Containerized Substation Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI3580
Containerized Substation Market size will witness growth on account of proliferating electricity demand along with increasing adoption of decentralized power generation. Electrification at remote and inaccessible locations require quick setup of substations with minimal on-site work requirement, which in turn will accelerate the product demand.
Ability to effectively operate in extreme climatic conditions along with growing number of power outages owing to natural disasters will drive the containerized substation market over the coming years. For instance, in September 2018, power outage caused by a tornado left over 300,000 consumers without power in Ottawa, Canada.
Growing demand for installing cost competitive substation across industrial premises along with positive outlook toward infrastructure developmental activities will positively influence the industry growth. For instance, in April 2017, Siemens received an order to supply two containerized substations to the national grid of Saudi Arabia.
Containerized substation market is set to grow owing to its ability to offer minimum on-site disruptions and complexities. Compact size, easy maneuverability, less emissions and quick installation are some of the indispensable factors positively influencing the business outlook.
Growing inclination of power utilities from oil filled distribution transformers to dry type distribution transformers will propel the containerized substation market size. Ongoing investments toward development of Commercial and Industrial (C&I) sector will further influence the product deployment.
Increasing demand for replacement and refurbishment of existing substations on account of its inefficiencies and incompatibility with modern requirements will drive the containerized substation marker growth. For instance, in 2017, an Australia based utility, Ausgrid has invested over USD 19 million toward the replacement of its old substations and has further plans to spend USD 30 million to replace substations installed before 1970.
Asia Pacific containerized substation market is anticipated to witness robust growth owing to surging electricity demand, ongoing rural electrification programs and ambitious renewable energy targets. Furthermore, increasing investments toward development of manufacturing industries will escalate the product demand over the forecast timeframe.
Growing demand for renovation and modernization of the existing grid infrastructure will drive the North America containerized substation market size. In addition, increasing demand for robust and reliable electrical infrastructure to minimize the frequency of weather related power outages will further positively influence the product adoption.
Europe containerized substation market is set to grow on account of substantial investments toward the development of smart grids and distributed generation. For instance, as per the European Commission, in 2017, investments worth over USD 5.7 billion were made toward the development of smart grid projects across the region.
Eminent industry participants operating in the containerized substation market are General Electric, Toshiba, ABB, Crompton Greaves, IMESA, Kirloskar Electric, Telawne, Siemens, Larsen & Toubro, Kirloskar, Eaton and Elsewedy amongst others.
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