Pune, Jan. 23, 2023 (GLOBE NEWSWIRE) -- The report analysed by Maximize Market research, on “Substation Maintenance Market”, covers an extensive business environmental analysis, regulatory landscape, and value chain analysis. Over the forecast period, Maximize Market research estimates, the Substation Maintenance market to grow from USD 33216.09 Million in 2021 to 57251.15 Million by 2029 at a CAGR of 7.04%.
Substation Maintenance Market Scope and Research Methodology
The research report covers substation maintenance market statistics including current substation maintenance market size, substation maintenance market share and growth rates (CAGR) by segments and sub-segments at global, regional, and country levels, with an annual forecast till 2029.
The report provides a clear insight into market penetration by Type, Module, Installation type, Industry, Voltage of substation maintenance with corresponding future potential, validated by real-time industry experts. Further, Substation Maintenance market share by key metrics such as manufacturing methods/technology and raw material can be included as part of customization. This enables the client to identify the most potential segment from their growth rates along with corresponding drivers and restraints.
The research considered 2017, 2018, 2019, and 2020 as historical years, 2021 as the base year, and 2022 as the estimated year, with an outlook period from 2023 to 2029. The report identifies the most profitable products of Substation Maintenance market, dominant end uses and evolving distribution channel of the Substation Maintenance Market in each region.
The study was conducted using an objective combination of primary and secondary information including inputs and validations from real-time industry experts. An in-depth product and revenue analysis are performed on top substation maintenance market players along with their business and geography segmentation. Receive primary inputs from subject matter experts working across the Substation Maintenance value chain in various designations. In-house experts utilized sophisticated methods including data triangulation, will connect the dots and establish a clear picture of the current substation maintenance market conditions, market size, and market shares.
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Substation Maintenance Market Overview
The substation is a subordinate station where power is distributed at very low voltage levels or is delivered over great distances. Substation maintenance is a crucial component of the action programme because it helps to prevent unplanned outages and ensures the good operation of electrical and electronic components. The bus bar, relays, insulators, circuit breaker metres, and racking mechanism are among the substation components that require maintenance.
Substation Maintenance Market Dynamics
The maintenance of components is essential in the electrical and electronic power sector; this has a positive impact on the companies' revenue growth. The demand for efficient energy is rising daily as a result of the fast industrialization and urbanisation of emerging and developing nations. Thanks to the growth of smart cities and the expected rise in demand for power industries, the use of smart energy and smart energy metres in smart buildings is growing. One of the factors restricting the substation maintenance market is the government's desire to ensure the uninterrupted supply of power 24 hours a day. Because the parameters and components used in typical digital substations, such as service-oriented architecture and microprocessors, are more expensive, as well as because there are more IEDs now, the cost of substations has gone up.
The government has been providing subsidies, and numerous ongoing projects have had a good impact on the power sector, thus the renewable energy industry trends have been rising quickly in recent years. Collaborations, cost-competitiveness, and rising customer demand have created numerous chances for SME businesses to provide a range of services and maintain substations.
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Substation Maintenance Market Regional Insights
Europe Substation Maintenance Market accounted for the largest share of 27.20%. More than 50% of the electricity would be produced by RES, with the majority of them being connected to the MV and LV grids, according to the European Union's renewable energy objective for 2030 (32% of all energy consumed). Furthermore, in order to meet variable demand, EU policies have promoted the growth of decentralised electricity generation, electric vehicles, and energy storage. As a result, it is anticipated that the European Substation Maintenance market will develop profitably throughout the duration of the forecast period.
| Market Size in 2021 | USD 33216.09 Mn |
| Market Size in 2029 | USD 57251.15 Mn |
| CAGR | 7.04% (2022-2029) |
| Forecast Period | 2022-2029 |
| Base Year | 2021 |
| Number of Pages | 213 |
| No. of Tables | 110 |
| No. of Charts and Figures | 112 |
| Segement Covered | Type, Module, Installation type, Industry, Voltage |
| Regional Scope | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Report Coverage | Market Share, Size & Forecast by Revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis. |
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Substation Maintenance Market Key Competitors:
- Myriant(United States)
- Genomatica(United States)
- Natureworks LLC (United States)
- Dow Chemicals (United States)
- Cargill (United States)
- BioAmber Inc. (Canada)
- Methanex (Canada)
- Abengoa (Spain)
- BASF SE(Germany)
- Corbion NV(Netherlands)
- Novozymes A/S(Denmark)
- Mitsubishi Chemical Corporation (Japan)
- Mitsui & Co. Ltd. (Japan)
- Zhejiang Hisun Biomaterials Co. (China)
- Other.
Key questions answered in the Substation Maintenance Market are:
- Which emerging economies are witnessing a rapid rise in demand for Substation Maintenance Market?
- What factors are expected to drive the demand for Substation Maintenance Market?
- Which roof material type is expected to emerge as the fastest growing segment?
- Which application segment is expected to hold the largest market share?
- Why and how major companies in Substation Maintenance market are adopting strong market positioning startegies?
- What strategies are implimented by major companies to achieve a competitive advantage over local manufacturers and suppliers?
- What are the current manufacturing and technology trends in the Substation Maintenance market?
- Which regulations are driving or restraining the Substation Maintenance market growth across various countries?
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Key Offerings:
- Substation Maintenance Market Current Size and Share, Forecast by Revenue (2022−2029)
- Substation Maintenance Market Variables, Trends & Scope, Roofing Materials Value Chain Analysis, Regulatory Framework
- Market Dynamics: Growth Drivers, Market Restraints, Investment Opportunities, Market Challenges and Manufacturing Trends, Technological Trends
- Business Environment Analysis: Supplier Power, Buyer Power, Threat Of New Entrants, Threat Of Substitutes, Competitive Rivalry and Political Analysis, Environmental Analysis, Social Analysis, Technological Analysis, Economical Analysis, Legal Analysis
Maximize Market Research is leading research firm, has also published the following reports:
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Predictive Maintenance Market size was valued at US$ 4.1Bn.in 2021 and the Predictive Maintenance market size is expected to grow at 29.5% from 2022 to 2029, reaching nearly US$ 32.43 Bn. The market is expected to be driven by increased adoption of advanced technologies such as cloud technology and big data analytics.
Medical Equipment Maintenance Market size is expected to grow at a CAGR of 10.60% during the forecast period, reaching nearly US$ 101.2 Bn. by 2029. The market expected to be driven by growth in associated instrumentation markets, rising specialization in preventive medical instrumentation maintenance and adoption of innovative funding mechanisms.
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