Press release
Powering Progress: Unveiling the Reign of Key Players in the Global Mobile Substations Market
With a high CAGR of 7.2% from 2022 to 2032, the market for mobile substations is predicted to expand to a value of US$ 1879.6 million in 2032. By the end of 2022, the target market is anticipated to reach an estimated US$ 934.7 Million, driven by expanding utility sector applications.
Mobile substations are frequently utilized to fill electrical grid gaps, which leads to widespread use of the technology in the utility industry because these substations are essential for power transmission and distribution. As a result, the key growth driver for the market for mobile substations throughout the course of the forecast is usage in the utility sector.
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Escalating the degree of power transmission issues along with an imbalance within the transmission network amplify the demand for mobile substations. This is because mobile substations assist in strengthening the dependability of the primary high-voltage transmission grid. The concept of a modular, plug-and-play mobile substation allows grid connections and stability under any conditions. This positively impacts the market for mobile substations.
Furthermore, the increasing demand for renewable energy also propels the target market growth. The elevated need for smooth renewable energy integration into the electric grid, caused by an upsurge in the amount of clean energy projects is boosting the demand for mobile substations. Again, the capacity of power systems to recover as quickly as possible from major weather events and natural disasters is advantageous to local businesses and communities.
Besides, the growing demand for electricity necessitates the usage of a new efficient and effective transition management strategy which would make full use of mobile substations. The continuous evolution of the share of renewable energy in centralized and decentralized grids also contributes to the demand for mobile substations. These considerations will likely drive the growth of the mobile substations market during the forecast period.
"Rise in the number of clean energy projects coupled with usage of mobile substations as temporal grids is expected to drive the global demand in the mobile substations market over the forecast period," says an FMI analyst.
Key Takeaways From the Mobile Substations Market Report:
A lack of awareness regarding mobile substations may impede their market growth.
The mobile substation market in North America will lead the global growth with ownership of 26.3% of the overall market share.
Rapid industrial development will propel the mobile substation market in the Asia Pacific region.
Start-ups in this market are supplying personalized solutions to meet end-user demands.
Key Players:
General Electronic
Hitachi ABB Inc.
Siemens AG
Qingdao MEIDENSHA CORPORATION
Enerset Power Solutions
Aktif Group of Companies
Leading market players are keen on finding solutions to energy issues and entering new economies to expand their operations. These businesses engage in agreements, partnerships, and collaborations to strengthen their market positions.
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More Insights into Mobile Substations Market Report
In its latest report, FMI offers an unbiased analysis of the global mobile substations market, providing historical data from 2016 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of product type (trailer-mounted mobile substation, skid-mounted mobile substation, containerized, others), voltage (high voltage, medium voltage), end use (industrial, manufacturing, energy and power, transportation and logistics, aerospace and marine, IT and telecommunications, oil and gas, mining, military, chemical, others), and region.
According to the latest FMI reports, based on region, the mobile substation market in North America will display notable growth during 2022-2032. Accounting for 26.3% of the overall market share, the regional mobile substation market will be driven by a well-established industrial sector, a rising need for power, coupled with heightened power demand arising due to natural disasters and other challenges, particularly in the U.S.
Asia Pacific's mobile substation market will also demonstrate impressive growth during this period. Densely populated countries along with rapid industrial growth will spur the demand for mobile substations in this region. A surge in the sales of mobile substations is to be expected due to rising awareness about adequate transmission and the rising need for uninterrupted power supply.
Key segments
By Type:
Trailer-mounted mobile substation
Skid-mounted mobile substation
Containerized
Others
By Voltage:
High Voltage
Medium Voltage
By End Use:
Industrial
Manufacturing
Energy and Power
Transportation and Logistics
Aerospace and Marine
IT and Telecommunication
Oil and Gas
Mining
Military
Chemical
Others
By Region:
North America
Latin America
Asia Pacific
MEA
Europe
Other Reference:
https://www.globenewswire.com/en/news-release/2022/11/04/2548763/0/en/Mobile-Substation-Market-is-Projected-to-be-Worth-US-934-7-Mn-in-2022-at-an-Expected-CAGR-of-7-2-and-it-is-Anticipated-to-be-Worth-US-1-87-Billion-by-2032-end-Future-Market-Insight.html
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Future Market Insights (ESOMAR-certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.
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