Packaged Substation Market: Current Analysis and Forecast (2023-2030)

Report Description

The packaged substation market is expected to grow at a strong CAGR of around 9.27 % during the forecast period. The modular nature of packaged substations allows for scalability, catering to the evolving power needs of infrastructure projects. This adaptability makes them a preferred choice for developments that may undergo phased expansions. Moreover, advancements in technology, including smart grid solutions and digital monitoring capabilities, have been integrated into many packaged substations. This aligns with the increasing emphasis on modern, intelligent infrastructure systems. For example, 2023, General Electric announced the launch of its new GridBright MV packaged substation, which is designed for use in urban areas. The GridBright MV packaged substation is designed to be more compact and modular than previous generations of packaged substations.

Some of the major players operating in the market are A F Switchgear, ABB Ltd., Alstom, C&S Electric Limited, Eaton, General Electric, Kirloskar Electric Company, Lucy Electric, Schneider Electric, and TEPCO. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst voltage type, the 36-150 KV segment held significant growth in the market in 2022.”

Based on voltage type, the market is segmented below 36 KV and 36-150 KV. Amongst these, the 36-150 KV segment held significant growth in the market in 2022. This growth is attributed to increased demand for medium to higher voltage solutions in various industries. Factors like expanding power infrastructure, urbanization, and the need for reliable electricity supply will be driving the adoption of packaged substations in this voltage range.

“Amongst applications, the energy and power segment held a significant share of the market in 2022.

Based on application, the market is segmented into energy and power, infrastructure, commercial, and others. Among these, the energy and power segment held a significant share in the packaged substation market in 2022 because of the continual growth and evolution of the energy sector. As the electricity demand increased simultaneously there was an increase in demand for reliable and efficient power infrastructure. Packaged substations offer a solution by providing compact, modular, easily deployable units catering to energy demands.

“Europe is experiencing a significant growth in the packaged substation market in 2022.”

Europe has many ageing substations which are ageing and in need of replacement. The packaged substation can be a cost-effective and time-efficient solution for existing substations. European governments are promoting the use of renewable energy sources, such as solar and wind power. Packaged substations are well suited for the integration of renewable energy sources into grid.  For instance, In September 2022, Siemens acquired the packaged substation business of VOOLTWAY. The acquisition will strengthen Siemens’s position in the European packaged substation market.

Packaged Substation Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global packaged substation market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Packaged Substation Market Analysis (2022-2030)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global packaged substation market were the three major steps undertaken to create and analyze the adoption of packaged substations in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global packaged substation market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the packaged substation market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the packaged substation market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as voltage type and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the packaged substation market. Further, we conducted factor analysis using dependent and independent variables such as voltage type and application of the packaged substation market. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the packaged substation market sector across the globe. 

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global packaged substation market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the packaged substation market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global packaged substation market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global packaged substation market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the vehicle type and technology in the global packaged substation market.

The main objective of the Global Packaged Substation Market Study

The current & future market trends of the global packaged substation market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the packaged substation market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of the voltage type and application.
• Define and analyze the regulatory framework for the packaged substation
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the packaged substation market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the packaged substation market and the growth strategies adopted by the market players to sustain in the fast-growing market.
• Deep dive regional level analysis of the industry

You can also purchase parts of this report. Do you want to check out a section wise
price list?

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