The global substation grounding system market is estimated to project growth at a CAGR of nearly 4% to 5% during the forecast period 2022-2032. Increasing technological advancement in substation grounding systems and rapidly expanding power transmission and distribution sectors across emerging economies are expected to create lucrative opportunities for demand growth in the global market.
| Report Attribute | Details |
|---|---|
| Substation Grounding System Market Projected Growth Rate (2022 to 2032) | 4% to 5% CAGR |
Substation grounding systems comprise of grid generally referred to as earthing mat, which is manufactured by burying conductors into the ground in a horizontal manner. These systems have two main parts, the connection to the earth and grounding network. The connection to the earth provides an interface between electrical systems and the earth, while the grounding network bonds all metallic structures and equipment frames in the substation to the ground for earthing purposes.
Demand for substation grounding systems is rapidly increasing across the energy & power industry for connecting electrical equipments, transmission wires, and others to bypass high voltages and complete earthing circuit-generated electrical infrastructures to the ground. In addition to this, increasing concerns regarding electrical safety, implantation of stringent regulations the safety of staff in substations, and increasing number of accidents associated with electrical transmissions are encouraging substations to install ground systems.
Being made of highly conductive metals such as copper, iron, and others, substation grounding systems are subject to corrosion, weathering, damage, and general wear. Thus, key players in the market are emphasizing on stocking and logistics services to ensure the availability of exact end use product needs and provide services in case of emergency. This is expected to facilitate the growth in the substation grounding system market over the forthcoming years.
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As the trend of electrification and industrial process automation continues to create deeper inroads across diverse sectors, the demand for energy and electrical safety systems is registering robust growth across the world. According to a report by the International Energy Agency (IEA), the demand for electricity worldwide is projected to surge at 2.1% per year to 2040, which is twice the rate of overall primary energy demand.
Hence, governments in several countries are planning to make huge investments and are focusing on the development of smart grids and the replacement of old power transmission & distribution infrastructure to decline the cost of distribution and reduce electricity loss.
For instance, according to the India Smart Grid Forum, the Government of India announced allocating nearly US$ 129.9 Mn with additional budgetary support of around US$ 44.8 Mn under the National Smart Grid Mission (NSGM) for transforming the nation’s power infrastructure by constructing smart grids across smart cities in India.
Substation grounding systems are extensively used electrical infrastructures for providing neutrals to capacitors, transformers, generations, & reactors and a connection to the ground for earthing. Hence, such developments are anticipated to accelerate the sales of substation grounding systems in the global market.
Due to the complexities of these substation grounding systems, the cost involved in the installation and maintenance of these systems is relatively high, which is in turn, hindering the adoption of these technologies by utility engineers and industries players.
In addition to this, lengthy regulatory approval processes and fragmentation of electrical systems in remote regions are anticipated to hamper the growth in the substation grounding systems market.
Principal Consultant
Future Market Insights states that the Asia Pacific excluding Japan is projected to emerge as the highly lucrative market for substation grounding systems between 2022 and 2032.
Growing concerns pertaining to environmental sustainability and rising fuel prices have resulted in increasing the adoption of electrical-powered products such as automotive vehicles, industrial automated machineries, and others. This, in addition to increasing inclination towards production of green energy using renewable sources such as solar, governments in numerous countries are undertaking several initiatives to increase renewable energy production.
For instance, according to a report by the India Brand Equity Foundation, the Indian Government announced allocating around US$ 616.76 Mn to the Indian Renewable Energy Development Agency Ltd. for the development of solar energy production units under the Production Linked Incentive (PLI) scheme. A multiplicity of such developments are estimated to accelerate the sales in the Asia Pacific excluding Japan market.
As per FMI, North America is projected to account for a significant share in the global substation grounding system market over the forecast period 2022-2032.
Governments in the countries such as the U.S. and Canada are increasingly emphasizing on increasing the production of renewable energy to address the surging demand for electricity. For instance, the U.S. has announced investing US$ 9 Bn in the development of solar projects in Nevada by 2030.
As substation grounding systems play a crucial role in the overall safety of the electricity generation, transmission, and distribution infrastructure, increasing number of renewable energy generation plants are expected to bolster the demand in the North America market.
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Some of the leading players in the global substation grounding system market are Genius Protection System, Lightening Protection Inc., Littelfuse, Inc., Southwire Company, LLC., Hubbell Power Systems, ABB Group, Power Technology, Burndy LLC., Onrion LLC, Siemens, and others.
Attributed to the presence of such high number of participants and increasing high performance product launches, the market is highly competitive.
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 4% to 5% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2015 to 2020 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Million, Volume in Kilotons and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Solution, Components, Application, Region |
| Regions Covered | North America; Latin America; Eastern Europe; Western Europe; APEJ; Japan; Middle East and Africa |
| Key Countries Profiled | USA, Canada, Brazil, Argentina, Germany, UK, France, Spain, Italy, Nordics, BENELUX, Australia & New Zealand, China, India, ASEAN, GCC, South Africa |
| Key Companies Profiled | Genius Protection System; Lightening Protection Inc.; Littelfuse, Inc.; Southwire Company, LLC.; Hubbell Power Systems; ABB Group; Power Technology; Burndy LLC.; Onrion LLC; Siemens |
| Customization | Available Upon Request |
FMI projects the demand for substation grounding system market to expand at around 4% to 5% value CAGR over the forecast period 2022-2032
The market for substation grounding system is dominated by Asia Pacific excluding Japan, and this trend is projected to continue in the foreseeable future.
Genius Protection System, Lightening Protection Inc., Littelfuse, Inc., Southwire Company, LLC., Hubbell Power Systems, ABB Group, Power Technology, Burndy LLC., Onrion LLC, Siemens are some prominent substation grounding system manufacturers.
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Substation Grounding System Market
