The Global Modular Substation Market is predicted to be worth USD 19.27 billion in 2023 and is anticipated to reach a valuation of USD 31.9 billion by 2029, with a CAGR of 9% from 2024-2029.
The objectives of the worldwide market for modular substations Compact and modular substations available in the market. These substations replace the traditional substations with modernized devices and better power distribution in the networks. The main advantages of these solutions are fewer field requirements, automated solutions with minimal human interference, which can be employed in areas with extreme environmental conditions, and less energy theft. The modular substation is an essential part of the electricity generation, transmission, and distribution system, designed to help transform voltages and perform other functions, including monitoring, protection, and switching. The modular substation consists of three separate modules, namely high-voltage equipment, power transformers, and medium-voltage equipment. These substations offer many advantages over conventional substations, including installation time and space savings while improving safety. The modular substation is employed for a wide range of applications, including local equipment rooms, LV / MV / HV integrated substations, power generation plant rooms, control rooms, and buildings. processes or utilities.
Continued urbanization and industrialization are driving new capacity additions in developing regions such as the Middle East and the Asia Pacific, and the replacement/upgrade of aging energy infrastructure in developed regions, North America and Europe. The United States is predicted to be the biggest industry for modular substations owing to the nation's plans to upgrade and renovate its present electrical infrastructure. On the flip side, China is the quickest-developing industry for modular substations. This expansion is attributed to the great call for electrical solutions in the country due to the huge investments to add capacity. Furthermore, India is also predicted to see an increase in call for smart solutions in the energy sector due to its rural electrification plans and its high rate of urbanization.
One of the biggest challenges facing utilities today is the aging of the electricity generation and distribution infrastructure. Due to the failure of the electrical infrastructure, utilities and network operators bear enormous costs. According to the United States Department of Energy, in the United States, nearly 75% of transmission lines and transformers are 25 years old. Aging infrastructure is the greatest threat to America's energy supply and must be replaced and renewed. Therefore, modular substations and other equipment are needed for a reliable power supply. In addition, they save space and are useful for upgrading electrical infrastructure where space is limited. These factors are predicted to drive the worldwide market for modular substations. However, factors such as the lack of standardization and grid stability will pose a challenge to the worldwide market for modular substations.
The inability of the governing bodies to standardize the market has been an important limiting factor for the modular substation market.
The worldwide modular substation market is predicted to experience substantial expansion during the foreseen period due to urbanization industrialization and aging electrical infrastructure. Escalating electrical substation modernizations associated with urbanization and industrialization in developing economies are predicted to drive the worldwide market for modular substations during the foreseen period. Greater investment in smart city infrastructure would encourage and provide new opportunities for market players operating in the modular substation market.
A single component failure can lead to major power outages, which can interfere with the entire system; Therefore, regular maintenance is necessary, which can inhibit the market. The high initial investment required slows the market.
The call for electricity has been drastically reduced due to the recent COVID-19 pandemic. Governments around the world have been forced to cut back on business activity to minimize the threat of coronavirus. This persistent situation due to COVID-19 has changed lifestyles around the world and most people stay home and work from home if possible. As a result, there is a significant increase in the residential load scales, while the commercial and industrial load declines dramatically. This heartbreaking situation creates the latest challenges in the technical and financial work of the energy fragment and as a result, most utilities around the world have launched a disaster management plan to overcome these current challenges/threats. Therefore, this study aims to investigate the worldwide energy systems scenes in COVID-19, as well as the socioeconomic and technical issues facing utilities.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 to 2029 |
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CAGR |
9% |
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Segments Covered |
By Voltage, Type, Application, and Region. |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
ABB Ltd. (Switzerland), Eaton Corporation plc (Ireland), Siemens AG (Germany), General Electric (US), Crompton Greaves Ltd (India), Bharat Heavy Electricals Limited (India), SPX Transformer Solutions, Inc. (US), Skema S.P.A. (Italy), ModPower Solutions (Mexico), and Others. |
The 33kV-400kV segment leads the market mainly due to the extensive use of these substations by utility companies for a reliable power supply.
The skid/trailer segment dominated the worldwide modular generator set market in 2023.
It is predicted that the power utility segment will have the majority of the worldwide modular substation market during the foreseen period.
Asia-Pacific had the largest share in 2023; North America and Europe followed. China and Saudi Arabia have higher expansion potential for modular substations. This expansion can be attributed to increased investment in the energy sector in Saudi Arabia and gradual economic expansion in China. China is becoming the industrial center due to the low cost of labour and escalating urbanization. The country is experiencing rapid economic expansion that will more than double per capita electricity consumption by 2029. The market is predicted to dominate the worldwide calls for modular substations during the foreseen period. Asia-Pacific is predicted to be the largest modular substation market, by region, during the foreseen period. China is predicted to be the fastest-growing market in Asia-Pacific due to the escalating call for power solutions due to investments in power generation capacity additions. This is due to urbanization and the growing need for energy production in the region. Furthermore, rural electrification plans are predicted to further stimulate the call for modular substations in Asia-Pacific.
In North America, the United States is predicted to dominate the modular substation market due to the renovation of its existing electrical infrastructure. The Middle East also offers promising business opportunities in the modular substation market due to escalating infrastructure development. The expansion of the modular substation is driven by the expansion of the grid infrastructure and investments in micro-grids and smart grids. Technological advances have led to an increase in electricity consumption that can result in a modular substation. Europe is predicted to grow at a moderate pace due to the adoption of microgrids, smart grids, and renewable energy sources, among others. The extension of the transmission and distribution networks can support the market in Europe. Asia-Pacific is the most promising region in the world for market expansion due to various factors, such as emerging economies, in which India and China are continuously investing in the energy sector. The government and private entities play a crucial role in the electrification project. Considerable development of network infrastructure and extension of transmission and distribution lines can boost the market.
Companies playing a prominent role in the global modular substation market include ABB Ltd. (Switzerland), Eaton Corporation plc (Ireland), Siemens AG (Germany), General Electric (US), Crompton Greaves Ltd (India), Bharat Heavy Electricals Limited (India), SPX Transformer Solutions, Inc. (US), Skema S.P.A. (Italy), ModPower Solutions (Mexico), and Others.
By Voltage:
By Type:
By Application:
By Region
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