Market Research Future published a research report on “Packaged Substation Market Research Report – Global Forecast till 2024” – Market Analysis, Scope, Stake, Progress, Trends and Forecast Report to 2024.
Market Synopsis
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.
Packaged Substation Market @ https://marketersmedia.com/packaged-substation-market-2020-global-opportunities-covid-19-impact-analysis-top-leaders-growth-factors-future-scope-and-regional-forecast-2024/88962417
Key Players
The major competitors of global packaged substation market are Lucy Electric (UK), ABB (Switzerland), Schneider Electric (France), Toshiba (Japan), Littlefuse Inc. (US), Larsen & Toubro Ltd. (India), Siemens (Germany), General Electric (US).
Market Segmentation
The global packaged substation market is classified on the basis of region, application, and type.
On the basis of region, the global packages substation market can be classified into South America, Europe, North America, Asia-Pacific, the Middle East, and Africa.
On the basis of application, the global packages substation market can be classified into infrastructure, power, and industries. The industrial segment is estimated to lead the market during the review period owing to several elements, which consist of continuous power supply to machines that are needed in all the industries. Packaged substations include modern technologies such as integrated instrument protection, voltage transformation, metering, and remote communication. These modern technologies transform voltage for industries and assist to reduce loss and maximize competence. Such elements are estimated to affect the global packaged substation market.
On the basis of type, the global packages substation market can be classified into below 36 kV and 36-150 kV. The voltage range 36-150 kV would lead during the review period owing to the wider range of application of high voltage range packaged substation in power and infrastructure area.
Regional Segmentation
On the basis of region, Asia-Pacific acquired the maximum market share of the global packaged substation market, in 2017. It is expected that Asia-Pacific would expand at the fastest rate during the review period, primarily owing to high energy demand and investment in smart cities for energy conservation. Asia-Pacific region is all set to pose as one of the major markets due to its great establishment in transmission & distribution utilities, particularly in China and India. However, the demand for packaged substations in the European market is mostly generated due to the expanding share of renewable sources in electricity generation. Developed nations such as France, Germany, and the UK are utilizing packaged substations in their newly established renewable energy plants.
Table of Content:
- Development Trend of Analysis of Packaged Substation Market
- Packaged Substation Market Trend Analysis
- Packaged Substation Market Size (Volume and Value) Forecast
- Marketing Channel
- Direct Marketing
- Indirect Marketing
- Packaged Substation Customers
- Packaged Substation Market Dynamics
- Packaged Substation Market Trends
- Opportunities
- Packaged Substation Market Drivers
- Challenges
- Influence Factors
- Methodology/Research Approach
- Research Programs/Design
- Market Size Estimation
- Data Source
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