Press release
Packaged Substation Market Growth, Demand, Key Drivers: Forecast To 2033
Packaged Substation Market
The packaged substation market size is expected to see strong growth in the next few years. It will grow to $24.86 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to efficiency and cost-effectiveness, growth in data center construction, integration with energy storage systems, focus on environmental sustainability, resilience against natural disasters. Major trends in the forecast period include compact design and portability, smart grid integration, modular and prefabricated solutions, remote monitoring and diagnostics, hybrid substation solutions, collaborations and partnerships in the industry.
Market Overview -
A packaged substation refers to a prefabricated modular assembly of electrical distribution equipment designed for a specific power distribution application. A package substation's primary function is to transfer power from the DNO (distribution network operator) into a building's LV distribution system. A package substation typically requires at least one high-voltage feed, typically about 11 kV.
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Electricity Demand Surge And Its Impact On Packaged Substations
Rising demand for electricity is expected to propel the growth of the packaged substation market going forward. The electricity demand is a multifaceted aspect influenced by societal, economic, technological, and policy-related factors. Packaged substations are employed in remote or temporary locations where a quick and temporary power distribution solution is needed, such as construction sites, events, or emergency response situations. For instance, according to the Energy Information Administration, a US-based government agency, in 2022, the total U.S. electricity end-use consumption was about 2.6% higher than in 2021. Retail electricity sales to the residential sector were about 3.5% higher, and retail electricity sales to the commercial sector were about 3.4% higher than in 2021. Therefore, rising demand for electricity is driving the growth of the packaged substation market.
Competitive Landscape -
Major companies operating in the packaged substation market report are ABB Ltd., Schneider Electric SA, Eaton Corporation, Siemens AG, Larsen and Toubro Limited, General Electric Company, Lucy Electric Ltd., Toshiba Corporation, Tepco Group, C and S Electric Limited, E + I Engineering, AI Asry Electric Co. Ltd., Sudhir Power Ltd., Matelec Group, Anord Mardix Inc., Faremco International, Alstom SA, CG Power and Industrial Solutions Ltd., Alfanar Group Company, TGOOD Global Limited, Powell Industries Incorporated, Mitsubishi Electric Corporation, Hyundai Electric & Energy Systems Company Limited, Hitachi Limited, Fuji Electric Company Limited, Bharat Heavy Electricals Limited, Crompton Greaves Limited, HICO America Inc., Rittal GmbH & Co. KG, WEG S.A.
Major Companies Bolster Packaged Substation Market For Enhanced Power Distribution Networks
Major companies operating in the packaged-substation market are making investment to expand their operations, develop new products, and improve their market position. Companies invest in packaged substation companies to take advantage of the growing demand for efficient power distribution networks across the globe. For instance, in November 2021, the World Bank, a US-based international financial institution forwarded a USD 135 million loan to the Indian state of West Bengal's government to strengthen its power distribution network. The installation and upgradation of the power infrastructure are planned to improve the efficiency and reliability of power supply in selected areas of the state. The loan will support the implementation of the Government of India's 24x7 Power For All Program and will be financed by the Government of West Bengal and loans from the Asian Infrastructure Investment Bank (AIIB).
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Key Segments -
The packaged substation market covered in this report is segmented -
1) By Type: Indoor Packaged Substation, Outdoor Packaged Substation
2) By Voltage: High, Medium, Low
3) By Application: Mining, Power, Oil And Gas, Infrastructure, Other Applications
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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