Modular Substation Market to Touch USD 22.61 Billion at 9.05% CAGR by 2024 | Global Industry Segmented by Voltage, Insulation Type, Application and Regions

Modular Substation Market Analysis:

The global Modular Substation Market is predicted to touch USD 22.61 billion at a healthy 9.05% CAGR between 2019- 2024, states the recent Market Research Future (MRFR) analysis. Modular substations help in transforming voltages and performing other functions such as switching, protection, and monitoring. It has three separate modules- medium voltage equipment, power transformer, and high voltage equipment. Modular substation has wide applications in industrial, power utilities, and commercial.

Key Players:

Leading contenders profiled in the global modular substation market report include American Modular Power Solutions, Inc. (US), Enerset Power Solutions (US), ModPower Solutions (Mexico), Skema S.P.A. (Italy), SPX Transformer Solutions, Inc. (US), Bharat Heavy Electricals Limited (India), Crompton Greaves Ltd (India), General Electric (US), Siemens AG (Germany), Eaton Corporation Plc (Ireland), and ABB Ltd. (Switzerland), among others.

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Various factors are propelling the global modular substation industry share. 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 global modular substation market growth over the forecast period.

Global Modular Substation Market Segmentation

The MRFR report highlights an inclusive segmental analysis of the global Modular Substation Industry based on application, insulation type, type, and voltage.

By voltage, the global modular 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 global modular substation market report covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, & the Middle East and Africa (MEA).

Of these, the global modular 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 market 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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