Mobile Substations Market – Current Landscape and In-Depth Key Player Insights for Projected 2032 Growth
According to projections, the mobile substation market would be valued US$ 934.7 million by 2022. The market is predicted to grow quickly and reach a value of US$ 1,879.6 million by 2032, with a predicted CAGR of 7.2%.
Mobile substations are frequently utilized to fill
electrical grid gaps, which leads to widespread use of the technology in the
utility industry because these substations are essential for power transmission
and distribution. As a result, the key growth driver for the market for mobile
substations throughout the course of the forecast is usage in the utility
sector.
Escalating degree of power transmission issues along with an
imbalance within the transmission network amplifies the demand for mobile
substations. This is because mobile substations assist in strengthening the
dependability of the primary high-voltage transmission grid. The concept of a
modular, plug-and-play mobile substation allows grid connections and stability
under any conditions. This positively impacts the market for mobile
substations.
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Furthermore, the increasing demand for renewable energy also
propels the target market growth. The elevated need for smooth renewable energy
integration into the electric grid, caused by an upsurge in the amount of clean
energy projects is boosting the demand for mobile substations. Again, the
capacity of power systems to recover as quickly as possible from major weather
events and natural disasters is advantageous to local businesses and
communities.
Besides, the growing demand for electricity necessitates the
usage of a new efficient and effective transition management strategy which
would make full use of mobile substations. The continuous evolution of the
share of renewable energy in centralized and decentralized grids also
contributes to the demand for mobile substations. These considerations will
likely drive the growth of the mobile substations market during the forecast
period.
“Rise in the number of clean energy projects coupled with
usage of mobile substations as temporal grids is expected to drive the global
demand in the mobile substations market over the forecast period,” says an FMI
analyst.
Key Takeaways From the Market Study:
- A lack
of awareness regarding mobile substations may impede their market growth.
- The
mobile substation market in North America will lead the global growth with
ownership of 26.3% of the overall market share.
- Rapid
industrial development will propel mobile substation market in the Asia
Pacific region.
- Start-ups
in this market are supplying personalized solutions to meet end user
demands.
Competitive Landscape
General Electronic, Hitachi ABB Inc., Siemens AG, Qingdao
MEIDENSHA CORPORATION, Enerset Power Solutions, and Aktif Group of Companies
among others are some of the major players in the mobile substations market
profiled in the full version of the report.
Leading market players are keen on finding solutions to
energy issues and entering new economies to expand their operations. These
businesses engage in agreements, partnerships, and collaborations to strengthen
their market positions.
More Insights into Mobile Substations Market Report
In its latest report, FMI offers an unbiased analysis of the
global mobile substations market, providing historical data from 2016 to 2021
and forecast statistics for 2022 to 2032. To understand the global market
potential, growth, and scope, the market is segmented on the basis of product
type (trailer-mounted mobile substation, skid mounted mobile substation, containerized,
others), voltage (high voltage, medium voltage), end use (industrial,
manufacturing, energy and power, transportation and logistics, aerospace and
marine, IT and telecommunications, oil and gas, mining, military, chemical,
others), and region.
According to the latest FMI reports, based on region, the
mobile substation market in North America will display notable growth during
2022-2032. Accounting for 26.3% of the overall market share, the regional
mobile substation market will be driven by a well-established industrial
sector, rising need for power, coupled with heightened power demand arising due
to natural disasters and other challenges, particularly in the U.S.
Asia Pacific’s mobile substation market will also
demonstrate impressive growth during this period. Densely populated countries
along with rapid industrial growth will spur the demand for mobile substations
in this region. A surge in the sales of mobile substations is to be expected
due to rising awareness about adequate transmission and the rising need for
uninterrupted power supply.
Key segments
By Type:
- Trailer-mounted
mobile substation
- Skid-mounted
mobile substation
- Containerized
- Others
By Voltage:
- High
Voltage
- Medium
Voltage
By End Use:
- Industrial
- Manufacturing
- Energy
and Power
- Transportation
and Logistics
- Aerospace
and Marine
- IT and
Telecommunication
- Oil
and Gas
- Mining
- Military
- Chemical
- Others
By Region:
- North
America
- Latin
America
- Asia
Pacific
- MEA
- Europe
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