Modular Substation Market worth USD 26.85 Billion by 2027, registering a CAGR of 9.05% – Report by Market Research Future (MRFR)
New York, Aug. 16, 2021 (GLOBE NEWSWIRE) — Modular Substation Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Modular Substation Market Research Report, Voltage, Type, Insulation Type, Application and Region – Forecast till 2027” the size is projected to be worth USD 26.85 Billion by 2027, registering a CAGR of 9.05% during the forecast period (2021 – 2027), The market was valued at USD 16.12 billion in 2020.
Modular substations are portable substation components installed in trailers or containers for transportation to sites. Respite on installation costs and time are benefits of modular substations. The global modular substation market report by Market Research Future (MRFR) covers drivers, challenges, and opportunities for the forecast period (2020-2027). The COVID-19 pandemic and its effects on the market are assessed through data models and offer insights to readers.
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List of the Key Companies Profiled in the Modular Substation Market Research Report are:
- 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)
- Enerset Power Solutions (US)
- American Modular Power Solutions Inc. (US)
are prominent players of the global modular substation power market. Changing energy demands of customers are the top priority of producers as sustainable energy schemes take centerstage.
BW Ideol and Hitachi ABB have decided to collaborate in the production of floating substations for supporting offshore wind farms.
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Support for Renewable Energy Schemes to Drive Market Demand
Launch of renewable energy schemes by governments and efforts to embrace renewable energy schemes through sustainable practice can drive the demand for modular substations. The marriage of technology with power generation has led to LF Energy has collaborated with Savoir-faire Linux, RTE, and Alliander to create Software Enabled Automation Platform and Artifacts Therein (SEAPATH) as part of its digital substation initiative. It can provide an open-source platform for grid operators to identify fluctuations in supply and demand caused by use of power by electric vehicles.
Modernization of Infrastructure to Bolster Demand for Substations
Replacement of legacy infrastructure and installation of new transformers and distribution networks for managing grids can drive the market demand significantly. Use of turnkey solutions for commissioning to installation of substations by consolidation of processes can lead to heavy demand by utility companies. This approach can lower costs through wiring, testing, and assembly of equipment and eliminate challenges of logistics. Furthermore, compact substations can utilize less space and allows assembled units to be transported and fitted with ease using the assistance of a trailer.
Failure of Power Infrastructure to be a Key Challenge
The failure of substations can produce system disturbances and changes in power distribution and pose safety risks to the public. The challenge of maintenance of substations due to unavailability of components and lack of skilled personnel in the market. Environmental concerns and effect of substations on the wildlife as well as lack of land can pose a problem to the modular substation market.
The COVID-19 outbreak has affected the modular substation market owing to deficits in supply chain and procurement of equipment. However, investments in clean energy and sustainability goals pursued by nations to tackle climate change can lead to a resurgence in the market revenues.
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33kV-400kV Range to Command a Huge Market Demand
The 33kV-400kV segment is expected to lead the market mainly due to the wide use of substations by utilities for reliable power supply. Low time required for restoration of power and integration of protective equipment can drive the segment demand. Recently, Hitachi ABB Power Grids has launched a modular substation with a 400 kV power capacity with the ability to restore power in less time. The global modular substation market is further segmented based on insulation type into air and gas. Gas insulated substations uses sulfur hexafluoride and can be deployed faster as compared to its counterpart. Moreover, the gas insulated substations are easier to maintain due to offering front access and containing their own testing instruments.
Skid/Trailer Mounted Segment to Dominate
Skid/trailer mounted segment led the global modular substation genset market in 2018. It can continue to generate huge revenues for the market owing to its speed, versatility, and quality. Moreover, it can leave a low carbon footprint and be deployed rapidly at offshore and onshore sites.
Power Utilities to Beckon Huge Demand
Power utilities segment is estimated to hold the largest share in the global modular substation market during the forecast period. This is attributed to the ability of substations able to provide additional power during peak loads and serving loads in industrial plants. Moreover, its ability to prevent short circuits with the help of power factor correction capacitors can drive market demand in the sector.
APAC to Lead Global Modular Substation Market
APAC is touted to lead the global modular substation market owing to efforts for replacing legacy infrastructure and rapid urbanization & industrialization. China is expected to be lucrative for modular substation owing to power requirements and devoted funding for harvesting energy through renewable energy schemes. Electrification of rural areas is likely to provide a golden opportunity to the market.
Segmentation of Market covered in the research:
Information by Voltage (11kV-33kV, 33kV-400kV, Above 400kV), By Type (Skid Mounted, Fixed), By Insulation Type (Air, Gas), By Application (Power Utilities, Commercial, Industrial) and Region (North America, Europe & Asia-Pacific))
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