TheGlobal Packaged Substation Marketis projected to grow by Compound Annual Growth Rate (CAGR) of 9.2%% by 2028 for the forecast period of 2022-2028. A Packaged Substation Channel is widely used to distribute power from medium voltage to low voltage distribution systems ready for infrastructure, and other industrial applications. These channels have high-performance reliability and can be delivered as a single unit. A packaged substation system is a combination of the main ring unit, a transformer, and a low voltage panel. These are customized according to customers' requirements.
Major factors which are all set to boost thePackaged Substation Marketinclude power generation capacity add-ons for distribution networks as well as modernization of existing power infrastructures. End-user industries use packaged substations for power distribution purposes and to reduce energy distribution losses. In addition, the growing proportion of renewable energy-related to power generation is another important factor that is expected to advance the market of packaged substations around the world. Initial high investment and the need for general care to prevent damage to expensive items such as a substation and transformer may have an impact on the market value of packaged substation market during the forecast period. Also, a little awareness about the benefits of small packaged channels, the implementation of fluctuating small packed channels, and the lack of adequate grid infrastructure may serve as market challenges. Though, the packaged substation channel is widely used in distribution networks to empower consumers. The major advantages associated with the use of this tool are better power conversion, fewer space requirements, effective performance monitoring, and control, lower losses, both technically and commercially integrated, and remote access to information about supply conditions and errors. And it is more expensive compared to a small conventional channel as the equipment is assembled by the same manufacturer, which is why the procurement process has also been simplified.
Based on type, the Packaged Substation Market is segmented as below 36 kV, 36-150 kV, based on the application the market is segmented as Industries, Infrastructure, power.Asia Pacificis expected to be the world’s largest market for the Packaged Substation Market. It is predicted that there will be very high growth in the next few years due to the growing adoption of a small integrated industrial channel, and infrastructure, as well as the electricity and manufacturing sector. The market growth rate of the integrated subsidiary channel is expected to increase over the next few years, with growing research and developments in the sector and the introduction of new product ranges. The Asia Pacific is poised to emerge as a producer of essential needs in this market due to its high adoption of supply and distribution services and the real estate sector, particularly in India and China. However, the demand for packaged substations in Europe stems largely due to the growing share of renewable energy sources in electricity generation. Countries like Germany, France, and the U.K. use small channels packed in their newly installed renewable energy plants.
The major market players of the packaged substation market are - Eaton Corporation (Ireland), GE (U.S.), ABB Ltd. (Switzerland), Schneider Electric SA (France), and Siemens AG (Germany).