Dublin, July 03, 2024 (GLOBE NEWSWIRE) -- The "Mobile Substation Market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
The mobile substation market is evaluated at US$1,067.404 million for the year 2022 growing at a CAGR of 7.83% reaching the market size of US$1,809.544 million by the year 2029.
A mobile substation is an autonomous system that has the ability to address a range of contingencies that a utility might face. It ensures a temporary supply of energy during the time when the main station is undergoing maintenance or refurbishment. Similarly, it provides temporary power solutions in areas affected by natural disasters or events.
The emphasis on providing and ensuring a continuous supply of power is significantly driving the mobile substation market growth. Simultaneously, the growing number of clean energy projects requires smooth integration of renewable energy into the electric grid, and the ability of the mobile substation to ensure an effective transition is further augmenting the demand for these substations.
MARKET DRIVERS:
Increasing demand for reliable and effective transition systems.
Having the ability to recover as quickly as possible following major weather events and natural calamities provides economic, public health and safety benefits for local businesses and communities. Moreover, rising electricity demand coupled with the continuous and expanded growth of the share of renewables in centralized and decentralized grids requires an effective new approach to transition management, making full use of mobile substations, thus boosting the demand for the mobile substation during the given forecast period.
In addition, with the higher occurrence of extreme weather conditions and catastrophic events, there is an increasing demand for mobile substations as they are useful for emergency response as backup units for a short period of time.
Growing utilization in various end-user industries.
The energy & power industry is estimated to hold a significant share and is anticipated to grow at a steady pace on account of growing efforts by the governments of different countries to improve the power infrastructure. Simultaneously, the rising focus on improving and ensuring smooth operational efficiency by the oil & gas industry is projected to drive the market demand, while railways and metallurgy are anticipated to offer decent revenue generation opportunities during the course of the forecast period.
The North America and Europe mobile substation market is anticipated to grow significantly.
The North American and European regions are expected to hold a major share on account of the early adoption of technology coupled with the presence of major companies in the region, while the Asia-Pacific region is anticipated to witness exponential growth in the near future. Furthermore, the Middle East & Africa region is expected to be one of the fastest-growing regions. This is owing to the availability of rich natural resources, such as oil & gas and metals & mining, and the untapped market for energy resources in some parts of the African region.
The well-established industrial sector in the United States is driving up demand for electricity. However, this high demand is frequently hampered by major power outages caused by natural disasters or other events. As a result, rising energy outages in the United States are one of the major drivers of the country's mobile substation market. According to the Department of Energy (DOE), weather-related power outages are the leading cause of power outages in the United States. Moreover, the aging grid infrastructure, coupled with the very high cost of upgradation of aging facilities, is anticipated to boost the demand for mobile substations across various industries.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 145 |
| Forecast Period | 2022 - 2029 |
| Estimated Market Value (USD) in 2022 | $1067.4 Million |
| Forecasted Market Value (USD) by 2029 | $1809.54 Million |
| Compound Annual Growth Rate | 7.8% |
| Regions Covered | Global |
Competitive Environment And Analysis
- Major Players And Strategy Analysis
- Market Share Analysis
- Mergers, Acquisitions, Agreements, And Collaborations
- Competitive Dashboard
Company Profiles
- General Electric Company
- ABB
- Siemens AG
- Eaton
- Elgin Power Solutions
- Delta Star Incorporated
- CG Power and Industrial Solutions Limited (Murugappa Group)
- WEG
- Aktif Group
- TGood Global Ltd.
Segmentation:
Component
- Transformer
- Switchgear
- Surge Arresters
- Protection And Control Equipment
- Other Auxiliary Systems
Type
- Skid
- Containerized
- Trailer/Semi Trailer
End-Users
- Oil & Gas
- Metallurgy
- Energy & Power
- Telecommunication
- Railways
By Geography
- North America
- The United States
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- Germany
- France
- United Kingdom
- Others
- Middle East and Africa
- UAE
- Saudi Arabia
- Others
- Asia Pacific
- China
- Japan
- India
- South Korea
- Thailand
- Indonesia
- Taiwan
- Others
For more information about this report visit https://www.researchandmarkets.com/r/odh8k6
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
