Packaged Substation Market
Packaged Substation Market by Type (High, Medium, Low), by Application (Industries, Infrastructure, Power), by Region (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)
|Packaged Substation Market Forecast Year:||2022 - 2028|
|Packaged Substation Market Historical Year:||2016 - 2021|
|Packaged Substation Market 2021:||USD 16.2 Billion|
|Packaged Substation Projected Market 2028:||USD 25.14 Billion|
|Packaged Substation Market CAGR:||9.2%|
|Fastest Growing Region:||Asia Pacific|
|Largest Region:||Asia Pacific|
Packaged Substation Market: By voltage Split, Application, and Region
Global Packaged Substation Market is projected to reach USD 25.14 Billion from USD 16.2 Billion in 2021 at a CAGR of 9.2% during the forecast period.
Demand for Packaged Substation is growing at a rapid pace as it provides flexibility and convenience and it is easy to install and reuse. Packaged Substation can be defined as a complete power system integrated into a single package that consist all the components required by the user for operation & maintenance purpose such as line connection devices, cables, control/instrumentation section with PLC based real time SCADA systems etc. It reduces initial cost of infrastructure due to reduction in civil works and also future expansion becomes easy. In addition, Packaged Substation can be used multiple times which in turn reduces the equipment cost. Moreover, power quality improvement, reduction in system losses and increased equipment life are some other benefits of utilizing Packaged Substation.
|Market Size Provided for Years||2016-2028|
|Region & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|
On the basis of type, the market is segmented into high, medium, and low. Based on application, the market is segmented into industries, infrastructure, power, and others.
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Growing Need for Cost Efficient Power Supply to Play Key Role in Growth of Packaged Substation Market
The increasing demand for Packaged Substations is primarily due to growing need for cost efficient power supply, growing demand for better quality power supply & reduced distribution network loss. It also provides higher level of safety & reliability which makes it quite popular among end users. However, the performance of Packaged Substation varies with application hence it might not be suitable or required everywhere. Based on the type of application where it’s utilized like residential/commercial/industrial/utilities etc., market can be segmented into multi-purpose (waterproof) and specialty (seismic zone 4, explosion proof). Specialty type is projected to dominate the market due to growing demand for power quality, reliability and safety in long term.
Asia Pacific is the Largest Packaged Substation Market
Asia Pacific is the largest market for Packaged Substations, followed by Europe and North America on account of rising power demand, increasing focus on grid infrastructure development and growing penetration of renewable energy sources in these regions. Moreover, global Packaged Substations market is expected to witness significant growth throughout the forecast period on account of increasing penetration of power and energy efficient systems and appliances. The demand for Packaged Substation in the Asia Pacific region is mainly driven by increasing share of renewable energy sources such as solar and wind in electricity generation across the world. Furthermore, increase in investments in transmission & distribution (T&D) activities throughout the globe also fuels the demand for Packaged Substations.
Packaged Substation Market is Highly Fragmented
Industry is highly fragmented with players like APL Apollo T&D Co., Ltd., Siemens AG, ABB Ltd., Toshiba Corporation & Schneider Electric SE having significant presence with wide distribution network and large product portfolio with different technologies. As per our findings, latest trend gaining momentum is replacement of older plant equipment by new Packaged Substation in existing networks. This is primarily driven by ease in installation & reduced downtime associated with traditional approach of upgrading the old transformer with the help of pole mounted or pad mounted oil immersed transformers. Primary growth strategies adopted by most companies are new product launches, agreements & contracts, expansions & investments etc., to strengthen their position
Some of the key players in the global Packaged Substation market are Eaton Corporation (Ireland), GE (U.S.), ABB Ltd. (Switzerland), Schneider Electric SA (France), and Siemens AG (Germany)
The Packaged Substation is Segmented as Follows:
Frequently Asked Questions
the global demand for Packaged Substation
in terms of revenue?
The global Packaged Substation valued at USD 16.2 Billion in 2020 and is expected to reach USD 25.14 Billion in 2028 growing at a CAGR of 9.2%
are the prominent players
in the market?
The prominent players in the market are Eaton Corporation (Ireland), GE (U.S.), ABB Ltd. (Switzerland), Schneider Electric SA (France), and Siemens AG (Germany).
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 9.2% between 2021 and 2028.
the driving factors
fueling the growth of the market.
The driving factors of the Packaged Substation include
- Growing Need for Cost Efficient Power Supply to Play Key Role in Growth of Packaged Substation Market
region accounted for the
largest share in the market?
Asia Pacific was the leading regional segment of the Packaged Substation in 2020.