Packaged Substation Market Size Is Estimated To Expand At A ...| MENAFN.COM

Saturday, 01 October 2022 08:46 GMT

Packaged Substation Market Size Is Estimated To Expand At A Healthy CAGR In The Upcoming Years 2022-2031


(MENAFN- America News Hour)

The market for packaged substation is expected to grow at a CAGR of over 5% during the forecast period. 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 plans across the world, growing demand for replacing/refurbishing of aging substation infrastructure, and increasing electricity demand, particularly in China and India, owing to rapidly increasing industrial and infrastructural development activities, are expected to drive the market during the forecast period. However, developments in automation substations are expected to hinder the market growth for the next ten years.
– Utility segment is expected to be the largest segment during the forecast period. Many developing countries are expected to upgrade their power distribution sector, which is further expected to bolster the utility segment of packaged substation market.
– Packaged substations with better technologies such as integrated voltage transformation, equipment protection, metering and remote communication, and data logging provides enormous opportunities for growth of global packaged substation market.
– Asia-Pacific is expected to be the largest and fastest growing market with majority of the demand coming from countries like China and India.

Get the inside scoop with Sample report- 
Key Market Trends
Power Utilities Segment to Dominate the Market

– Power utilities are expected to increase the demand for packaged substation market, as packaged substation is an integral part of electric power distribution system. They form a crucial part in 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 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 dominate the market, due to the increasing power generation capacity plans, growing demand for replacing/refurbishing of 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 economy, coupled with factors, such as rapid industrialization and urbanization electricity. The robust economic growth in China reached nearly 7%, and the gross electricity consumption grew by 6.6%, exceeding 6,000 TWh, for the first time in 2017.
– Utilities and governments in China are developing new generation projects, particularly renewable energy ones, 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 in the country.
– With Australia's ageing electricity infrastructure nearing the end of its lifespan, 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 invests nearly USD 5 billion each year into the transmission distribution network.
– Furthermore, the Indian government plans to invest further 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.

MENAFN22092022004545010068ID1104909347


Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.