Luton, Bedfordshire, United Kingdom, July 04, 2024 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Modular Substation Market.
The modular substation market is expected to grow at 8.7% CAGR from 2023 to 2030. It is expected to reach above USD 33.86 billion by 2030 from USD 15.98 billion in 2023.
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The Modular Substation Market has experienced swift and substantial growth recently, with projections indicating that this expansion will continue from 2024 to 2030. The positive trajectory in market dynamics, combined with anticipated ongoing growth, suggests robust growth rates throughout the forecast period. In essence, the market is poised for significant development. Over the past few years, the Modular Substation Market has seen rapid and considerable growth, and the forecasts for sustained expansion between 2024 and 2030 reflect a consistent upward trend, indicating strong growth rates in the future.
Substations are pivotal in the power industry, enabling the transfer of electricity from generation sources to customer loads. Electrical utilities rely on them for system protection, switching capabilities, and, most critically, voltage transformations. To address growing demand and aging infrastructure, utility companies are either increasing substation capacity or replacing them entirely. Modernizing the transmission process is essential for optimization.
A modular substation is a compact, pre-assembled unit where electrical equipment is grouped on a platform or trailer. This design offers several advantages, including reduced space requirements, enhanced safety, and greater design flexibility. The ongoing expansion of transmission capacity and investment in grid infrastructure are expected to bolster the market for modular substations.
Competitive Landscape:
Prominent Players – Competition Dashboard and Revenue Share Analysis, 2024
Company Profiles (Details – Company Overview, Sales Area/Geographical Presence, Revenue, Strategy & Business Overview)
Key Players - The Modular Substation market key Simens AG, ABB Ltd, Eaton Corporation, General Electric Company, Powell Industries Inc, Aktif Group, Crompton Greaves Limited, AZZ Inc, Elgin Power Solutions, Bharat Heavy Electricals Limited, Toshiba Corporation, WEG SA.
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Recent Developments
May 2023 - GE Gas Power announced on a past date the completion of the Swiss Federal Office of Energy (SFOE)’s temporary reserve power plant located at GE’s Manufacturing Center in Birr, approximately 30 km west of Zurich.
April 2023 – GE Power Conversion was chosen by Keppel Shipyard for the design, supply, and delivery of two electrical modules for Petrobras’ Floating Production Storage Offloading vessels (FPSO), coded P-80 and P-83, which were used for offshore energy production.
Report Scope:
| ATTRIBUTE | DETAILS |
| Study period | 2020-2030 |
| Base year | 2023 |
| Estimated year | 2024 |
| Forecasted year | 2024-2030 |
| Historical period | 2020-2023 |
| Unit | Value (USD Billion) (Thousand Units) |
| Segmentation | By Type, By Voltage, By Application, By Region |
| By Type | Distribution Transformer |
| Power Transformer | |
| Specialty Transformer | |
| Instrument Transformer | |
| By Voltage | Converter |
| Switches | |
| Transformers | |
| Hardware | |
| By Application | Smart Grid |
| Traction Locomotive | |
| Electric Vehicle Charging | |
| By Region | North America |
| Asia Pacific | |
| Europe | |
| South America | |
| Middle East Asia & Africa | |
Key Market Trends and Highlights
Hybrid power substations form the main trend in the global modular substation market. These substations include multiple features, including the distribution of the power, its storage, and many other functions. Also, the grid flexibility is enhanced.
Sustainability is fostered by marketers, which encourages them to find alternatives to traditional energy generation, distribution, and storage systems. Hence, this surges the demand for modular substations.
Digital transformation drives the subject market as integrating digital technology into power stations to transform them into smart grids is trending. Furthermore, predictive analysis is another key trend driving the subject market.
On the basis of geography
North America accounts for 37% of the market for Modular Substation worldwide. The modular substation market in North America is expected to grow steadily due to the increasing demand for renewable energy sources and the need for power infrastructure development.
In addition, to the market share in each country and sub-region, this chapter of this report also contains information on profit opportunities. This chapter of the report mentions the market share and growth rate of each region, country, and sub-region during the estimated period.
- North America (USA and Canada)
- Europe (UK, Germany, France and the rest of Europe)
- Asia Pacific (China, Japan, India, and the rest of the Asia Pacific region)
- Latin America (Brazil, Mexico, and the rest of Latin America)
- Middle East and Africa (GCC and rest of the Middle East and Africa)
We have also focused on technological lead, profitability, company size, company valuation in relation to the industry and analysis of products and applications in relation to market growth and market share.
We Offer Customization on Report Based on Specific Client Requirement:
- Free Country Level analysis for any +5 countries of your choice.
- Free Competitive analysis of any +5 key market players.
- Free +40 analyst hours to cover any other data point.
About Exactitude Consultancy
Exactitude Consultancy is a market research & consulting services firm which helps its client to address their most pressing strategic and business challenges. Our market research helps clients to address critical business challenges and also helps make optimized business decisions with our fact-based research insights, market intelligence, and accurate data.
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