Market Analysis
The modular substation market is expected to grow at a CAGR of around 8% during the forecast period (2023-2030). This growth is attributed to a number of factors, including:
Increasing investment in grid infrastructure: Governments and utilities around the world are investing heavily in grid infrastructure to improve reliability and efficiency. Modular substations offer a number of advantages over traditional substations, such as shorter installation times, reduced costs, and increased flexibility.
Growing demand for renewable energy: Renewable energy sources, such as solar and wind power, are becoming increasingly popular. Modular substations are well-suited for integrating renewable energy sources into the grid.
Rising urbanization: Urbanization is leading to increased demand for electricity. Modular substations can be quickly and easily deployed in urban areas to meet this demand.
It has three separate modules- medium voltage equipment, power transformer, and high voltage equipment. Modular substation has wide applications inindustrial, power utilities, and commercial.
Various factors are propelling the globalmodular substation industryshare. According to the recent MRFR report, such factors include the growing modernization of electric substations, growing industrialization, and urbanization, cost-effective compact, ample commercial and technical benefits, ready to install, reduce spatial need, and growing power generation capacity plan worldwide.
Additional factors adding market growth include the burgeoning need for refurbishing/replacing of aging substation infrastructure, increasing electricity demand in India China, booming infrastructural and industrial development activities, lower installation time, space saving, and enhances aesthetics and safety.
However, a slow implementation of various electrification projects worldwide as well as soaring cost related to modular substation, and the on-going COVID-19 impact are factors that may impede the globalmodular substation market growth over the forecast period.
Key Players
ABB Ltd. (Switzerland)
Eaton Corporation plc (Ireland)
Siemens AG (Germany)
General Electric (US)
Crompton Greaves Ltd (India)
Bharat Heavy Electricals Limited (India)
SPX Transformer Solutions Inc. (US)
Skema S.P.A. (Italy)
ModPower Solutions (Mexico)
Enerset Power Solutions (US)
American Modular Power Solutions Inc. (US)
Market Segmentation
The MRFR report highlights an inclusive segmental analysis of the globalmodular substation marketbased on application, insulation type, type, and voltage.
By voltage, the globalmodular substation market is segmented into above 400kV, 33k-400kV, and 11kV-33kV. Of these, the 33kV-400kV segment will have a major share in the market over the forecast period.
By types, the global modular substation market is segmented into fixed and skid/trailer mounted. Of these, the skid/trailer mounted segment will dominate the market over the forecast period.
By insulation type, the global modular substation market is segmented into gas and air.
By application, the global modular substation market is segmented into industrial, power utilities, and commercial. Of these, power utilities will lead the market over the forecast period.
Regional Analysis
Based on the region, the globalmodular substation marketreport covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, the Middle East and Africa (MEA). Of these, the globalmodular substation market in the APAC region is predicted to spearhead the market over the forecast period. The presence of aging power infrastructure, growing industrialization and urbanization, rising demand for power solutions for investments in power generation capacity additions, and growing energy generation needs are adding to the global modular substation market growth in the region.
The global modular substation market in North America is predicted to have sound growth over the forecast period. The refurbishment of the existing power infrastructure is adding to the global modular substation market growth in the region.
The global modular substation market in Europe is predicted to have steady growth over the forecast period. Growing adoption of the modular substation, renovation and retrofitting of old technology, increasing investments in power utility, the launch of new products, more-intense competition, and rising expenditure on industrial fields are adding to the global modular substation market growth in the region.
The global Modular substation solutions market size in the MEA is predicted to have healthy growth over the forecast period. Growing infrastructural developments is adding to the global modular substation market growth in the region.
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