The global packaged substation market is expected to grow at a robust growth rate over the forecast period till 2024, according to the latest research report from Market Research Future (MRFR). The global packaged substation market is analyzed in detail in the report, including a detailed look at the market’s historical growth trajectory and present conditions. Major players in the global packaged substation market are also examined in the report in order to provide a close look at the competitive landscape of the market. Major drivers and restraints affecting the global packaged substation market are also examined in the report. The report also examines the impact of the COVID-19 pandemic on the global packaged substation market.
A packaged substation is a combination of a ring main unit, a transformer, and a low-voltage panel. The key function of a packaged substation is to step down the high voltage electricity from the transmission system to lower the voltage so that it can easily be supplied to homes and businesses through the distribution lines. All the compartments in a packaged substation are individually accessible. Additionally, these substations are highly flexible, owing to the choice of personalized configurations from a wide range of existing products. These custom-made packaged substations are easy to install and facilitate installation in minimum time and cost.
The growing industrialization and urbanization, cost effectiveness, and increasing power demand are some of the major factors driving the packaged substation market. In Asia Pacific, the major economies, including China and India, have extensively contributed towards increasing electricity production due to the increasing demand for electricity. The changing electricity consumption pattern in the region has led to T&D losses. Thus, the focus on minimizing the T&D losses has resulted in the need for a proper system to mitigate the losses occurring due to the complex electricity T&D network. Moreover, the governments of several economies in Asia Pacific are actively engaged in bringing energy efficiency in the T&D network. The region is also witnessing a lot of investment in the renewable energy sector, which will increase the number of packaged substations being installed at different locations.
The global packaged substation market is projected to grow at a significant growth rate during the forecast period due to the increasing urbanization and demand for reduced losses in the power distribution system. The changing electricity consumption pattern in the region has led to T&D losses. Thus, the need to minimize the T&D losses has triggered the need for a proper system to mitigate the losses occurring due to complex electricity T&D network. Government agencies in various economies in Asia Pacific are actively working to bring energy efficiency in the T&D network. Asia Pacific holds the largest market for packaged substations, which is driven largely by the number of distribution network upgrades and developments in China, India, and other Southeast Asian countries. This growth is attributed to growing urbanization and industrial revolution in the region.
The global packaged substation market is expected to exhibit a strong 9.5% CAGR over the forecast period.
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Competitive Leaderboard:
Leading players in the global packaged substation market include General Electric, Larsen & Toubro Ltd., Littlefuse Inc., Lucy Electric, Siemens, Schneider Electric, Toshiba, and ABB Ltd.
Segmentation:
The global packaged substation market is segmented on the basis of type, application, and region.
By type, the global packaged substation market is segmented into below 36 kV and 36-150 kV. The 36-150 kV segment dominates the global packaged substation market and is likely to remain the higher revenue generator over the forecast period.
By application, the global packaged substation market is segmented into industrial, power, and infrastructure.
Regional Analysis:
Asia Pacific is the dominant regional market for packaged substation technology and is likely to remain in the position over the forecast period due to the growing urbanization in the region. Growing industrialization in the region is also likely to remain a major driver for the packaged substation market in Asia Pacific.
Market Research Future® (Part of WantStats Research and Media Pvt. Ltd.) has specialized research analysts in the areas of Aerospace & Defense, Automotive, C&M, Energy & Power, F&B, Healthcare & Pharmaceutical, ICT, Industrial Equipment, Packaging Construction & Mining and Semiconductor.
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and about what action to take based on these aspects.
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