Packaged Substation Market Outlook - 2027
Packaged substation consists of medium voltage switchgear, distribution transformer, low voltage panel, outdoor duty enclosure, and others. Each item of the electrical component is packaged together and works as small substation. It is an important part of distribution system. Packaged substations are used in various applications such as energy, commercial, infrastructure, and others. It is used to minimize the space requirement. It is also used to protect equipment in case of abnormal conditions and transform voltage (either step up or step down). Packaged substations are convenient when space and installation time are minimum. They are most widely used in end-use industries for the distribution of power.
COVID-19 scenario analysis:
- Coronavirus pandemic has affected the supply chain of electrical and electronics equipment, owing to the temporary ban on the imports by countries across the globe.
- Lockdown enforced in a few nations and ban on transportation decreased the demand for energy.
- Suspension of building & construction and upgrades of power infrastructure activities across the globe have affected the packaged substation market to some extent.
- Lockdown implemented to check COVID-19 has unfavorably affected the power demand and the normal thermal PLF since March 2020, and is expected to become normal by the end of the first quarter of 2021.
- The slowdown in economies in the midst of the pandemic is expected to decrease the growth to around 1% in electricity interest for FY 2021.
Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis
The key driver of the packaged substation market is increase in the power infrastructure development activities across the globe. Rapid growth of industrialization and urbanization in the developing regions across the globe further boosts the market growth during the forecast period. Increase in investment toward power infrastructure is expected to propel the transmission, which, in turn, drives the demand for packaged substations.
In addition, renewable sources related to power generation is also a major factor, which is predicted to drive the packaged substation market. However, advancements in the automation substation market are expected to hamper the development of the global packaged substation market during the forecast period. Packaged substations with advanced technologies, for example, equipment protection, coordinated voltage transformation, information logging, metering, and remote correspondence provide lucrative opportunities for the market growth.
Electrical substations require a lot of land for establishment. The land is taken either on rent or purchased. This is an uneconomical and long procedure. Safety is an important factor, which provides an extra advantage for utilization of packaged substation. Packaged substations are generally utilized in end-user industries for dissemination of power and decrease of misfortune caused during conveyance. In addition, use of packaged substation increases at a fast pace in circulation and modernization of the current force framework.
Growth, trends, and expansion analysis
Increase in demand for packaged substations is expected in the coming years, owing to the rise in number of public infrastructure, industrial urban areas, and requirement for transportation. The packaged substation market is predicted to grow significantly during the analyzed time frame due to the rise in demand for consistent power supply.
Asia-Pacific is expected to register the highest market share in the global packaged substation market. Further, the U.S. is expected to dominate the market due to broad electrical framework overhauls and establishment of conveyance utilities. Rapid growth in power infrastructure network in Brazil, Russia, India, China, and South Africa is expected to be the important driving factor for improvement of the power segment in these countries. China and India are the main countries that experience fast change with huge improvements in the package substation market. Packaged substations are expected to be utilized broadly in new electrical appropriation systems, which are required to guarantee least misfortunes and continuous influence supply.
Key benefits of the report:
- This study presents the analytical depiction of the package substation market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the package substation market share.
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the package substation market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed analysis based on competitive intensity and how the competition will take shape in coming years.
Packaged Substation Market Report Highlights
Key Market Players
Siemens, Eaton Corporation, Toshiba Corporation, CGG, Alstom, Kirloskar Electric Company, Schneider Electric, Asia Electrical Power Equipment Co, Ltd., LARSEN & TOUBRO LIMITED, ABB, General Electric Company