The global modular substation market is estimated to find its progressive path at a promising CAGR of 8.2% through 2034. It will assist the subject market to reach US$ 48 Billion at the end of the forecasted period. Also, the market size of the subject market is predicted to be US$ 21.7 billion after 2024.
Current power distribution networks and power plants have become obsolete. Also, the current infrastructure is aging and needs to be replaced. This creates lucrative opportunities for the subject market.
Growing technological infrastructure aids the need for the efficient production of power distributors. Furthermore, the efficiency of output delivered by these power stations also enhances, driving the subject 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.
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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
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