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Packaged Substation Global Market Report 2024 Market Research 2024-2033 - Size, Outlook, Overview And Competitor Analysis
Packaged Substation Global Market Report
According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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).
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
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.
Packaged Substation Market 2024 Key Insights:
• The packaged substation market will grow to $24.86 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%.
• Electricity Demand Surge And Its Impact On Packaged Substations
• Major Companies Bolster Packaged Substation Market For Enhanced Power Distribution Networks
• Asia-Pacific was the largest region in the packaged substations market in 2023
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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