September 12, 2022 10:15 ET | Source: Verified Market Research Verified Market Research
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Jersey City, New Jersey, Sept. 12, 2022 (GLOBE NEWSWIRE) -- Verified Market Research recently published a report, “Mobile Substation Market” By Component (Switchgear, Transformer, Surge Arresters, Trailer), By Application (Utilities and Industrial), and By Geography.
Verified Market Research conducted a high-quality study that revealed the size of the global Mobile Substation Market size was valued at USD 3.3 Billion in 2020 and is projected to reach USD 13.09 Billion by 2028, growing at a CAGR of 20.6% from 2021 to 2028.
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Browse in-depth TOC on “Mobile Substation Market”
Global Mobile Substation Market Overview
Mobile substations are portable, integrated compact powering modules offering surge-free AC and DC power supply as an additional capacity, as a backup in emergencies, or terrains incompatible for construction. Higher demand for power, the rapid expansion of transmission capacities, faster commissioning, hassle-free installation and repositioning, minimal set-up involving no elaborate construction, compact size, enhanced portability of modules to required zones, and overall cost efficiencies are fuelling the demand for mobile substations as alternate powerhouses. Mobile substations are used in utility and industrial applications. The focus on providing and ensuring a continuous supply of power is significantly driving the mobile substation market expansion.
Simultaneously, the increasing number of clean energy projects require smooth integration of renewable energy in the electric grid, and the ability of the mobile substation to ensure the effective transition is augmenting the demand for these substations. Consisting of the ability to recover as quickly as possible following major weather events and natural calamities provides economic and public health and safety benefits for local businesses and communities. Moreover, the rise in electricity demand coupled with the continuous and expanded growth of the share of renewables in centralized and decentralized grids requires an efficient and effective new approach to transition management, making full use of mobile substations, thus, boosting the demand for the mobile substation during the forecast period.
The major players in the market are ABB, Siemens, Eaton, General Electric, CG Power, WEG, TGood, Powell Industries, Elgin Power Solutions, Matelec Group, and Meidensha.
Verified Market Research has segmented the Global Mobile Substation Market On the basis of Component, Application, and Geography.
·Mobile Substation Market, by Geography
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