Global Electric Vehicle Charging Station Market to Have Over 16.83 Million Charging Stations by 2028 |  More than 600,000 DC chargers are already present in the world

Global Substation Market Expected to Generate Revenue of $121.41 Billion by 2028 | Shortage of transformers will remain a major concern

SkyQuest Technology Consulting Pvt.  ltd.

SkyQuest Technology Consulting Pvt. ltd.

Global Substation Market was valued at USD 98.05 Billion in 2021 and is projected to reach a market size of USD 121.41 Billion by 2028, growing at a CAGR of 3.10% over the forecast period (2022 -2028).

Westford, USA, 07 Dec. 2, 2022 (GLOBE NEWSWIRE) — Substations are critical components of electricity supply, and growing demand for electricity is driving the need for new substations as well as upgrades to existing ones. Growth in the substation market is driven by a number of factors, including the growing global demand for electricity, the increasing use of renewable energy sources and the need for new transmission and distribution infrastructure. Additionally, government policies and regulations favor the construction of new substations as well as the upgrading of existing ones.

According to the SkyQuest study, most substation expansions over the next decade will be driven by population and economic growth, the retirement of aging infrastructure, and the need to support distributed energy resources (DER) , such as solar photovoltaic (PV) systems and wind farms.

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There are four key trends driving changes in the global substation market.

  • The rise of renewable energy is pushing network operators to invest in new technologies and modernize existing infrastructure.

  • 2. The growing deployment of electric vehicles is changing the way energy is used and stored, requiring new solutions to manage demand and distribution. 3. The growth of distributed generation is challenging traditional models of electricity generation and transmission.

  • 4. The rise of digital technologies is transforming the way energy is managed, monitored and controlled.

The global substation market is expected to grow at a compound annual growth rate (CAGR) of 3.10% between 2022 and 2028, driven by growing demand for electricity and the need to upgrade and expand infrastructure in substations. emerging economies. The Asia-Pacific region is expected to be the fastest growing market, followed by Latin America and the Middle East and Africa.

The substation market is highly fragmented Top 10 players hold less than 20% market share

SkyQuest’s analysis shows that the substation market is highly fragmented, with the top 10 companies accounting for less than 20% of the market. The remaining 80% of the market is divided among a large number of small and medium-sized companies. The main players in the market are ABB, Siemens, GE and Schneider Electric. These companies have a strong presence in developed markets such as North America and Europe, where the demand for substations is high. However, they are also expanding their business into developing markets such as Asia-Pacific and Latin America, where the demand for substations is growing rapidly. Our analysis shows that the substation industry is highly competitive, with companies competing on price, quality, technology and service. Competition is intensifying as more companies enter the market and new technologies are developed.

In a recent report, research firm SkyQuest analyzed the competitive landscape of the substation market, with a focus on Siemens. Siemens is a leading supplier of substation equipment and automation systems with strong roots in developed and emerging markets. According to our research, Siemens’ key strengths lie in its “extensive product portfolio, global reach, financial strength and long history in the industry.” The company’s products are used in a variety of applications, from high voltage transmission to medium voltage distribution. In addition, Siemens offers a range of services for the maintenance and operation of substations.

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SkyQuest notes that Siemens’ main weakness is its “somewhat rigid organizational structure”, which can make decision-making slow and cumbersome. However, the company is working to improve its agility through initiatives such as simplifying its product portfolio and emphasizing digitization. Overall, Siemens is believed to be “well positioned” in the substation market and gives it a positive rating in our report.

The substation market is struggling with a shortage of transformers

According to SkyQuest’s analysis, substations face a shortage of transformers. The main reasons for this shortage are the increase in demand for electricity, the aging of existing infrastructure and the lack of investment in new transformation capacities. As the demand for electricity increases, the need for more substations also increases. However, the problem is that there are not enough processors to meet this demand. Aging existing infrastructure is another factor contributing to the shortage of transformers. As substations age, they require more maintenance and repairs, which can lead to transformer shortages.

Lack of investment in new transformer capacity is also a major factor in the current shortage of transformers in the global substation market. With the rising cost of materials and labor, many companies are hesitant to invest in new processing capacity. Therefore, existing capacity is not replaced as it ages and breaks down. This is leading to a serious transformer capacity deficit that is expected to last for several years.

This has placed unprecedented pressure on the existing electrical infrastructure, in the global substation market, leading to an increase in transformer failures. Second, the number of new transformer installations has not kept pace with demand, due to a number of factors including the global financial crisis and delays in new project approvals.

As a result, there is now a significant gap between supply and demand for processors. The impact of the transformer shortage has been widespread, with power outages and brownouts across the country. In some cases, electricity companies have been forced to ration electricity supply, resulting in economic losses for businesses and households. SkyQuest’s analysis of the substation market shows that the shortage of substation transformers is expected to continue in the short to medium term.

However, it is possible to mitigate the impacts of the shortage through proactive management of electricity demand and efficient use of existing assets. In the longer term, new investments in transformer capacity will be needed to meet growing demand.

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Key players in the global substation market

  • GE (USA)

  • NR Electric Co., Ltd. (China)

  • Siemens (Germany)

  • Hitachi ABB power grids (Switzerland)

  • Schneider Electric (France)

  • Eaton (Ireland)

  • Efacec (Portugal)

  • Rockwell Automation (USA)

  • L&T Electrical & Automation (India)

  • Texas Instruments Incorporated (USA)

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