Market Synopsis
The global packaged substation market 2020 is estimated to expand at a considerable expansion rate during the review period due to the rising urbanization and reduced losses in the power distribution system. Asia-Pacific holds the largest market for packaged substations and is driven largely by the number of distribution network upgrades and developments in China, India, and the Southeast Asian countries. This growth is attributed to the growing urbanization and industrial revolution in the region.
The increasing industrialization and urbanization, cost-effectiveness, and greater power demand are some of the crucial elements affecting the packaged substation market of 2020. The global packaged substation market is estimated to expand at a CAGR of 9.50% during the review period.
In Asia-Pacific, the emerging economies including India and China, have immensely invested in the rising electricity production owing to an increase in demand for electricity. The changing electricity consumption shift in the region has resulted in T&D losses. Thus, the attention on reducing the T&D losses has led to the need for a managed system to improve the losses occurring owing to the complex electricity T&D network. Additionally, the government of various nations in Asia-Pacific is actively taking steps in bringing energy efficiency in the T&D network. The region is also experiencing a lot of investment being contributed to the renewable energy vertical, which will increase the number of packaged substations being installed at different locations.
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Market Segmentation
The global packaged substation market is classified on the basis of region, application, and type.
Regional Segmentation
On the basis of region, Asia-Pacific acquired the maximum market share of the global packaged substation market, in 2017. It is expected that Asia-Pacific would expand at the fastest rate during the review period, primarily owing to high energy demand and investment in smart cities for energy conservation. Asia-Pacific region is all set to pose as one of the major markets due to its great establishment in transmission & distribution utilities, particularly in China and India. However, the demand for packaged substations in the European market is mostly generated due to the expanding share of renewable sources in electricity generation. Developed nations such as France, Germany, and the UK are utilizing packaged substations in their newly established renewable energy plants.
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Key Players
Table Of Contents
1 Executive Summary
2 Market Introduction
2.1 Market Definition
2.2 Scope Of The Study
2.3 Market Structure
3 Research Methodology
3.1 Primary Research
3.2 Secondary Research
3.3 Market Size Estimation
3.4 Forecast Model
3.5 List Of Assumptions
3.6 Limitations Of The Study
Continued…
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