The modular substation market will reach $47.9 billion by 2032

Fort Collins, Colo., May 10, 2024 (GLOBE NEWSWIRE) —

Increasing urbanization and industrialization are the main drivers of growth.

Rapid urbanization and industrialization, especially in developing countries, are significant drivers of expansion modular station market. As cities grow and new industrial zones emerge, the need for reliable and efficient energy distribution infrastructure increases. The United Nations predicts that 68% of the world’s population will live in urban areas by 2050, up from 55% in 2018. This urbanization trend is driving the deployment of modular substations to meet the growing energy demand of urban centers and industries, ensuring stable and safe power supply.

Moreover, the global transition to renewable energy sources is another key factor driving demand for modular substations. Governments around the world are setting ambitious renewable energy targets to combat climate change and reduce dependence on fossil fuels. For example, the European Union aims to achieve a 32% share of renewable energy in total energy consumption by 2030. Integrating renewable energy sources such as solar and wind into the grid requires flexible and adaptable energy distribution solutions. Thanks to their compact design and simple installation, modular substations are ideally placed to facilitate the integration of renewable energy sources into existing energy infrastructure.

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Segmentation overview:

The modular substation market has been segmented based on type, voltage, insulation, application and region.

Utilities are a leading application segment driven by increased demand for efficient energy distribution strategies.

  • Taking into account the market segmentation based on application, in 2023 the public utility segment dominated the modular station market and had the largest share. The primary factor driving the development of this segment is the growing demand for reliable and effective energy distribution in urban and rural areas.

In 2023, the segment of stationary modular stations recorded significant growth.

  • Based on market segmentation by type, the stationary modular stations segment accounted for the largest market share due to its wide adoption in various industries and applications.

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The most important information from the report on the modular substations market:

  • It is expected that the development of the modular substations market will reach approx CAGR of 8.6% until 2032.
  • Increasing urbanization and industrialization are attracting strong development of the modular power station market.
  • The Asia-Pacific regional market is expected to witness the fastest growth of the modular substation market. Rapid industrialization and urbanization in countries such as China and India, coupled with increasing emphasis on renewable energy integration, are the main factors driving the market growth in this region.
  • Some prominent players in the Modular Substations market report are ABB Ltd., Siemens AG, Schneider Electric SE, Eaton Corporation PLC, General Electric Company, Honeywell International Inc., Larsen & Toubro Limited, Bharat Heavy Electricals Limited, CG Power and Industrial Solutions Limited, Toshiba Corporation, Hitachi Ltd. and Rittal GmbH & Co. KG.

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Information about DataHorizon research:

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