Increasing Demand for Safeguarding Critical Electric Circuits, Machinery, Generators and Achieving High Productivity is Expected to Drive the Package Substation Market
As stated in our extensive report, providing insights on market segments such as voltage and application, the Global Package Substation Market accounted for USD 23.77 billion in 2028.
Package substations are very important equipment in today’s industrial world. The main purpose of the package substation is to control special machinery, low voltage electrical circuits, and smooth running of electronic apparatus. The substations are usually also used to convert Alternate Currents (AC) to Direct Currents (DC). Various types of package substations are used for various purposes such as mobile substation is the perfect solution for providing interim grid connections and temporary power supplies.
The advantage of Substation is an intermediate between high voltage transmission and distribution to lower down the voltage to meet customer requirements. For example, one cannot use electricity directly from the 11 VK power line or 33 VK power line. In order to use energy from these lines, we would have to get power through substations from these lines. Therefore it is required to install a substation there.
Moreover, the COVID-19 pandemic showed a major setback in the electrical manufacturing industry and this had a huge impact on the market. Companies were locked due to stringent government policies imposed. Transportation facilities were at a halt for maintaining social distance norms. Employees were not able to go to work due to insufficient traveling facilities. These were the few most important points that impacted the market growth during the COVID-19 Pandemic.
The emerging economies of the Asia Pacific such as India, China, Indonesia, and Thailand are expected to fuel the growth of the Package Substation Market. The increase in industrialization and urban population has led to the high demand for electricity. Countries such as India and China require a huge amount of energy but in a useable form and this can be achieved by using equipment such as mobile or package substations where high voltage can be converted to low voltage and can be used to run appliances, machines, and lighting.
Some of the key players in the package substation market include General Electric Company, Eaton Corporation PLC, Schneider Electric SE, Larsen & Toubro Limited., and Kirloskar Electric Company Ltd.
Browse the full Report - Package Substation Market by Voltage (High, Medium, Low), by Application (Power Utilities, Commercial and Industrial, Others), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)