Modular Substation Market Poised for US$ 48 Billion by 2034, CAGR 8.2% | Future Market Insights
Increasing modernizations of electric substations and urbanization and industrialization in developing economies are expected to fuel modular substation market growth over the forecast period. United States leads in modular substation market, expected to hit US$ 8 Billion by 2034, growing at 7.9% annually
NEWARK, Del, April 01, 2024 (GLOBE NEWSWIRE) -- The global modular substation market is estimated to find its progressive path at a promising *CAGR of 8.2%* through 2034. It will assist the subject market to reach *US$ 48 Billion* at the end of the forecasted period. Also, the market size of the subject market is predicted to be US$ 21.7 billion after 2024.Current power distribution networks and power plants have become obsolete. Also, the current infrastructure is aging and needs to be replaced. This creates lucrative opportunities for the subject market.
Growing technological infrastructure aids the need for the efficient production of power distributors. Furthermore, the efficiency of output delivered by these power stations also enhances, driving the subject market.
Rapid urbanization is another important market driver. The growing population needs relevant infrastructure. This infrastructure requires power and energy, which can be fulfilled with the help of modular substations. Hence, this drives the market.
Governments of different countries have been investing in local projects. This creates lucrative chances for local marketers, producing better opportunities for market expansion. Hence, this is another market driver.
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*Key Takeaways from the Modular Substation Market Report:*
· The CAGR of the global modular substation market is expected to fall to 8.2% in the forecasted period, which was 10.4% in the historical period.
· 11kV-33kV is the largest market segment of the subject market in terms of its advancement. The segment propels at a CAGR of 8%.
· The air insulation segment of the market propels at a CAGR of 7.7%, the highest among all other segments of the top insulation type category.
· The South Korean market registers the highest CAGR through 2034. It will propel at a CAGR of 10.3%.
"The Modular Substation Market continues to exhibit robust growth, driven by increasing demand for reliable power distribution infrastructure worldwide. With an escalating emphasis on energy efficiency and grid reliability, modular substations offer cost-effective and flexible solutions, positioning the market for significant expansion in the coming years." - says Sudip Saha, Managing Director and Co-Founder at Future Market Insights.
*Scope of Report:*
*Attributes* Details
*Estimated Market Size in 2024* US$ 21.7 billion
*Projected Market Valuation in 2034* US$ 48 billion
*Value-based CAGR 2024 to 2034* 8.2 %
*Forecast Period* 2024 to 2034
*Historical Data Available for* 2019 to 2023
*Market Analysis* Value in US$ billion
*Key Regions Covered* · North America
· Latin America
· Western Europe
· Eastern Europe
· South Asia and Pacific
· East Asia
· The Middle East and Africa
*Key Market Segments Covered* · Voltage
· Insulation Type
· Application
· Region
*Key Countries Profiled* · The United States
· Canada
· Brazil
· Mexico
· Germany
· The United Kingdom
· France
· Spain
· Italy
· Poland
· Russia
· Czech Republic
· Romania
· India
· Bangladesh
· Australia
· New Zealand
· China
· Japan
· South Korea
· GCC Countries
· South Africa
· Israel
*Key Companies Profiled* · ABB
· Eaton Corporation
· Siemens
· General Electric
· Crompton Greaves
· Bharat Heavy Electricals Limited
· SPX Transformer Solutions
· Skema
· ModPower Solutions
· Enerset Power Solutions
· American Modular Power Stations
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*Competitive Landscape:*
In the case of market competition, various marketers are actively participating to clutter the market. Due to the strong market presence of large businesses, room for substantial market share acquisition is reduced for new entrants. Hence, they must differentiate their products and services to gain market space. The existing players use various strategic initiatives to expand. Some initiatives include alliances, mergers and acquisitions, collaborations, partnerships, etc.
The following are some of the key developments occurring in the global modular substation market:-
· In September 2022, ABB acquired PowerTech Converter. This strategic move helped the organization in expanding its traction division market. It also helped the business bolster its market position.
· In March 2024, Eaton launched a next-generation fuel tank isolation valve. It will be a vital component for hybrid EVs. The product innovation helps the organization to enhance its product portfolio.
*More Valuable Insights Available:*
Future Market Insights offers an unbiased global modular substation market analysis, providing historical data from 2019 to 2023 and forecast statistics from 2024 to 2034.
The subject market is segmented by Voltage (11kV-33kV, 33kV-400kV, and above 400kV), Insulation Type (Air, Gas, By Type, Skid/Trailer Mounted, and Fixed), and Application (Power Utilities, Commercial, and Industrial).
*Modular Substation Market Segmentation:*
*By Voltage:*
· 11kV-33kV
· 33kV-400kV
· Above 400kV*By Insulation Type:*
· Air
· Gas
*By Type:*
· Skid/Trailer Mounted
· Fixed
*By Application:*
· Power Utilities
· Commercial
· Industrial*By Region:*
· North America
· Latin America
· Western Europe
· Eastern Europe
· South Asia and Pacific
· East Asia
· The Middle East and Africa
*Authored By:*
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management across verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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