The global mobile substations market is projected to reach a value of USD 1,879.6 million by 2032, growing at a robust CAGR of 7.2% from 2022 to 2032. The market is anticipated to be valued at approximately USD 934.7 million by the end of 2022, driven primarily by extensive applications in the utility sector.
Mobile substations play a crucial role in addressing electricity gaps in the grid, leading to their widespread use in utility applications. Their significance in power transmission and distribution is a key factor propelling the growth of the mobile substations market during the forecast period.
The rising incidence of power transmission issues and imbalances within transmission networks further amplifies the demand for mobile substations. These substations enhance the reliability of primary high-voltage transmission grids, and their modular, plug-and-play design allows for grid connections and stability under various conditions, positively impacting market growth.
Additionally, the increasing demand for renewable energy is fueling the expansion of the market. The need for seamless integration of renewable energy sources into the electric grid, driven by a surge in clean energy projects, boosts the demand for mobile substations. Their ability to support rapid recovery from significant weather events and natural disasters benefits local businesses and communities.
Moreover, the rising demand for electricity necessitates the implementation of efficient transition management strategies, optimizing the use of mobile substations. The ongoing evolution of renewable energy shares in both centralized and decentralized grids also contributes to the increasing demand for mobile substations, indicating a promising growth trajectory for the market in the coming years.
Key Takeaways From the Market Study:
- A lack of awareness regarding mobile substations may impede their market growth.
- The mobile substation market in North America will lead the global growth with ownership of 26.3% of the overall market share.
- Rapid industrial development will propel mobile substation market in the Asia Pacific region.
- Start-ups in this market are supplying personalized solutions to meet end user demands.
Competitive Landscape
General Electronic, Hitachi ABB Inc., Siemens AG, Qingdao MEIDENSHA CORPORATION, Enerset Power Solutions, and Aktif Group of Companies among others are some of the major players in the mobile substations market profiled in the full version of the report.
Leading market players are keen on finding solutions to energy issues and entering new economies to expand their operations. These businesses engage in agreements, partnerships, and collaborations to strengthen their market positions.
Key segments
By Type:
- Trailer-mounted mobile substation
- Skid-mounted mobile substation
- Containerized
- Others
By Voltage:
- High Voltage
- Medium Voltage
By End Use:
- Industrial
- Manufacturing
- Energy and Power
- Transportation and Logistics
- Aerospace and Marine
- IT and Telecommunication
- Oil and Gas
- Mining
- Military
- Chemical
- Others
By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
Report Preview: https://www.futuremarketinsights.com/reports/mobile-substations-market
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