ID: MRFR/E&P/6188-HCR | February 2021 | Region: Global | 111 pages
Modular substation is a critical part of electrical generation, transmission, and distribution system, which is designed to help transform voltages and perform other functions, including monitoring, protection, and switching. Modular substation consists of three separate modules, namely, high voltage equipment, power transformer, and medium voltage equipment. These substations offer many advantages to conventional substations including installation time and saving space while enhancing safety. Modular substation is used for a wide range of applications, including local equipment rooms, LV/MV/HV packaged substations, generator power plant rooms, control rooms, and process or utility buildings. Modular substations are designed to work safely in harsh, chemically contaminated and potentially explosive and environments. The global modular substation market is projected to reach ~USD 22.61 billion by 2024 and is expected to grow at ~9.05 % CAGR from 2019 to 2024. Rising urbanization and industrialization, aging power infrastructure, and minimum spatial of requirements are the factors expected to drive the global modular substation market. Aging electricity generation and distribution infrastructure are among the biggest challenges that utilities face today. Due to the failure of power infrastructure, huge costs are incurred by the utilities and grid operators. According to the US Department of Energy, in the US, nearly 75% of transmission lines and transformers are 25 years old. Aging infrastructure is the biggest threat to the energy supply in the US and require replacement and refurbishment. So, modular substations and other equipment are required for reliable energy supply. Also, they save space and are useful for upgrading power infrastructure where space is at a premium. Such factors are expected to drive the global modular substation market. However,the factors such as lack of standardization and grid stability will pose a challenge to the global modular substation market. Global modular substation market has been segmented based on voltage, type, fuel type, application, and region. Based on voltage, the market is classified into 11kV-33kV, 33kV-400kV, and above 400kV. The 33kV-400kV segment is leading the market, mainly due to the wide use of this substation by utilities for reliable power supply. The global modular substation market is further segmented based on insulation type into air and gas. On the basis of type, the global modular substation market is segmented into skid/trailer mounted and fixed. Skid/trailer mounted segment led the global modular substation genset market in 2018. The global modular substation market is segmented by application into power utilities, commercial, and industrial. Power utilities segment is estimated to hold the largest share in the Global Modular Substation Market during the forecast period.
Global Modular Substation Market
Global modular substation market is expected to witness substantial growth during the forecast period owing to urbanization and industrialization, and aging power infrastructure. Asia-Pacific is expected to be the largest modular substation market, by region, during the forecast period. China is expected to be the fastest-growing market in Asia-Pacific owing to rising demand of power solutions due to the investments in power generation capacity additions. This is due to the urbanization and growing energy generation needs in the region. Moreover, the rural electrification plans are expected to further boost the demand of modular substation in Asia-Pacific. In North America, the US is expected to dominate the modular substation market owing to refurbishment of its existing power infrastructure. The Middle East also offers promising business opportunities in the modular substation market owing to rising infrastructural developments.
Frequently Asked Questions (FAQ) :
At 9.05% CAGR, the modular substation market can surge, from 2019 to 2024.
By 2024, the modular substation market can value at USD 22.61 Bn by 2024
Eaton Corporation plc (Ireland), General Electric (US), Siemens AG (Germany), and Crompton Greaves Ltd (India) are some reputed companies in the modular substation market.
Air and gas are insulation types used for modular substation.
Power utilities, industrial, and commercial are areas of application of modular substation.