Global Packaged Substation Market to Grow at Over 9% through 2020
Rising adoption in utilities, oil & gas, manufacturing and real estate sectors to drive growth in global packaged substation market through 2020
According to TechSci Research report “Global Packaged Substation Market Forecast and Opportunities, 2020”, the global packaged substation market is projected to grow at a CAGR of over 9% during 2015-20. Rising demand for packaged substations can be attributed to plethora of benefits they offer including ease of installation, security and customization. Packaged substations are widely used in India, China, US and Europe; while Africa, Brazil, Vietnam and Mexico are the emerging markets. Increasing investments from power utilities for upgrading their transmission and distribution networks is driving demand for packaged substations. Increasing share of renewable energy in electricity generation is another major factor propelling packaged substations market, globally.
Packaged substation are predominantly being used across a wide range of industries including utilities, aviation, housing complexes, commercial buildings, oil & gas refineries, malls and hospitals, among others. Increase in number of infrastructure projects such as ports, airports and railways coupled with growing manufacturing sector are driving the packaged substations market, globally. Moreover, packaged substations offer an edge over traditional substations, as the former require no dedicated space, thus offering significant cost savings. Introduction of smart grid concept in the US and Europe has resulted in up-gradation of power equipment such as meters and transmission and distribution lines, thus driving growth in the global packaged substations market.
“Through 2020, APAC is forecast to emerge as the fastest growing market for packaged substations on account of the burgeoning growth in manufacturing and real estate sector and deregulation of transmission & distribution utilities. Conversely, growing demand for packaged substations from developed economies in North America and Europe is being underpinned by the need for up-gradation of old equipment and replacing traditional substations with newer and compact substations”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Packaged Substation Market Forecast and Opportunities, 2020” has analyzed the potential of the global market for packaged substations and provides statistics and information on market sizes, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers and key challenges faced by the industry.