Press Release

The Global Substation Market is projected to grow from USD 129.9 billion in 2021 to USD 181.3 billion by 2030 at a CAGR of 4.4% during the forecast period.

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The substation unit is an electrical network interface that connects distribution and transmission lines via transformers, circuit breakers or switches, and bus bars. This allows for the controlling of transfer energy through the network, with the power in the transmission lines being lowered or raised to a level suited for the distribution system.

The COVID-19 pandemic has spread to almost every country on the globe. From power generation and oil and gas to manufacturing, railways, mining, and construction, almost every industry vertical is represented. To stop the spread of the COVID-19 epidemic, governments in several nations enforced severe containment measures. Unprecedented circumstances have had a negative influence on the power generation, transmission, and distribution segments. The supply chain was interrupted, and nations enforced travel bans, disrupting the manufacturing industry's raw material supply. Due to the statewide lockdown and falling power demand from the industrial and commercial sectors, a number of power transmission and distribution projects have been suspended. COVID-19 also caused other prospective projects to be postponed, as well as investment concerns in the industry.

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The majority of the world's power usage has increased dramatically in recent years. Power consumption has increased as a result of strong economic growth, expanding population, and greater industrialization. Electrically powered equipment is becoming more widely used around the world. Several economies are experiencing rising power demand as a result of the development of new and expanded energy infrastructure, as well as the expansion of current energy infrastructure. Rapid urbanization, combined with rising human living standards, raises the demand for reliable electricity generation. In order to satisfy increased power demand, some countries are increasing their power generating capacity and infrastructure investment for efficient transmission and distribution.

The industry will benefit from a paradigm change toward the integration of electric-powered transportation units, as well as the necessity for safe and reliable electrical supply across various transport peripherals. The sector dynamics will be positively swayed by rising electricity demand across diverse industries along with the integration of sustainable energy infrastructure favored by funding from local regulatory authorities and institutions such as the World Bank, IFC, and similar organizations. Furthermore, the use of simple-to-install, energy-efficient, and dependable intelligent technology will improve product implementation.  

Asia pacific is projected to see highest growth in substation automation market due to the demand for electricity is rapidly increasing as the population grows. Rapid urbanization and industry also raise the demand for a steady supply of electricity. China, India, and Australia are increasing their investments in the development of effective transmission and distribution systems. Governments are increasing electricity generation in the region, raising the demand for such systems to be installed. The increasing capacity of renewable energy also increases the number of such lines being installed. More than 55 GW of wind capacity will be installed in the region by 2020.

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KEY INDUSTRY DEVELOPMENTS:

September 2021- Relion relays from ABB helped Enel optimise and automate power distribution operations. Relion protection relays from ABB help to reduce the frequency of power outages and downtime. The time it takes to isolate the defective network part is expected to be reduced by about 20%. Relays are designed for digital substations and can exchange data through a communication network for increased operational safety. 

February 2022- The GE Group is planned to supervise the deployment of the digital substation, which includes enhanced digital monitoring, controls, and software systems, which was announced by GE and Bond. Between the offshore wind farm and the point of connectivity to the New York power grid, GE would supply the necessary connection and power balance.

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