Market Trends of Substation Grounding System Industry
This section covers the major market trends shaping the Substation Grounding System Market according to our research experts:
Power Transmission Segment to Dominate the Market
- Power transmission network is expected to increase the demand for substation grounding system market, owing to factors like rising in electricity demand globally, high demand for safe grids, and increasing need for upgradation of the existing transmission networks. Furthermore, power generation companies are looking to comply with safety norms efficiently while investing in substation grounding systems.
- Moreover, the power transmission is expected to witness significant demand over the forecast period, due to the rapid improvement in the power sector through the implementation of smart grid and smart meter technology.
- In 2018, India was the third-largest electricity-generating nation in the world. This power is generated from both conventional and renewable sources. The country has made major strides in improving access to power among both rural and urban communities through various government-led schemes focused on Power for All.
- Further, countries in the Middle-East and African region, such as Oman and Saudi Arabia, are also investing in the expansion and restructuring of transmission power grids, which increases the growth prospects of the substation grounding system market.
- Therefore, with increasing urbanization and industrialization across the developing economies, the demand for power transmission is expected to witness significant growth, which in turn is likely to bolster the substation grounding system market during the forecast period.
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Asia-Pacific to Dominate the Market
- Asia-Pacific is expected to be the largest and the fastest-growing region, due to the increasing power generation capacity plans, growing demand for replacing/refurbishing of aging transmission and distribution networks, and increasing electricity demand, particularly in China and India, owing to rapidly increasing industrial and infrastructural development activities.
- China has witnessed high rates of demand for electricity, owing to the unprecedented growth of the economy, coupled with factors, such as rapid industrialization and urbanization electricity. The robust economic growth in China reached nearly 7%, and the gross electricity consumption grew by 6.6%, exceeding 6,000 TWh, for the first time in 2017.
- Utilities and governments in China are developing new generation projects, particularly renewable energy ones, to meet the rising electricity demand. This is likely to require power infrastructure to accommodate these projects, which is expected to drive the growth of the substation grounding system market in the country.
- With Australia's ageing electricity infrastructure nearing the end of its lifespan, it has become crucial to refurbish/ renovate electricity distribution network for increasing renewable energy generation. Moreover, the country has been taking initiatives to modernize its energy infrastructure, for which, the government invests nearly USD 5 billion each year into the transmission distribution network.
- Furthermore, the Indian government plans to invest further in strengthening the electrical network, to build a strong and smart grid, and this, in turn, is expected to supplement the demand for substation grounding system in the country.
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