The packaged substation is an essential part of the power distribution system. The power sector observed a prominent demand for electricity owing to increasing industrialization and urbanization in developed and developing countries. Packaged substations act as a crucial part of power sector across equipment protection and distribution divisions. A packaged substation is used to minimize space utilization, transform voltage, and protect devices in the case of irregularities.
Increasing demand for uninterrupted power supply to machines in various industries is expected to fuel growth of global packaged substation market over next ten years
Packaged substation market is anticipated to grow over projection period owing to continuous shifting in power demand as critical infrastructures such as data centers dependent on power for its continues services. Increasing industrialization and urbanization in the emerging and developed nations, further add to the increasing demand for the packaged substation in near future. Advancing infrastructure in power generation system is likely to drive the growth of global packaged substation market in over the projection period. Developments in automation substation market are forecasted to hinder the progress of market over next ten years.
Packaged substations with better technologies such as integrated voltage transformation, equipment protection, metering and remote communication, and data logging provides enormous opportunities for growth of global packaged substation market in the forecast period. Moreover, R&D in mobile substations should portray a unique paradigm of value-added architecture brought up in the application which supplements to the growth opportunities.
The global packaged substation market report has been segmented on the basis of type, application, and region. On the basis of region, the global packaged substation market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Asia Pacific region accounted the major market share of global packaged substation market. The Asia Pacific market is driven mainly due to expanding distribution channels, developments in countries such as India, China, and Southeast Asian nations. This growth is attributed due to increasing industrialization and urbanization in these regions. Packaged substations are employed in various industries to avoid the breakdown of costlier instruments caused by over-temperature, overloading, high resistance winding errors, phase loss, transform voltage overcurrent, jams & undercurrent, phase reverse, and voltage & current imbalance.
Key players operational in the global market include ABB Ltd, Alstom, Asia Electrical Power Equipment (Shenzhen) Co., Ltd., Schneider Electric SA, Siemens AG, Larsen & Toubro Ltd., Littlefuse Inc., Crompton Greaves Limited, Eaton Corporation, Toshiba Corporation, and General Electric Company