2020-2025 Global Package Substation Market Technology Trend, World Business Overview,Application and Future Growth
Global Package Substation Market valued approximately USD 8.76 million in 2016 is forecasted to grow with a healthy growth rate of more than 11.27% over the forecast period 2018-2025. The major factors speculated to augment the markets are reduced losses in power distribution system, cost effectiveness, and rise in power demand & reducing space availability. Moreover, increased electricity demands owing to increased usage of data centers and other niche technologies is augmenting the market growth.
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Cheap & low-quality products as well as low acceptance level are restraining the market. The urban infrastructure development in major key regions is also becoming a potential expansion area for the market. A Package Substation is completely self-contained solution for power distribution that includes distribution transformer, outdoor duty enclosure, low voltage panel, medium voltage switchgear, and accessories like control & protection equipment, power factor improvement equipment, all providing an efficient and cost effective total installation.
The regional analysis of Global Package Substation Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Asia Pacific is the leading region across the world in terms of market share. This can be attributed to the diversifying developments, distribution network, and upgrades in the most of Southeast Asia region. Furthermore, this growth is also accredited to escalating industrialization and urbanization in the countries such as China, India, and other South Asian countries, Asia Pacific region is also expected to exhibit higher growth rate / CAGR over the forecast period 2018-2025.
The detailed segments and sub-segment of the market are explained below:
By Voltage Type: § Above 36kV to 150 kV
§ Below 36 kV
By Application: § Infrastructure
§ Power Utilities & Generation
By Regions: § North America
§ Asia Pacific
§ Latin America
§ Rest of the World
The industry is seeming to be fairly competitive. Some of the leading market players include Crompton Greaves Limited, TEPCO, Asia Electrical Power Equipment (Shenzhen) Co., Ltd., Kirloskar Electric Company, C&S Electric, Schneider Electric SE, ABB Ltd, Eaton Corporation, Siemens AG, Alstom, General Electric Company, Larsen & Toubro Ltd., Littlefuse Inc., Lucy Electric, Toshiba Corporation, and so on. The fierce competitiveness has made these players spend in product developments to improve the customer’s requirements.
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