Packaged Substation Market to rise at CAGR of 9.50% through 2027 - Report by Market Research Future (MRFR)
New York, July 28, 2021 (GLOBE NEWSWIRE) -- Packaged Substation Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Packaged Substation Market Research Report, Type, Application and Region - Forecast till 2027” the market size is predicted to grow at a 9.50% CAGR during the forecast period (2020- 2027), states the latest Market Research Future (MRFR) report.
COVID-19 Analysis
Several industries have been affected by the COVID-19 crisis and the global packaged substation market too is no different. It has also experienced the brunt of the deadly outbreak. Economic consequences, supply chain disruptions, fluctuations in demand share, and long-term & immediate impact of the COVID-19 crisis had a negative effect on the market growth. But with the relaxation of lockdowns, the market is likely to get back into normalcy soon.
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Key Players
The eminent players profiled in the global packaged substation industry report include:
- ABB (Switzerland)
- Toshiba (Japan)
- Schneider Electric (France)
- Siemens (Germany)
- Lucy Electric (UK)
- Littlefuse Inc. (US)
- Larsen & Toubro Ltd. (India)
- General Electric (US).
The global packaged substation market is fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers , including collaborations, contracts, partnerships, joint ventures, geographic expansions, & new product launches, and more.
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Packaged Substation Market Drivers
Increasing Electricity Demand to Boost Market Growth
Increasing electricity demand, especially in India and China due to rapidly rising industrial and infrastructural development activities may boost market growth over the forecast period.
Besides, ease of installation, cost-effectiveness, customization, security, increasing power demand, and increasing share of renewable energy in electricity generation are also adding to the packaged substation market growth.
Opportunities
Packaged Substations with Better Technologies to offer Robust Opportunities
Packaged substations with better technologies like integrated voltage transportation, remote communication and metering, equipment protection, and data logging may offer robust opportunities for expansion in the worldwide market in the forecast period.
Packaged Substations Market Trends
The inflating demand for oil and gas besides minerals and metals has enormously increased production and exploration activities that need a reliable power supply. Packaged substation provides an uninterrupted power supply with minimum distribution loss which may boost the market.
Restraints
High Initial Investment to act as Market Restraint
High initial investment, need for regular maintenance to prevent damages to costly equipment like substation and transformer may impact the global packaged substation market value over the forecast period.
Challenges
Lesser Awareness about the Perks of Packaged Substations to act as Market Challenge
Lesser awareness about the benefits of packaged substations, innovations in the automation of packaged substations, and lack of sufficient grid infrastructure may act as market challenges over the forecast period.
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Market Segmentation
- By Type
By type, the 36kV-150kV segment will lead the market over the forecast period. The expansion of the power sector & investment in grid infrastructure are adding to the growth of the segment. Packaged substations are used in infrastructure, mining, oil and gas, and power and others. Besides, the need for uninterrupted power supply is also adding to the growth.
- By Application
By application, the industrial segment will dominate the market over the forecast period for uninterrupted power supply to machines which are needed in every industry, high use of packaged substations in various industries for transforming voltage, and preventing damage to costly instruments caused by over-temperature and overload.
Regional Analysis
APAC to Head Packaged Substation Market
The APAC region will head the market over the forecast period. The rise in distribution network upgrades and developments in Southeast Asian countries, India, and China, industrial revolution, growing urbanization, increasing industrialization, rise in the use of electrical appliances, increasing investment in the power sector, expanding transmission and distribution networks, great establishment in transmission and distribution utilities in China and India, increasing investment in smart cities for energy conservation, high energy demand, and the recently launched “Saubhagya Scheme” by the Indian government that aims for full electrification are adding to the global packaged substation market share in the region.
In the APAC region, the emerging economies such as India and China have made huge investments in the rising electricity production for an increase in the demand for electricity. The altering electricity consumption shift in the region has led to T&D losses. Hence, the attention to reduce the T&D losses occurring due to the complex electricity T&D network. Additionally the government of different nations in the region is actively taking steps to bring energy efficiency in the T&D network. This region is also experiencing a lot of investment being contributed to the renewable energy vertical that will boost the number of packaged substations being installed at different locations.
Europe to Hold Second-Largest Share in Packaged Substation Market
Europe is predicted to hold second-largest share in the market over the forecast period. The adoption for smart and microgrid, rising renewable energy sources, growing investments in smart technology and microgrid to improve the power distribution network, and replacement of the aging grid infrastructure are adding to the global packaged substation market growth in the region.
Segmentation of Market covered in the research:
Information by Type (Below 36 kV and 36-150 kV), by Application (Industrial, Power, and Infrastructure), and by Region (North America, Europe, and Asia-Pacific)
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