Packaged Substation Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)


Packaged Substation Market Analysis:

1. During the forecast period, the packaged substation market is projected to experience a compound annual growth rate (CAGR) of approximately 4.5%. However, the market was significantly impacted by the COVID-19 pandemic, which led to a decrease in power demand from commercial and industrial customer bases such as MSME industries and other commercial establishments. This, in turn, resulted in financial challenges for distribution companies (discoms), with India alone witnessing discom losses of around INR 90,000 crores in FY 2021 due to reduced power demand from the commercial and industrial sector.

2. Despite the challenges faced, the packaged substation market is expected to witness growth in the coming years. This growth can be attributed to the increasing need for efficient power distribution networks worldwide and the rising demand for the refurbishment of aging substation infrastructure. However, it is important to note that the market may encounter obstacles due to its relatively lower power handling capacity compared to larger outdoor substations.

3. The power utility segment is anticipated to experience faster growth during the forecast period, driven by the increasing power demand in line with the global urbanization rate. Additionally, the global increase in renewable power generation capacity presents a significant opportunity for the packaged substation market. Governments worldwide are actively working towards reducing their carbon footprint and have set ambitious climate goals, including decarbonization in the industrial sector. This has led to the establishment of extensive distribution networks for renewable-based power in many countries. Furthermore, the Asia-Pacific region is expected to hold the largest market share in the near future, primarily due to the high electrification rate in developing countries within the region.

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