Modular Substation Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The modular substation market is expected to register a CAGR of around 6.5% during the forecast period. The COVID-19 pandemic had a negative impact on the market as the subsequent lockdown damaged the discoms’ finances. Due to its adverse impact, the electricity demand of commercial and industrial (C&I) customers also suffered in 2020. Thus, such a scenario created an unfavorable condition for the market to grow in 2020. Factors such as increasing power generation capacity plan across the world, rising demand for replacing or upgrading aging substation infrastructure, and growing power demand due to rapidly increasing industrial and infrastructural activities are anticipated to drive the market during the forecast period. Moreover, modular substations save space and lower installation time while enhancing safety and aesthetics, which are expected to bolster growth. However, with delays in implementing electrification projects globally and the high cost of modular substations, the market's growth is likely to be hampered.
Key HighlightsThe modular substation market is moderately fragmented. Some of the key players are ABB Ltd, Siemens AG, Eaton Corporation PLC, General Electric Company, and CG Power and Industrial Solutions Ltd, among others.
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