Categories: Wire Stories

Worldwide Packaged Substation Industry to 2026 – Power Utilities Segment to Witness Significant Demand – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–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.

Companies Mentioned

Eaton Corporation PLC
General Electric Company
Schneider Electric SE
Larsen & Toubro Ltd
ABB Ltd
Kirloskar Electric Company Ltd
Lucy Group Ltd.
alfanar Group
C&S Electric Limited

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), composed 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 the utility sector, owing to 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 substations 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.
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 networks 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 substations 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:

1 INTRODUCTION

2 EXECUTIVE SUMMARY

3 RESEARCH METHODOLOGY

4 MARKET OVERVIEW

4.1 Introduction

4.2 Market Size and Demand Forecast in USD billion to 2026

4.3 Recent Trends and Developments

4.4 Government Policies and Regulations

4.5 Market Dynamics

4.5.1 Drivers

4.5.2 Restraints