The worldwide modular substation market is expected to grow at a CAGR of 8.2% through 2034. It will help the subject market reach US$48 billion by the conclusion of the anticipated timeframe. Furthermore, by 2024, the topic market is expected to be worth $21.7 billion.
Current electricity distribution networks and power plants are antiquated. Furthermore, the present infrastructure is old and must be updated. This opens up substantial potential for the topic market.
The growing technological infrastructure contributes to the requirement for efficient power distribution. Furthermore, the efficiency of the output supplied by these power plants improves, which drives the topic market.
Rapid urbanization is another important market driver. The growing population needs relevant infrastructure. This infrastructure requires power and energy, which can be fulfilled with the help of modular substations. Hence, this drives the market.
Governments of different countries have been investing in local projects. This creates lucrative chances for local marketers, producing better opportunities for market expansion. Hence, this is another market driver.
Key Takeaways from the Modular Substation Market Report:
- The CAGR of the global modular substation market is expected to fall to 8.2% in the forecasted period, which was 10.4% in the historical period.
- 11kV-33kV is the largest market segment of the subject market in terms of its advancement. The segment propels at a CAGR of 8%.
- The air insulation segment of the market propels at a CAGR of 7.7%, the highest among all other segments of the top insulation type category.
- The South Korean market registers the highest CAGR through 2034. It will propel at a CAGR of 10.3%.
“The Modular Substation Market continues to exhibit robust growth, driven by increasing demand for reliable power distribution infrastructure worldwide. With an escalating emphasis on energy efficiency and grid reliability, modular substations offer cost-effective and flexible solutions, positioning the market for significant expansion in the coming years.” – says Sudip Saha, Managing Director and Co-Founder at Future Market Insights.
Competitive Landscape:
In the case of market competition, various marketers are actively participating to clutter the market. Due to the strong market presence of large businesses, room for substantial market share acquisition is reduced for new entrants. Hence, they must differentiate their products and services to gain market space. The existing players use various strategic initiatives to expand. Some initiatives include alliances, mergers and acquisitions, collaborations, partnerships, etc.
The following are some of the key developments occurring in the global modular substation market:-
- In September 2022, ABB acquired PowerTech Converter. This strategic move helped the organization in expanding its traction division market. It also helped the business bolster its market position.
- In March 2024, Eaton launched a next-generation fuel tank isolation valve. It will be a vital component for hybrid EVs. The product innovation helps the organization to enhance its product portfolio.
More Valuable Insights Available:
Future Market Insights offers an unbiased global modular substation market analysis, providing historical data from 2019 to 2023 and forecast statistics from 2024 to 2034.
The subject market is segmented by Voltage (11kV-33kV, 33kV-400kV, and above 400kV), Insulation Type (Air, Gas, By Type, Skid/Trailer Mounted, and Fixed), and Application (Power Utilities, Commercial, and Industrial).
Modular Substation Market Segmentation:
By Voltage:
- 11kV-33kV
- 33kV-400kV
- Above 400kV
By Insulation Type:
- Air
- Gas
By Type:
- Skid/Trailer Mounted
- Fixed
By Application:
- Power Utilities
- Commercial
- Industrial
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East and Africa
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries. Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.
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