유틸리티 규모 변전소 시장 기회, 성장 촉진요인, 산업 동향 분석, 예측(2025-2034년)

The Global Utility Scale Substation Market was valued at USD 63.3 billion in 2024 and is expected to grow at a CAGR of 2.2% from 2025 to 2034. This growth is driven by the increasing demand for electricity worldwide and the shift towards integrating renewable energy sources into power grids.

As countries modernize aging electrical infrastructure, there is a growing emphasis on upgrading substations. These improvements aim to boost power reliability and efficiency, ensuring that the grid can accommodate the rise of renewable energy, such as wind and solar power. The push for smart grid technology is also fueling the adoption of digitally advanced substations, which enhance monitoring and automation capabilities. Additionally, the expanding urbanization and industrialization in emerging markets are contributing to a surge in demand for new substations to support growing energy needs.

Governments across the globe are encouraging these advancements through supportive policies and funding initiatives, particularly in response to commitments to tackle climate change. Technological innovations, including compact and efficient designs such as high-voltage direct current (HVDC) systems and gas-insulated substations, are being adopted to improve energy transmission and reduce space requirements. These developments are playing a crucial role in the ongoing growth of the utility-scale substation market, making it a vital part of the energy infrastructure of the future.

When it comes to technology, conventional substations are anticipated to dominate the market, potentially reaching USD 73.8 billion by 2034. These substations are often more affordable in terms of initial investment compared to newer technologies like gas-insulated substations. For several utilities and regions with budgetary constraints, conventional substations remain the preferred choice for large-scale power distribution. This is particularly true for areas with ample space, such as rural and industrial zones, where cost-effective solutions are essential.

In terms of components, the electrical systems segment is expected to grow steadily, with a projected CAGR of over 1.3% by 2034. The demand for essential components like transformers, circuit breakers, and protection equipment is rising as the need for reliable power transmission increases. As utilities upgrade and expand substations to meet higher energy demands, the importance of these components will continue to grow.

The U.S. utility-scale substation market is expected to surpass USD 13.1 billion by 2034, driven by significant investments in upgrading the nation's grid infrastructure. These efforts are focused on improving the efficiency, reliability, and capacity of the grid, with substations playing a key role in enhancing power distribution and accommodating fluctuating energy sources.

Table of Contents

Chapter 1 Methodology & Scope

• 1.1 Market definitions
• 1.2 Base estimates & calculations
• 1.3 Forecast calculation
• 1.4 Data sources
  • 1.4.1 Primary
  • 1.4.2 Secondary
    • 1.4.2.1 Paid
    • 1.4.2.2 Public

Chapter 2 Executive Summary

• 2.1 Industry synopsis, 2021 - 2034

Chapter 3 Industry Insights

• 3.1 Industry ecosystem analysis
• 3.2 Regulatory landscape
• 3.3 Industry impact forces
  • 3.3.1 Growth drivers
  • 3.3.2 Industry pitfalls & challenges
• 3.4 Growth potential analysis
• 3.5 Porter's analysis
  • 3.5.1 Bargaining power of suppliers
  • 3.5.2 Bargaining power of buyers
  • 3.5.3 Threat of new entrants
  • 3.5.4 Threat of substitutes
• 3.6 PESTEL analysis

Chapter 4 Competitive landscape, 2024

• 4.1 Strategic dashboard
• 4.2 Innovation & sustainability landscape

Chapter 5 Market Size and Forecast, By Technology, 2021 - 2034 (USD Million, Units)

• 5.1 Key trends
• 5.2 Conventional
• 5.3 Digital

Chapter 6 Market Size and Forecast, By Component, 2021 - 2034 (USD Million)

• 6.1 Key trends
• 6.2 Substation automation system
• 6.3 Communication network
• 6.4 Electrical system
• 6.5 Monitoring & control system
• 6.6 Others

Chapter 7 Market Size and Forecast, By Application, 2021 - 2034 (USD Million, Units)

• 7.1 Key trends
• 7.2 Transmission
• 7.3 Distribution

Chapter 8 Market Size and Forecast, By Voltage Level, 2021 - 2034 (USD Million, Units)

• 8.1 Key trends
• 8.2 Medium
• 8.3 High

Chapter 9 Market Size and Forecast, By Category, 2021 - 2034 (USD Million, Units)

• 9.1 Key trends
• 9.2 New
• 9.3 Refurbished

Chapter 10 Market Size and Forecast, By Region, 2021 - 2034 (USD Million, Units)

• 10.1 Key trends
• 10.2 North America
  • 10.2.1 U.S.
  • 10.2.2 Canada
  • 10.2.3 Mexico
• 10.3 Europe
  • 10.3.1 UK
  • 10.3.2 France
  • 10.3.3 Germany
  • 10.3.4 Italy
  • 10.3.5 Russia
  • 10.3.6 Spain
• 10.4 Asia Pacific
  • 10.4.1 China
  • 10.4.2 Australia
  • 10.4.3 India
  • 10.4.4 Japan
  • 10.4.5 South Korea
• 10.5 Middle East & Africa
  • 10.5.1 Saudi Arabia
  • 10.5.2 UAE
  • 10.5.3 Turkey
  • 10.5.4 South Africa
  • 10.5.5 Egypt
• 10.6 Latin America
  • 10.6.1 Brazil
  • 10.6.2 Argentina

Chapter 11 Company Profiles

• 11.1 ABB
• 11.2 Belden
• 11.3 CG Power and Industrial Solutions
• 11.4 Cisco Systems
• 11.5 Eaton
• 11.6 Efacec
• 11.7 General Electric
• 11.8 Hitachi Energy
• 11.9 L&T Electrical and Automation
• 11.10 Locamation
• 11.11 Netcontrol Group
• 11.12 NR Electric
• 11.13 Open System International
• 11.14 Rockwell Automation
• 11.15 Schneider Electric
• 11.16 Siemens
• 11.17 Sifang
• 11.18 Tesco Automation
• 11.19 Texas Instruments