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Increasing demand for electricity: With the growing global population and increasing industrialization, the demand for electricity is continuously rising. Packaged substations are essential components of electrical infrastructure, as they provide a reliable and efficient means of distributing power to end-users.
Growing renewable energy sector: The increasing adoption of renewable energy sources such as solar and wind power is driving the demand for packaged substations. These substations help integrate renewable energy sources into the power grid, making it possible to deliver clean and sustainable energy to end-users.
Need for reliable power supply: With the rise of technology and the increasing dependence on electrical devices, there is a growing need for reliable power supply. Packaged substations help ensure a stable and uninterrupted supply of electricity to end-users, reducing downtime and increasing productivity.
Urbanization and infrastructure development: As more people move into cities and urban areas, the demand for electrical infrastructure grows. Packaged substations are an essential component of this infrastructure, providing a means of distributing power to densely populated areas.
Government initiatives: Governments around the world are investing in the development of electrical infrastructure to meet the growing demand for electricity. This investment is driving the growth of the packaged substation market, as governments seek to ensure a reliable and efficient supply of electricity to their citizens.
Packaged Substation Market Synopsis:
The Packaged Substation Market is expected to grow at 9.50% CAGR from 2022 to 2030 due to growing industrialization and urbanization.
The global packaged substation market 2020 is estimated to expand at a considerable expansion rate during the review period due to the rising urbanization and reduced losses in the power distribution system. Asia-Pacific holds the largest market for packaged substations and is driven largely by the number of distribution network upgrades and developments in China, India, and the Southeast Asian countries. This growth is attributed to the growing urbanization and industrial revolution in the region.
In Asia-Pacific, the emerging economies including India and China, have immensely invested in the rising electricity production owing to an increase in demand for electricity. The changing electricity consumption shift in the region has resulted in TD losses. Thus, the attention on reducing the TD losses has led to the need for a managed system to improve the losses occurring owing to the complex electricity TD network. Additionally, the government of various nations in Asia-Pacific is actively taking steps in bringing energy efficiency in the TD network. The region is also experiencing a lot of investment being contributed to the renewable energy vertical, which will increase the number of packaged substations being installed at different locations.
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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.
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).
