Dublin, Nov. 05, 2021 (GLOBE NEWSWIRE) -- The "Packaged Substation Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The packaged substation market is expected to grow at a CAGR of more than 4% during the forecast period. Global economic slowdown, supply chain disruptions, fluctuations in demand, and long-term & immediate impact of the COVID-19 crisis had a negative effect on the market growth in terms of project delays and investments.
A packaged substation is employed to minimize space utilization, (step-up or step-down) transform voltage, and protect equipment in the event of abnormalities.
Factors such as increasing power generation capacity across the world, growing demand for replacing/refurbishing of aging substation infrastructure, and increasing electricity demand, particularly in emerging economies such as China and India, owing to rapidly increasing industrial and infrastructural development activities, are expected to drive the market during the forecast period. However, factors such as lack of power handling capabilities when compared to large outdoor substations and others are expected to hinder the market growth for the next ten years.
The power utility segment is expected to witness significant demand during the forecast period as many developing countries are planning to upgrade their power distribution sector in the coming years.
The application of packed substation in the renewable energy sector of new and emerging countries is expected to create significant opportunities in the near future.
Asia-Pacific is expected to be the largest market with majority of the demand coming from countries like China and India.
Key Market Trends
Power Utilities Segment to Witness Significant Demand
Power utilities are expected to increase the demand for packaged substation market, as packaged substation is an integral part of the electric power distribution system. They form a crucial part of the power sector across distribution and equipment protection segments.
Growing investments from power utilities in order to advance their transmission and distribution network is all set to fuel the demand for packaged substations during the forecast period.
The fully equipped package substation (PSS), comprises of outdoor duty enclosure, medium voltage switchgear, distribution transformer, low voltage panel & APFC (Automatic Power Factor Control) panel (optional), is state-of-the-art equipment for all power distribution requirements. The factory-assembled self-contained package substation is a complete weatherproof solution. It only requires connecting incoming and outgoing cables, and hence the site work involved is an absolute minimum.
Countries in the Middle-East and African region, such as Oman and Saudi Arabia, are also investing in the expansion and restructuring of distribution power grids, which increases the growth prospects of the packaged substation market segment.
Packaged substations are preferred over conventional substations for specific applications in utility sector, owing to the advantages such as improved logistics, easy specification, reducing overheads, and smaller foundations etc., which, in turn, drives the market during the forecast period.
Therefore, with increasing urbanization and industrialization across the developing economies, the demand for packaged substation is expected to witness significant growth during the forecast period.
Asia-Pacific to Dominate the Market
Asia-Pacific is expected to dominate the market, due to the increasing power generation capacity plans, growing demand for replacing/refurbishing aging transmission and distribution networks, and increasing electricity demand, particularly in China and India, owing to rapidly increasing industrial and infrastructural development activities.
China has witnessed high rates of demand for electricity, owing to the unprecedented growth of the economy, coupled with factors, such as rapid industrialization and urbanization electricity.
Utilities and governments in China are developing new generation projects, particularly renewable energy, to meet the rising electricity demand. This is likely to require power infrastructure to accommodate these projects, which is expected to drive the growth of packaged substation market size in the country.
With Australia's aging electricity infrastructure, it has become crucial to refurbish/renovate electricity distribution network for increasing renewable energy generation. Moreover, the country has been taking initiatives to modernize its energy infrastructure, for which, the government is planning to invest nearly USD 5 billion each year into the transmission distribution network.
Furthermore, the Indian government plans to invest in strengthening the electrical network, to build a strong and smart grid, and this, in turn, is expected to supplement the demand for packaged substation in the country.
Therefore, based on the above-mentioned factors, Asia-Pacific region is expected to have a positive impact on the packaged substation market during the forecast period.
Key Topics Covered:
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY
4 MARKET OVERVIEW
4.2 Market Size and Demand Forecast in USD billion, till 2026
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.8 Assessment of the COVID-19 Impact on the Industry
5 MARKET SEGMENTATION
5.2.1 Power Utilities
5.2.2 Commercial and Industrial
5.3.1 North America
5.3.4 South America
5.3.5 Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Eaton Corporation PLC
6.3.2 General Electric Company
6.3.3 Schneider Electric SE
6.3.4 Larsen & Toubro Ltd
6.3.5 ABB Ltd
6.3.6 Kirloskar Electric Company Ltd
6.3.7 Lucy Group Ltd.
6.3.8 alfanar Group
6.3.9 C&S Electric Limited
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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