What's driving the Packaged Substation Market Growth?
Packaged Substation Market 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).
The increasing industrialization and urbanization, cost-effectiveness, and greater power demand are some of the crucial elements affecting the packaged substation market trends of 2020. The global packaged substation market size is estimated to expand at a CAGR of 9.50% during the review period.
The global packaged substation market share 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.
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The global packaged substation market trends is classified on the basis of region, application, and type.
On the basis of region, the global packages substation market can be classified into South America, Europe, North America, Asia-Pacific, the Middle East, and Africa.
On the basis of application, the global packages substation market can be classified into infrastructure, power, and industries. The industrial segment is estimated to lead the market during the review period owing to several elements, which consist of continuous power supply to machines that are needed in all the industries. Packaged substation include modern technologies such as integrated instrument protection, voltage transformation, metering, and remote communication. These modern technologies transform voltage for industries and assist to reduce loss and maximize competence. Such elements are estimated to affect the global packaged substation market.
On the basis of type, the global packaged substation market trends can be classified into below 36 kV and 36-150 kV. The voltage range 36-150 kV would lead during the review period owing to the wider range of application of high voltage range packaged substation in power and infrastructure area.
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 T&D losses. Thus, the attention on reducing the T&D losses has led to the need for a managed system to improve the losses occurring owing to the complex electricity T&D network. Additionally, the government of various nations in Asia-Pacific is actively taking steps in bringing energy efficiency in the T&D 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.
On the basis of region, Asia-Pacific acquired the maximum 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.
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