity, By Voltage Level, By End Use, By Category, By Region - Industry Forecast 2025-2032
Report ID:
SQMIG55A2008 |
Region:
Global |
Published Date: January, 2025
Pages:
165
|Tables:
88
|Figures:
76
Format -
Substation Market Insights
Substation Market size was valued at USD 132.6 billion in 2023 and is poised to grow from USD 138.7 billion in 2024 to USD 198.76 billion by 2032, growing at a CAGR of 4.6% during the forecast period (2025-2032).
Substation is an electrical set-up with high-voltage capacity, which can be used to control the generators, circuits, and systems. The set-up is majorly used to convert AC to DC and is available in different sizes & voltage and also consists of an inbuilt transformer along with related switches. Some of the huge substations are built with different types of transformers, circuit breakers, switches, and other equipment.
Global substation market is witnessing strong growth due to rising number of infrastructure development project for smart cities, increasing power demand with limited space availability, growing need to replace traditional substation infrastructure, and increasing interoperability and safety. Rising demand for renewable energy projects and for battery technology to generate electricity is creating ample opportunities for the market growth.
US Substation Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2025-2032
Global Market Size
Largest Segment
Distribution
Fastest Growth
Transmission
Growth Rate
4.6% CAGR
Global Substation Market, 2021-2028 ($ Bn)
Country Share for Asia Pacific Region- 2021 (%)
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Substation Market Segments Analysis
Global Substation Market is segmented by Technology, Component, Application, Connectivity, Voltage Level, End Use, Category and region. Based on Technology, the market is segmented into Conventional and Digital. Based on Component, the market is segmented into Substation Automation System, Communication Network, Electrical System, Monitoring & Control System and Others. Based on Application, the market is segmented into Transmission and Distribution. Based on Connectivity, the market is segmented into ≤ 33 kV, > 33 kV to ≤ 110 kV, > 110 kV to ≤ 220 kV, > 220 kV to ≤ 550 kV and > 550 kV. Based on Voltage Level, the market is segmented into Low, Medium and High. Based on End Use, the market is segmented into Utility and Industrial. Based on Category, the market is segmented into New and Refurbished. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Substation Market Analysis by Application
By application, the substation market is bifurcated into transmission and distribution. The distribution segment is expected to dominate the market until 2028 because of rapidly growing demand for electricity around the world and it creates the need for efficient power distribution networks. During the forecast period, the distribution segment to go under rapid expansion on account of growing pressure on existing energy infrastructure and rising demand for efficient electricity grids in several developing countries.
Substation Market Analysis by End-User
Based on end-user, the substation market is segmented into utilities and industrial. The industrial segment is expected to grow significantly. Due to various rapid industrialization in developing countries, the demand for continuous electricity supply is increasing across the industrial sector. Industries are always looking for ways to save money and energy. One way they do this is by installing substations. These are large, powerful machines that help industries save energy by supplying them with electricity. substations are also being installed in order to protect the industry from natural disasters. If an earthquake or other natural disaster hits, the substation can help the industry remain operational.
Global Substation Market By Application , 2021(%)
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Substation Market Regional Insights
Asia Pacific is dominating the global substation market and is expected to continue holding a significant market share during the forecast period. The demand for electricity is growing in Asia Pacific because of the increasing population, economic development, and electric vehicles. The population is growing rapidly in countries such as China and India, and these countries are adding both jobs and buildings. These additions require a lot of electricity to run businesses and homes. In addition, electric vehicles are becoming more popular in Asia Pacific. Many people are concerned about the environment and want to reduce their carbon footprints. Switching to electric vehicles can help do this.
Global Substation Market By Geography, 2021 - 2028
- Largest
- Fastest
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Substation Market Dynamics
Substation Market Driver
- As investment in power grid networks increases, micro-grids are becoming more popular around the world. Governments are also very interested in grid expansion and are working hard to expand it in a number of countries. Investment in cross-border grid networks is also increasing globally. As demand for network infrastructure for electricity transmission and distribution grows around the world, so does the demand for power consumption. Global investment in smart grid networks is also increasing rapidly. The factors listed above will drive substation market growth during the forecast period.
- Several developing and developed countries in the world have begun to invest in power grid infrastructure refurbishment or replacement. The aging infrastructure is becoming more prevalent, which is trying to interfere with the smooth and efficient operation of electrical systems. This shows a positive sign for substation market as electrical infrastructure retrofitting activities to growth further in several countries around the world. The refurbishment and retrofit of existing infrastructure help to extend the life of the infrastructure while also achieving maximum efficiency.
Substation Market Restraint
- Transmission infrastructure technological advancements are expected to play a key role in efficient network upgrades and expansion. This is anticipated to help in meeting the government's objective of providing 24-hour power supply to all citizens. Moreover, it has been observed that most of the governments around the globe are trying to manage and maintain overcrowded transmission network for ensuring grid stability. This, in turn, is adding value to the technological advancement. However, these activities in the substation market are expected to face some challenges and slow the growth rate due to high initial cost of establishing digital substations. The high cost comes from the large number of intelligent electronic devices (IEDs) used in substations.
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Substation Market Competitive Landscape
The global substation market is highly fragmented with strong presence of numerous large enterprises across developed and emerging economies. Apart from this, most of the companies are trying to expand their product pipelines through R&D, mergers and acquisitions, industry-academia partnership to commercialize more marketed molecules, or sequencing approaches. As per our market analysis, the demand for electric vehicles increases, the substation market is projected to get more competitive because of many players are already eying on taping the opportunity and establish themselves in the evolving EV market.
Top Players in Substation Market
- ABB Ltd. (Switzerland)
- Alstom SA (France)
- Bharat Heavy Electricals Limited (BHEL) (India)
- Crompton Greaves Limited (India)
- Eaton Corporation plc (Ireland)
- Emerson Electric Co. (United States)
- General Electric Company (GE) (United States)
- Hitachi, Ltd. (Japan)
- Hyundai Electric & Energy Systems Co., Ltd. (South Korea)
- Mitsubishi Electric Corporation (Japan)
- Nari Group Corporation (China)
- Schneider Electric SE (France)
- Siemens AG (Germany)
- Toshiba Corporation (Japan)
- Voltamp Transformers Limited (India)
- Wilson Transformer Company Pty Ltd (Australia)
- Wuzhou Transformers Co., Ltd. (China)
- Xian Electric Engineering Co., Ltd. (China)
Substation Market Recent Developments
- March 2022: Adani Transmission Limited (ATL) announced the building of transmission line and substation from Kharghar to Vikhroli that would increase power supply by 1,000 MW and be completed by the end of 2023.
- March 2022: WHA Industrial Zone, Nghe An Electricity Company, and Northern Power Construction launched the newly-built 110kV substation in WHA Industrial Zone 1.
Substation Key Market Trends
- In the last few years, power consumption has increased significantly across the globe. The significant growth in the power consumption is mainly coming from robust economic development, rising population, and increased industrialization. Apart from this, people around the globe are purchasing electrically powered equipment for household use due to increased purchasing power. The substation market is projected to flourish in the years to thanks to rapid urbanization, combined with improving living standards that need consistent power supply. As a result, large number of power generation projects that mainly includes renewable energy coming from wind and solar is projected to bolster the substation market.
Substation Market SkyQuest Analysis
SkyQuest's ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our business information services team that collects, collates, co-relates and analyses the data collected by means of primary exploratory research backed by the robust secondary desk research.
According to our market analysis, the renewable energy industry is poised to enter a new phase of expansion as a result of rising customer demand, cost competitiveness, innovation, and collaboration. Demand for renewable energy was high across global substation market. The declining cost of renewable energy, rising capacity of renewable energy, and increased competitiveness of battery storage are projected to encourage the growth of global substation market.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 132.6 billion |
| Market size value in 2032 | USD 198.76 billion |
| Growth Rate | 4.6% |
| Base year | 2024 |
| Forecast period | 2025-2032 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Substation Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Substation Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Substation Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Substation Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Substation Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Substation Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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