Market Research Future published a research report on “Global Modular Substation Market Research Report- Forecast till 2024” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2024.
Market Highlights:
Modular Substation is a compact solution that mainly performs monitoring, protection, and switching functions. There are two types of modular substations namely, skid/trailer mounted and fixed modular substations. The skid/trailer modular substations are preferred for applications with easy transportation and installation. Modular substations find application in power utilities, industrial, and commercial sector. Modular substations help serve loads in a campus, industrial plant, and urban areas with limited capacity or non-standard voltage rating. These substations are engineered in order to reduce the number of field connections necessary for control, on-board protection, and automation devices to minimize the on-site labor.
On the basis of end-use, the Modular Substation Market is segmented into utilities, industrial, and commercial. Utilities segment is estimated to dominate the market during the forecast period due to the increased demand for energy and rising investments in power sector. The installation is extensive in Europe, North America, and Asia-Pacific. Considering the voltage, the market is segmented as 11kV-33kV, 33kV-400kV, and above 400kV. 11kV-33kV segment accounts for the largest share in the modular substation market due to the rising deployment of modular substation by utilities for enhancing safety and reliability.
The global modular substation market is expected to grow at ~ 9.05% CAGR during the forecast period.
Key Players
The key players of the global modular substation market are 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), and American Modular Power Solutions, Inc. (US).
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Market Segments:
This report provides an in-depth analysis of the global modular substation market, tracking four market segments across five geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, and share for North America, Asia-Pacific (APAC), Europe, the Middle East & Africa, South America. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the modular substation market by its fuel, power rating, application, end-user, and region.
Market Research Analysis
Asia-Pacific accounted for the largest market share in the Modular Substation Market
Region wise, Asia-Pacific held the largest share of the global modular substation market in 2018 owing to the rising focus of power generation capacity additions in the region. The global modular substation market in Asia-Pacific is dominated by China due to rising transmission & distribution investments in the country. Also, it is estimated that Asia-Pacific would be the fastest growing market during the forecast period, mainly due to the rising investments for power generation capacity additions in the region.
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