The packaged substation market has witnessed noteworthy growth over the recent past. It is expected to grow further and achieve around USD 11.21 billion by 2019. This is due to increased demand for electricity by data centers depending on continuous power for their operations. Packaged substations are used to avoid breaking down of costly instruments due to high/low voltage, high temperature and jams.
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Fast industrialization across the world, augmented cost effectiveness and reduced losses in power distribution systems are driving factors for the packaged substation market. However, the low acceptance levels of packaged substations and constant upgradations in automation substations are major restraints for the packaged substation market.
Increasing applications of packaged substation in consumer industries, such as buildings, small and big industries, real estate projects and others are likely to propel demand for the packaged substation market over the coming years. The market can be segmented into three major segments. These are applications, types and geographies.
The applications market can be fragmented into two kinds of industries, including power and infrastructure. On the basis of types, the packaged substation market can be fragmented into 36-150 kV transformers and those below 36kV. Geographically, Asia Pacific was reported to be the largest packaged substation market. The demand in Asia Pacific is mainly driven by China and India and technological improvements and increasing distribution networks across these regions.
North America and Europe have shown steady growth. This is owing to increased technological developments and growing industrialization. This trend is expected to continue over the coming years.
Information Source: Grand View Research