Mobile Substation Market Forecast Valuation to Hit USD 1,879.6...

Mobile Substation Market Forecast Valuation to Hit USD 1,879.6 Million by 2032

Posted 2024-12-26 17:54:49

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The global mobile substations market is expected to reach a valuation of USD 1879.6 Mn in 2032, with the market growing at a healthy CAGR of 7.2% from 2022 to 2032. Driven by extensive application in the utility sector, the target market will likely reach an estimated USD 934.7 Mn by the end of 2022. Mobile substations are often used to fill electricity gaps in the grid which results in large-scale application of the same in the utility sector as these substations play a vital role in transmitting and distributing power. Hence, usage in utility sector is a primary growth-driver for the mobile substations market during the forecast period.

Escalating degree of power transmission issues along with an imbalance within the transmission network amplify 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.

Industrial Applications:

Manufacturing and Production: Mobile substations provide reliable power for temporary production lines, plant expansions, or maintenance activities within industrial facilities.
Oil and Gas Exploration: These units supply temporary power for drilling rigs, refineries, and other remote oil and gas operations.
Events and Entertainment: Large-scale concerts, festivals, and sporting events often require temporary power boosts, which mobile substations can conveniently deliver.

Key Takeaways:

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.

Top 06 Key Players in the Mobile Substations Industry