New York, US, May 10, 2022 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Mobile Substation Market” information by Voltage Type, by Mobile Transformer, by Power Rating, by Application and Region – Forecast to 2030” market size to grow at a compound annual growth rate of 5% by 2030.
Market Scope:
Mobile substations have manifold alluring features that will offer robust opportunities for the market over the forecast period. These features include easy installation, flexibility, time-saving, and cost-effectiveness. Besides, these substations are trailer mounted power solutions due to which these can be installed within limited space as well as can be relocated easily without difficulty.
Dominant Key Players on Mobile Substation Market Covered are:
- ABB Ltd. (Switzerland)
- Siemens AG (Germany)
- General Electric Company (U.S.)
- Qingdao TGOOD Electric (China)
- Elgin Power Solutions (U.S.)
- Meidensha Corporation (Japan)
- Matelec Group (Lebanon)
- Enerset Power Solutions (Texas)
- EKOSinerji (Turkey)
- WEG (Brazil)
- Atlas Electric Inc (U.S.)
- Delta Star Inc. (U.S.)
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Market USP Exclusively Encompassed:
Market Drivers
Growing Need for Renewable Energy Supplies to Boost Market Growth
The growing need for renewable energy supplies coupled with the potential growth of the power & energy industry will boost the mobile substation market growth over the forecast period.
Maintenance Issues to act as Market Restraint
The maintenance issues of mobile substations may act as a market restraint over the forecast period because even a small failure is likely to lead to serious disturbances.
Lack of Awareness to act as Market Challenge
The lack of awareness regarding mobile substations may act as a market challenge over the forecast period.
Browse In-depth Market Research Report (111 Pages) on Mobile Substation Market:
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Segmentation of Market Covered in the Research:
The global mobile substation market has been bifurcated based on applications, power rating, mobile transformer, and voltage type.
By voltage type, MV will lead the mobile substation market over the forecast period.
By mobile transformer, distribution transformer will dominate the mobile substation market over the forecast period.
By power rating, 25 MVA-100 MVA will spearhead the mobile substation market over the forecast period.
By applications, energy and utilities will have the lions share in the market over the forecast period.
Regional Analysis
North America to Head Mobile Substation Market
North America will head the global mobile substation market over the forecast period. Because of the enormous demand for energy and the expanding number of conventional & non-conventional power generation plants in North America, the power industry has a strong foothold. North America's market is likewise being urged to deliver innovative and dependable transmission and distribution solutions. The great reliance on the reliable power for the economic development in North American countries has created a profitable market for mobile substations. Due to rising demand for constant power supply & the growth of transmission and distribution networks in the region, power supply in North America is expected to grow. These substations are also frequently employed to provide reliable and innovative solutions for power transmission and distribution. Furthermore, the rise of data centres, ports, and a surge in building activities necessitates the use of a mobile substation.
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With regards to the need for mobile substations, North America is likely to remain the leading region. Because of the increased demand for energy associated with the rise of conventional & unconventional power producing plants, the electrical sector in North America has a strong foundation. In North America, the mobile station market is also being promoted to provide an innovative and dependable solution for transportation & distribution. The high reliance on a stable power supply for the economic development in North American countries has created a profitable market for mobile substations. Because of the significant presence of multiple mobile substation suppliers, high industrialization, and a strong energy & power market in the region, North America is likely to dominate the worldwide mobile substation market throughout the forecast period. The demand for reliable and resilient power supplies on metals and mining sites is projected to drive the market for mobile substations. Once the construction is done, the mobile substation can be readily relocated. Furthermore, movable substations are required for construction, data centres, and ports. The expansion of the market in the United States is fueled by rising electricity demand and the requirement for reliable power supply. Along with the utility industry and industrial applications, North America is a major market for mobile substations.
APAC to Have Significant Growth in Mobile Substation Market
The APAC region will have significant growth in the mobile substation market over the forecast period. Due to an expansion in coal mining activities in Asia Pacific, there is a huge demand for mobile substations for mine electrification. Also, most of India's rural areas are not electrified, hence the mobile substation can be utilized to electrify this remote location. The need for power in this region has risen dramatically as a result of the region's growing population and industrial sector. As a result, the necessity for adequate power transmission & distribution has increased in order to provide an uninterrupted power supply. For this, mobile substations may be a cost-effective alternative. Because of population development and the expansion of the industrial sector, the region's electricity demand has expanded dramatically. As a result, proper power transmission & distribution are now more important than ever to maintain an uninterrupted power supply.
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COVID-19 Impact on the Global Mobile Substation Market
The continuous COVID-19 epidemic is disrupting critical processes and industries such as automotive, oil and gas, chemical, power and electricity, mining, & manufacturing for the foreseeable future. Because of the virus's rapid spread, governments around the world are imposing stringent limitations on the movement of people and vehicles. As a result of the statewide lockdown, the supply chain and production of components, equipment, and systems, and the supply of raw materials to manufacture components utilized in a mobile substation, have been disrupted. The market revenues overall for the mobile emergency station market are being limited by limited manufacturing activities and reduced demand from end-use industries, resulting in lower market growth in the next years. The appearance of COVID-19 has rendered the entire earth immobile. The current health crisis possessed huge impact on businesses across all industries. But that, too, will pass. Increasing government and corporate assistance can aid in the fight against this extremely contagious disease. Some industries are thriving and others are struggling. Almost every industry is predicted to be impacted by the pandemic.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
