The global emergency mobile substation market was valued at US$ 910. 00 million in 2019 and is projected to reach US$ 1,465. 34 million by 2027; it is expected to grow at a CAGR of 6. 3% during 2020-2027.
New York, Jan. 25, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Emergency Mobile Substation Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Component and Application" - https://www.reportlinker.com/p06010051/?utm_source=GNW
The growing need for instantaneous power during emergencies in industrial facilities influences the growth of the emergency mobile substation market. These substations can be easily ported from one place to another; therefore, their demand is increasing in construction and military sectors. In addition, electrification in remote areas of developing and underdeveloped regions is expected to drive market growth during the forecast period. Moreover, the use of data-driven techniques in electric grid is another factor that would increase the adoption of mobile substation in emergencies.
The advent of advanced technologies, such as artificial intelligence (AI) and Internet of Things (IoT), creates new growth avenues for the emergency mobile substation market.IoT architecture manages the power components and data history of component failure firmly.
Additionally, in power management converters, AI is expected to improve dependable predictions and monitor components functions.The data-driven technique employs data science and machine learning (ML) methods and identifies anomalies in devices and systems.
This architecture is expected to reduce power losses by managing power requirements, which lowers the costs associated with it.These technologies are expected to eliminate around 80–90% switching losses.
Thus, the benefits of AI and IoT in the power module are expected to fuel the growth of the market during the forecast period.
The emergency mobile substation market is segmented on the basis of component, application, and geography.Based on component, the market is segmented into switchgear, transformer, surge arresters, and others.
The market, by application, is bifurcated into utilities and industrial.The industrial segment is further segmented into oil & gas, metals & mining, and others.
In terms of geography, the emergency mobile substation market is segmented into North America, Europe, Asia Pacific, MEA, and SAM.
A few of the well-established players operating in the emergency mobile substation market are ABB Ltd., AZZ Inc., Eaton Corporation PLC, General Electric Company, Siemens AG, MEIDENSHA CORPORATION, NARI Group Corporation, Powell Industries, Inc., TGOOD Global Ltd., and WEG Electric Corp.
Impact of COVID-19 Pandemic on Emergency Mobile Substation Market
The ongoing COVID-19 pandemic is bringing long-term disruptions across several major processes and discrete industries—such as automotive, chemicals, oil & gas, energy & power, mining, and manufacturing.The tremendous growth in the spread of virus urges governments across the globe to impose strict restrictions on the movement of humans and vehicles.
As a result, the nationwide lockdown is disrupting the supply chain and production of components, equipment, and systems, as well as the supply of raw materials for manufacturing components used in a mobile substation. The limited production activities and reduced demand from end-use industries are restraining the overall market revenue for the emergency mobile substation market, resulting in a decline in the market growth during the coming few years.
The global emergency mobile substation market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the emergency mobile substation market with respect to all the segments.It also provides the overview and forecast for the market based on all the segmentation provided with respect to five major regions—North America, Europe, Asia Pacific, MEA, and SAM.
Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the emergency mobile substation market.
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