The global packaged substation market is expected to grow over the forecast period owing to increasing electricity demand as many critical infrastructures such as data centers rely on electric power for continued operations. Rising urbanization and industrialization in the developing as well as developed nations further add to mounting demand for packaged substation in the near future. Developing infrastructure in power generation is likely to catalyze the growth of the market over the forecast period.
Innovations in the automation substation market are anticipated to hinder the development of the packaged substation market over the next six years. Packaged substations with superior technologies such as equipment protection, integrated voltage transformation, data logging, metering, and remote communication provide great opportunities for market growth in the forecast period. Further, research and development in mobile substations have portrayed an excellent paradigm of value-added engineering brought in use which adds to the growth opportunities.
Asia Pacific region accounted for major packaged substation market share of package substations, driven chiefly by the expanding distribution network, developments, and upgrades in India, China, and the Southeast Asian countries. This growth is ascribed to rising urbanization and industrialization in the region. Packaged substations are used in industries to avoid break down of expensive instruments caused by overloading and over-temperature, transform voltage overcurrent, high resistance winding errors, jams and undercurrent, phase loss, voltage, and current imbalance and phase reverse.
A packaged substation is employed to reduce space consumption, alter voltage (step-up or step-down), and guard equipment in the occurrence of abnormalities. Packaged substations are mainly suitable for applications such as buildings, real estate development projects, infrastructure, and industries. Existing features such as high operational reliability, easy installation of power transformer, availability with digital electronic locks which can be remotely controlled and provision for integrated metering and protection helps in attaining market acceptance and in turn increasing market penetration. Continuous power delivery to machines is paramount in all industries. Any disruption or breakdown can affect the working and result in huge losses due to increased non-productive time. Hence, packaged substations are anticipated to gain wide recognition globally over the next six years.
Key players in the packaged substation market include TEPCO, Kirloskar Electric Company, Schneider Electric SE, ABB Ltd, C&S Electric, Lucyelectric, Eaton Corporation, Siemens AG, and GE.
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