Fort Collins, Colorado, May 10, 2024 (GLOBE NEWSWIRE) --
Rising urbanization and industrialization are major growth factors.
The rapid urbanization and industrialization, especially in developing nations, are significant drivers behind the expansion of the modular substation market. As cities grow and new industrial zones emerge, there's a heightened need for dependable and efficient power distribution infrastructure. The United Nations predicts that by 2050, 68% of the global population will reside in urban areas, up from 55% in 2018. This urbanization trend mandates the deployment of modular substations to meet urban centers' and industries' escalating energy demands, ensuring a stable and secure power supply.
Furthermore, the global transition towards renewable energy sources is another pivotal factor propelling the demand for modular substations. Governments worldwide are setting ambitious targets for renewable energy adoption to combat climate change and decrease reliance on fossil fuels. For instance, the European Union targets achieving a 32% share of renewable energy in its overall energy consumption by 2030. Incorporating renewable energy sources like solar and wind power into the grid necessitates flexible and adaptable power distribution solutions. Modular substations, with their compact design and straightforward installation, are ideally positioned to facilitate the integration of renewable energy sources into the existing power infrastructure.
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Segmentation Overview:
The modular substation market has been segmented into type, voltage, insulation, application, and region.
The utility is the leading application segment based on increased demand for efficient power distribution strategies.
- Based on the market segmentation by application, the utility segment dominated the modular substation market in 2023, accounting for the largest share. The increasing demand for reliable and efficient power distribution in urban and rural areas is the primary factor driving the growth of this segment.
The fixed modular substation segment registered a significant growth in 2023.
- Based on the market segmentation by type, the fixed modular substation segment held the largest market share due to its widespread adoption across various industries and applications.
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Modular Substation Market Report Highlights:
- The modular substation market growth is anticipated at a CAGR of 8.6% by 2032.
- The growing urbanization and industrialization attract robust growth for the modular substation market.
- The Asia-Pacific regional market is expected to witness the fastest growth in the modular substation market. The rapid industrialization and urbanization in countries like China and India, coupled with the increasing focus on renewable energy integration, are the primary factors driving the market growth in this region.
- Some prominent players in the modular substation market report include ABB Ltd., Siemens AG, Schneider Electric SE, Eaton Corporation PLC, General Electric Company, Honeywell International Inc., Larsen & Toubro Limited, Bharat Heavy Electricals Limited, CG Power and Industrial Solutions Limited, Toshiba Corporation, Hitachi Ltd., and Rittal GmbH & Co. KG.
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