Substation market soars to $201.7 B by 2034
The substation market is expected to grow at a CAGR of 4.4 % during the forecast period of 2025 to 2034.
Imafe for illustration purposes
According to a Polaris Market Research report, the substation market is projected to reach $201.74 B, growing at a CAGR of 4.4 % in the period of 2025 to 2034. The market was valued at $131.66 B in 2024.
In terms of application, the distribution segment is expected to witness the highest CAGR over the forecast period due to increasing investments in strengthening local electricity grids to meet rising residential and commercial power demands.
Based on end user, the industrial segment accounted for the largest substation market share in 2024 due to the growing energy needs of heavy industries and the expansion of energy-intensive facilities requiring high-capacity power infrastructure.
Key players in the market: Beiden Corp., Eaton Inc., Efacec Corp., General Electric Corp., Hitachi Group, Rockwell Automation Corp., Siemens AG, Schneider Electric Limited, Tarigma Corporation, Toshiba Corporation, etc.
Source: Open PR
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