According to the report titled ‘Global Substation Market Size By Technology (Conventional, Digital), By Component , By Application (Transmission, Distribution), By Connectivity, By Voltage Level (Low, Medium, High), By End Use (Utility, Industrial), By Category (New, Refurbished) Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026’, available with Market Study Report, global substation market was remunerated at USD 151 billion in 2019 and is expected to transcend an annual installation of 24,500 units by the year 2020-2026.
 

Factors like retrofitting & refurbishment of existing grid network, rapid digitalization across industrial enterprises, and government schemes for establishing efficient transmission & distribution network are the factors boosting the growth of global substation market.
 

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Additionally, foreign direct investments to support industrial & commercial sectors, and inclination towards using energy efficient, fire-resistant, and secured electrical equipment are adding considerable momentum to the industry expansion.
 

However, dependency on imports, and slow technological advancements are the key challenges negatively impacting the business dynamics.
 

Based on voltage level, worldwide substation market is bifurcated into low, medium, and high. The low and medium segment has been witnessing significant traction in recent years, owing to high paced commercial expansion and large-scaled residential applications, coupled with suburban migration and rising adoption of sustainable electric networks.
 

On the geographical front, the U.S. market is anticipated to exhibit an annual growth rate of 5% during the analysis timeframe, due to growing demand for efficient transmission & distribution infrastructure, and high rate of investment in the industrial & commercial sectors. Also, rigid regulations with initiatives by the government for promoting substation automation & monitoring control system technologies are also adding to the market valuation. For the record, a whopping USD 4.8 billion was invested in smart grid technology & control systems in 2016 by the U.S. utilities including public power providers, investor owned utilities (IOUs), and cooperatives.
 

The prominent players influencing the global substation market trends are Netcontrol UK Ltd., ABB Ltd., EFACEC Power Solutions SGPS S.A., Tesco Automation, Beijing Sifang Automation Co. Ltd., L&T Electrical & Automation (E&A), Guodian Nanjing Automation Co. Ltd, Cisco Systems Inc., Siemens AG, Rockwell Automation Inc., Eaton Corporation plc, General Electric Company,  NR Electric Co. Ltd., Texas Instruments Incorporated, Belden Incorporated, and Emerson Electric Co.