Market Size of Asia-Pacific Package Substation Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 6.00 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Asia-Pacific Packaged Substation Market Analysis
The market for package substation in Asia-Pacific region is expected to grow at a CAGR of over 6% during the forecast period of 2020 - 2025. A packaged substation is employed to minimize space utilization, (step-up or step-down) transform voltage, and protect equipment in the event of abnormalities. Factors such as growing infrastructure development projects, smart cities projects, and increasing electricity demand, particularly in China and India, owing to rapidly increasing industrial and infrastructural development activities, are expected to drive the market in Asia-Pacific region during the forecast period. However, developments in automation substations and high costs associated with maintenance of the substations are expected to hinder the growth of the market studied.
- The power utility segment is expected to be the largest segment in Asia-Pacific region, during the forecast period. Many developing countries like China and India are expected to upgrade their power distribution sector, which is further expected to bolster the utility segment of packaged substation market.
- Packaged substations with better technologies such as integrated voltage transformation, equipment protection, metering and remote communication, and data logging provides enormous opportunities for growth of global packaged substation market.
- China is expected to be the largest market during the forecast period, owing to the factors such as rapid industrialization and urbanization electricity.
