Press release
Packaged Substation Market 2024 - By Share, Top Companies, Revenue Outlook And Growth Forecast By 2033
Packaged Substation Market
Packaged Substation Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $24.86 billion In 2028 At A CAGR Of 8.8% :
The packaged substation market size has grown strongly in recent years. It will grow from $16.16 billion in 2023 to $17.76 billion in 2024 at a compound annual growth rate (CAGR) of 9.9%. The growth in the historic period can be attributed to growth in urbanization and industrialization, rise in power demand, renewable energy integration, focus on grid stability, rural electrification initiatives, stringent regulatory standards.
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.
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Packaged Substation Market Major 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 Driver - 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.
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Prominent Trend - 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).
Packaged Substation Market Players
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.
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the packaged substations market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global packaged substation market during the forecast period. The regions covered in the packaged substation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Packaged Substation Market Report Structure
3. Packaged Substation Market Trends And Strategies
4. Packaged Substation Market - Macro Economic Scenario
5. Packaged Substation Market Size And Growth
…..
27. Packaged Substation Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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