ID: MRFR/E&P/4015-HCR | 111 Pages | Published By Priya Nagrale on March 2023
Mobile Substation Market is expected to be valued at USD 1,136.9 Million, with a CAGR of 5% Forecast by 2027
The mobile substation market is expected to rise at a compound annual growth rate (CAGR) of 5% from 2022 to 2030. The post covid situations and conditions prevailing on the global scale are significant factors that are likely to derive a global and widespread demand for the market services and operations during the forecast period that ends in 2030. The mobile substation market to grow at 5% CAGR till 2020, with valuation of USD 1,136.9 Million during forecast period. Continuous developments in power industry is expected to drive global industry demand. The base year considered for the study is 2021, and the forecast period is between 2022 and 2030. The goal of the report is to provide a detailed analysis of the market based on application and region. The study also covers qualitative information on various components used in a mobile substation.
Apart from the emergency and panic created across the globe, especially where the rate of positive cases and transmission is high, the pandemic is being considered a leisure time to sit at home and recognize their talents, likes, and dislikes for things and events. During the pandemic, social media was filled with various trends that were copied and followed and helped people recognize their skills and talent. Games like Ludo, Ludo King, cricket, driving, and Pubg, amongst others, saw a significant footfall with the applications being downloaded on various platforms and devices. The substation is another source of entertainment that witnessed a massive increase in footfall with people playing the same with intentions like trying their luck, as a timepass, thinking of it as a source of entertainment, and others, who wished to gamble through various means and sources to invest less and incur a considerable amount of profit for different purposes.
The substation is not just related to the transfer of money and resources through various hands but includes other inclusions like betting, lottery, and bingo. The prominent global market players are enhancing their operations and offering various schemes to attract a larger audience to try what all the players have to offer. Also, the players are legalizing their business by providing authentic, clean services that cannot be questioned.
The mobile substation market share is set to expand during the ongoing forecast period of 2022-2030. With the widely functioning market segments and an array of services rendered by them targeting the interest of significant target audiences and substations, players are likely to present them with factors that will drive them towards an elaborated growth as per the predicted CAGR for the market. Virtual betting is one of the fastest-growing segments, while the market aims for global growth in the ongoing forecast period. Chabot, artificial intelligence, alongside the machine learning aspects, has taken over the market operations for the period well. Also, the presence of a considerable number of females in casinos, along with the maintenance of a convenience degree by rendering cashless modes of payment, promises good growth for the market and its operations from 2022 to 2030.
However, some target audience sections are growing addicted to the substation. To cater to their urge to win big, they invest hefty amounts in the game and its various segments but in vain. The loss is enormous, which pushes them to enter into the financial burden and subsequently give into debt traps. Hence, to reduce such repercussions and harmful effects associated with the mobile substation industry services, the government is intervening to limit the market's global growth. The governments of various global players across the globe are formulating stringent regulations that are likely to restrain the market operations that aim to expand their scale of operations during the ongoing forecast period. Also, the transportation norms set up by different regional authorities may be a challenge for players. For the US, the Department of Transportation (DOT) has made specific rules and regulations for the transportation of heavy electrical equipment.
Mobile substation market trends are referred to as betting on casinos or sports-type games through devices and an internet connection. The temperament of substation varies from sports bets to casino-style games, which is more prominent among millennials who show interest in exploring the world of the substation.
To understand the market's revenue potential, it is imperative to have an idea about the market division based on its segments that are functional in major global regions.
The market segments are as follows:
Mobile Substation Market, by Application
Mobile Substation Market, by Region
The mobile substation market forecast shows that the market is functional in 4 major regions across the globe. The Middle East and Africa region are likely to emerge as the region is growing at the highest market CAGR during the forecast period in 2030. Moreover, countries from these regions, such as Iraq, Algeria, Nigeria, have faced many political and social instabilities which have destroyed infrastructure. For records, these countries have a high demand for energy & power. Because of improvements in situations, governments from these regions are trying to reinstall basic amenities.
The North American states are likely to emerge as the fastest-growing region amid the market operations being undertaken by various players and regions during the forecast period that ends in 2030. The main reason behind this is that the current legislative framework prevailing in the US allows only licensed bookmakers to operate in areas like Nevada, New Jersey, and Pennsylvania. Also, as per the new law that has been rolled down, mobile casinos, mobile pokers, and sports betting are some of the market insights allowed to operate in the region. As a result, new Jersey is expected to emerge as the largest market amid the global market operations.
The global mobile substation market players are as follows:
Mobile substations are useful for emergency response as backup units. They can also be helpful in cases where energy distribution requires to be provided or reinstated in a short period. The mobile substation market is fragmented, with many small and mid-size companies that supply products for utility applications and primarily serve local markets. Transportability, short startup and commissioning time, diminished mechanical footprint, and non-requirement of construction work are some of the key benefits expected to drive the growth of mobile substations during the forecast period.
Mobile substations are utilized both in utilities and industrial applications. Planned maintenance, disaster response, the rapid expansion of transmission capacity are some uses wherein the mobile substation has delivered proven outcomes for utilities. The mobile substation is an apt solution to provide a temporary power supply during unplanned repairs. Moreover, mobile substations can reduce or even eliminate the need for extended electricity outages during planned maintenance. Thus the utility application is expected to grow during the forecast period.
The Middle East & Africa account for the largest market share, followed by the Americas, and are also expected to grow at the highest CAGR during the forecast period. Middle East & Africa regions are abundant in natural resources, such as oil & gas and metals & mining. Africa is an untapped market for energy resources.
The mobile substation market report helps in providing first-hand information related to the market dynamics like drivers and restraints that might impact the growth rate of the market and the market valuation during the ongoing forecast period of 2022-2030. The market operations are taken care by the key market players and market segments that help in pushing the market towards the predicted growth figures for the period. In addition, the report helps in discussing the recent developments during the period, which will impact the investor’s decisions to invest in the market or not.
|Market Size||2030: Significant Value|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Voltage, Power Rating and Applications|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||ABB Ltd. (Switzerland), Siemens AG (Germany), General Electric Company (U.S.), Qingdao TGOOD Electric (China), Elgin Power Solutions (U.S.), Meidensha Corporation (Japan), Matelec Group (Lebanon), Enerset Power Solutions (Texas), EKOSinerji (Turkey), WEG (Brazil), Atlas Electric Inc (U.S.) and Delta Star Inc. (U.S.).|
|Key Market Opportunities||New product launches and R&D Amongst major key Players|
|Key Market Drivers||
The global substation market is expected to expand at 5% CAGR till 207.
ABB Ltd., Meidensha Corporation, EKOSinerji, Qingdao TGOOD Electric, Atlas Electric Inc, WEG, Matelec Group, Siemens AG, Elgin Power Solutions, Enerset Power Solutions, General Electric Company, and Delta Star Inc. are key manufacturers in the global mobile substation market.
MV voltage type can dominate the global mobile substation market till 2023.
Energy & utility can net the highest returns for the global mobile substation market by using substations for powering grids with the required energy
Distribution of electrical power in regions with high levels of electricity disruption is the major driver of the global mobile substation market.