Packaged Substation Market Featuring Key Drivers, Affective Mechanisms, Employment, Social Affairs, Evidence, Technologies And Forecast 2023-2032|ABB Ltd., Schneider Electric SA, Eaton Corporation, Siemens AG, Larsen and Toubro Limited

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The Packaged Substation Global Market Report 2023 by The Business Research Company, provides packaged substation market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Packaged Substation Global Market Report 2023, the market size is expected to grow from $14.66 billion in 2022 to $16.16 billion in 2023 at a compound annual growth rate (CAGR) of 10.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global packaged substation market size is expected to reach $22.78 billion in 2027 at a CAGR of 9%.

An increase in power demand is expected to propel the growth of the packaged substation market going forward. Power refers to the energy transfer or conversion rate expressed in units of time. A packed substation’s primary function is to provide electrical power at various voltage levels for use in a variety of applications, including those in the residential, commercial, and industrial sectors.

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The packaged substation market is segmented:

1) By Type: Indoor Packaged Substation, Outdoor Packaged Substation

2) By Voltage: High, Medium, Low

3) By Application: Mining, Power, Oil And Gas, Infrastructure, Other Applications

Product innovation is the key trend gaining popularity in the packaged substation market. Companies operating in the packaged substation market are introducing innovative products to sustain their position in the market. For instance, in April 2022, TP Southern Odisha Distribution Limited (TPSODL), an Indian-based power distribution company, launched a mobile compact substation. A distribution transformer, high- and low-tension protective devices, and other equipment mounted on a mobile trolley make up the mobile substation. In addition to the time required for travel, the plug-in-type mobile compact substation requires around 1.5 hours to set up. When an existing transformer fails or when large institutions like hospitals, water supply systems, or cyclones and storms are in need of emergency services, it is used to immediately restore power to clients.

The packaged substation market report table of contents includes: