Global Substation Maintenance Market was valued at USD 6.3 Bn in 2019 and is expected to reach USD XX Bn by 2027 at a CAGR of 6.8% over the forecast period 2020-2027.
Global Substation Maintenance Market
The report covers an in-depth analysis of COVID-19 pandemic impact on Global Substation Maintenance Market by region and on the key players’ revenue affected till July 2020 and expected short term and long-term impact on the market.
Substation Maintenance Market overview
The substation is a subordination station where electricity is supplied at a long-distance or regulates at a very low voltage distribution level. The maintenance of substation is an important part of action program; it plays a vital role to ensure healthy working of electrical & electronic components and helps to avoid unplanned outages. Maintenance of substation components includes bus bar, relays, insulators, circuit breaker meters, and racking mechanism. Failure of substation maintenance can cause a huge loss to companies in terms of time and money. This can be avoided by a strict time-to-time schedule daily, weekly & monthly maintenance, and troubleshooting & inspection of substation components. This ensures the safety of electrical & electronic components working correctly in a healthy system working environment which includes major components of transformers, wiring, beakers, and switchgear that are checked and diagnosed.
Maintenance of substation requires different types of testing tools and strategies. Many small and large companies are operating in the substation maintenance market. Besides, large companies provide all the necessary instruments such as the installation of new substations, installation services while small companies just provide the repair and maintenance services to substations. Providing maintenance services to the substations requires certification, some provide extra-high voltage services while some provide services to the low substation.
Substation Maintenance Market Dynamics
In the electrical & electronic power industry, the maintenance of components plays a vital role; this has a positive impact on the revenue growth of the companies. The rapid urbanization and industrialization with emerging growing economies the demand for efficient energy is increasing day by day. The smart energy, smart energy meter in smart buildings application is increasing due to the expansion of smart cities increase the demand for power industries over the forecast period. Thus, the energy distribution & transmission carried out by these technologies with integrated software and hardware systems application is increasing. These systems deliver the data on real-time bases. Also, these smart meters balance the load, accessing the meter reading or total power consumption connection with substations. The major driving factor balances renewable generation with the traditional power source. The operation of electrical grid utilities is dependent on workers to examine the equipment and manage the daily operation.
Production forecasting to manage load distribution and renewable generation with the up gradation of conventional power sources is one of the critical parts of the digital substation. These substations are integrated with a fiber optic communication network as every device in the substation is upgraded.
The government has taken initiative to maintain the continuous flow of power 24×7 and ensuring grid stability is one of the restraining factors in the substation maintenance market. The conventional digital substation is more costly as the parameters and components used in these substations are expensive such as service orientated architecture and microprocessor and increased number of IED have increased the cost of substations.
The renewable energy industry trends are growing rapidly in recent years as the government has provided subsidies and various on-going projects have created a positive impact on the power sector. Collaborations, cost competitiveness, and increasing consumer demand has built many opportunities for the SME companies for various services and construction of substation maintenance. Also, increased competitiveness of battery storage and increasing carbon emission constraints has a focus on renewable energy projects. According to the International Energy Agency (IEA) in the next 5 years, renewable energy is going to expand by 50%.
In May 2019, Energy Aware, a frequency response technology solution that enables energy-intensive companies to optimize grids and contribute to renewable energy, was launched by Eaton.
Global Substation Maintenance Market: Market Segmentation
The utility industries cover the largest segment in the digital substation market which includes nationalized, public & privately cooperatives as they are major distributors of electricity in most of the countries. High voltage applications are required for several applications processing and extraction, heating metals, arcing in industries such as oil & gas, metals, and transportation. This has a positive impact on the power sector and increases the demand for the digital substation market.
Global Substation Maintenance Market: Regional Analysis
By geography, market is segmented into North America, APAC, Europe, MEA& Africa, and South America. The Asia Pacific is one of the fastest-growing markets owing to the increase in consumption of electricity and rural electrification. The Asia Pacific is growing at a high rate in the digital substation market due to rapid industrialization, entry of new companies, and modernization of new grid infrastructure to increase the demand for power sector industries. Increasing investment in digital substations to boost the utility sector and power utilities increasing the demand for the substation maintenance market. Besides, rising consumer awareness and less wastage of power supply management as the government has hosted various promotional activities and NGO to save electricity management have also driven the substation maintenance market.
Report covers in-depth analysis of key development, marketing strategies, supply-side and demand side indicators and company profiles of market leaders, potential players, and new entrants. Key players operating in this market are adopting various organic and inorganic growth strategies such as merger& acquisitions, joint ventures, collaborations, expansion, new product launches and patents to increase their regional presence and business operations.
The objective of the report is to present a comprehensive analysis of the Global Substation Maintenance Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Substation Maintenance Market dynamics, structure by analyzing the market segments and project Global Substation Maintenance Market Clear representation of competitive analysis of key players by price, financial position, Product portfolio, growth strategies, and regional presence in the Global Substation Maintenance Market make the report investor’s guide.
Scope of Global Substation Maintenance Market
Global Substation Maintenance Market Segmentation by Module
• Fiber-optic Communication Networks
• SCADA Systems
Global Substation Maintenance Market Segmentation by Type
• Transmission Substation
• Distribution Substation
Global Substation Maintenance Market Segmentation by Installation Type
• New Installations
• Retrofit Installations
Global Substation Maintenance Market Segmentation by Voltage
• Up to 220kV
• Above 500kV
Global Substation Maintenance Market Segmentation by Industry
• Heavy Industries
Global Substation Maintenance Market Segmentation by Region
• North America
• South America
• Middle East & Africa
Global Substation Maintenance Market Major Players
• Abengoa (Spain)
• BASF SE(Germany)
• BioAmber Inc. (Canada)
• Cargill (United States)
• Corbion NV(Netherlands)
• Methanex (Canada)
• Mitsubishi Chemical Corporation (Japan)
• Mitsui & Co. Ltd. (Japan)
• Novozymes A/S(Denmark)
• Zhejiang Hisun Biomaterials Co. (China)
• Myriant(United States)
• Genomatica(United States)
• Natureworks LLC (United States)
• Dow Chemicals (United States)
Maximize Market Research provides B2B and B2C market research on 20,000 high growth emerging technologies & opportunities in Chemical, Healthcare, Pharmaceuticals, Electronics & Communications, Internet of Things, Food and Beverages, Aerospace and Defense and other manufacturing sectors.
Name: Vikas Godage
Organization: Maximize Market Research Pvt.Ltd.Pune
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