Substations are roughly half of the spend at major utilities around the world within the medium and high voltage categories. Despite the large opportunity, the complexity by which these substations are awarded, designed, and erected is significant. This task leads many other market research companies to size individual markets in a top-down methodology leading to inaccuracies and unexplainable trends when forecasts are compared to actual data. PTR diverges from that methodology by individually researching every market and understanding both the grid in every country to size the opportunity for both medium voltage and high voltage switchgear.