Packaged Substation Market 2020 Global Opportunities, Covid-19 Impact Analysis, Top Leaders, Growth Factors, Future Scope and Regional Forecast 2024

Market Research Future published a research report on “Packaged Substation Market Research Report - Global Forecast till 2024” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2024.

Market Highlights

A packaged substation system is a combination of a ring main unit, transformer, and low voltage panel. These substations are customized as per customer’s requirements. The packaged substation is widely used for electrical power distribution in medium voltage to low voltage distribution systems. It is suitable for building, infrastructure, and other industrial applications. Packaged substations have a high operational reliability and can be delivered as a single unit.

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On the basis of application, the global market has been segmented as industrial, power, and infrastructure. The industrial segment is expected to dominate the market during the forecast period due to various factors, including uninterrupted power supply to machines, that are required in all the industries. Packaged substations comprise advanced technologies such as integrated voltage transformation, equipment protection, metering, and remote communication. These advanced technologies transform voltage for industries and help to minimize loss and maximize efficiency. Such factors are expected to drive the global packaged substation market.

The global packaged substation market is expected to grow at ~ 9.50% CAGR during the forecast period.

Competitive Analysis

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).

Market Segmentation

The global packaged substation market has been segmented based on type, application, and region. On the basis of type, the market has been classified into two voltage ranges such as below 36 kV and 36-150 kV. The voltage range 36-150 kV would dominate during the forecast period due to the wide application of high voltage range packaged substation in power and infrastructure area.

Regional Analysis

Region-wise, Asia-Pacific held the largest market share of the global packaged substation market, in 2017. It is estimated that Asia-Pacific would be the fastest growing market during the forecast period, mainly due to high energy demand and investment in smart cities for energy conservation. Asia-Pacific is all set to emerge as one of the key markets owing to its high adoption in transmission & distribution utilities, especially in India and China. However, the demand for packaged substations in Europe mostly originates due to the growing share of renewable sources in electricity generation. Countries such as Germany, France, and the UK are using packaged substations in their newly installed renewable energy plants.

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Release ID: 88962417