Package Substation Market to Reach USD 23.77 Billion by 2028 Growing at a CAGR of 9.49%
The Package Substation Market is expected to reach USD 23.77 billion by 2028, growing at a CAGR of 9.49% in the forecast period of 2021 to 2028. Power utilities are anticipated to increase the market for packaged substations, as it is a crucial part of the electric power distribution procedure. It creates a vital part of the power sector across allotment and equipment security segments. The rise in the number of general infrastructures, industrial metropolitan areas, and provisions for transportation. Thus, the Packaged Substation Market is foreseen to develop during the examined time.
- The 36-150 kV segment is projected to expand at the fastest CAGR exceeding 7% over the forecast period owing to the increasing adoption of 36kV type packaged substations. It will dominate the market owing to the expansion of the power sector and investment in grid infrastructure.
- The industry segment held a market share of around 30% in 2020. Investments in enormously advanced exploration and manufacturing activities, which need a reliable power reserve are emerging as a strong factor for the market growth.
- Asia Pacific is expected to expand at a CAGR of over 13.9% from 2021 to 2028. This surge is attributed to the rising demand for Package Substation in developing economies such as China and India.
Some of the key players in the Packaged Substation Market include ABB Ltd. Eaton Corporation, GE, Siemens AG, and Schneider Electric SA, among others. The market is comprised of a high degree of competition due to the presence of numerous key players.
Packaged substations are positively efficient in producing power with the lowest distribution failures and can be installed with minimum area in refined infrastructure. It optimizes the general cost of the substation by decreasing overall procurement sophistication but also mitigates the risk caused by short circuits. In small underground locations, it can offer efficiency thus, the growing investment in exploration and production activities and growing power demand and boosting the market growth.
North America is expected to record the highest CAGR, owing to the increasing demand in countries, such as the U.S., Canada, and Mexico. These nations are encountering rapid change with huge expansions in infrastructure and grid development. Packaged substations are anticipated to be utilized extensively in the new electrical distribution connection, which is anticipated to provide the lowest losses and uninterrupted energy.
The Package Substation Market is segmented as follows:
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Pages and in-depth TOC on "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)"
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of MEA
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