Market Analysis
The global modular substation market is projected to be worth USD 26.85 Billion by 2027, registering a CAGR of 8% during the forecast period (2021 – 2027), The market was valued at USD 16.12 billion in 2020. Modular substations help in transforming voltages and performing other functions such as switching, protection, and monitoring. It has three separate modules- medium voltage equipment, power transformer, and high voltage equipment. Modular substation has wide applications in industrial, power utilities, and commercial.
Various factors are propelling the Modular Substation Market. According to the recent MRFR report, such factors include the growing modernization of electric substations, growing industrialization, and urbanization, cost-effective & compact, ample commercial and technical benefits, ready to install, reduce spatial need, and growing power generation capacity plan worldwide. Additional factors adding market growth include the burgeoning need for refurbishing/replacing of aging substation infrastructure, increasing electricity demand in India & China, booming infrastructural and industrial development activities, lower installation time, space saving, and enhances aesthetics and safety.
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However, a slow implementation of various electrification projects worldwide as well as soaring cost related to modular substation, and the on-going COVID-19 impact are factors that may impede the global modular substation market growth over the forecast period.
Market Segmentation
The MRFR report highlights an inclusive segmental analysis of the global modular substation market based on application, insulation type, type, and voltage.
Regional Analysis
Based on the region, the global Modular Substation Market Growth report covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, & the Middle East and Africa (MEA). Of these, the global modular substation market in the APAC region is predicted to spearhead the market over the forecast period. The presence of aging power infrastructure, growing industrialization and urbanization, rising demand for power solutions for investments in power generation capacity additions, and growing energy generation needs are adding to the global modular substation market growth in the region.
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The global modular substation market in North America is predicted to have sound growth over the forecast period. The refurbishment of the existing power infrastructure is adding to the global modular substation market growth in the region.
The global modular substation market in Europe is predicted to have steady growth over the forecast period. Growing adoption of the modular substation, renovation and retrofitting of old technology, increasing investments in power utility, the launch of new products, more-intense competition, and rising expenditure on industrial fields are adding to the global modular substation market growth in the region.
The global modular substation market in the MEA is predicted to have healthy growth over the forecast period. Growing infrastructural developments is adding to the global modular substation market growth in the region.
Key Players
Leading contenders profiled in the global modular substation market report include
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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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