Mobile Substations Market Development Trends, Competitive Analysis and Key Manufacturers Report 2032
The mobile substation market is projected to be worth 934.7 million $ in 2022. With an expected CAGR of 7.2%, it is anticipated that the market is growing rapidly and be worth 1,879.6 million $ by 2032. Additional use of these mobile units for temporal grid units is further uplifting the market in the forecast period. This system provides temporary power solutions in regions impacted by natural disasters or incidents.
These mobile units are expected to play a critical role in power distribution and transmission across the grid, These units are required at the time of power outage in the distribution and transmission of electrical power. As the name suggests this mobile substation has high mobility and can be transported and installed in minimal time. Furthermore, with the increased prevalence of adverse weather events, there is a growing demand for mobile substations, which are useful for emergency management as backup systems for a limited time.
Also considerations such as cost-effectiveness, versatility, time savings, and ease of installation of mobile substations foster market development. However, servicing and maintenance of a mobile substation is a significant consideration that can affect the market, as even minor failures can trigger major disruptions.
Automotive Recovery Likely to Augment Mobile Substations Sales
Sales in the Industrial sector (industries – such as automotive, chemicals, oil & gas, energy & power, mining, and manufacturing among others) were greatly affected by the Covid-19 pandemic which caused the implementation of certain measures by governments like closure and lockdown of industrial activities.
Reduced demand from End Use industries and disruption in the supply chain negatively impacted the mobile substation market. Although there have been efforts by the state as well as national government bodies to get all the industrial sector on track.
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These units are also used to provide a temporary power supply during unplanned military base repairs. Backup power supplies, such as generators, are sabotaged in military bases at times of conflict and terrorist threats. During an attack on a military installation, mobile substations supply electricity to mitigate long-term disruptions.
North America Market Outlook
The US is one of the prominent markets for Mobile Substations globally. Post-COVID-19 pandemic impact in 2020, the demand is likely to remain muted in the next couple of quarters, with the construction sector inching towards gradual recovery.
There has been a growing demand for electricity on the back of the well-established industrial sector. Although this high demand is challenged by electricity outages in the country due to natural disasters and other events. This particular reason has been one of the prominent drivers of the market in the US itself.
According to a report by the U.S. Department of Energy, (DOE) leading cause of electricity outages in the country is bad weather. Additionally, ageing grid infrastructure coupled with costly upgradation of these facilities is boosting the demand for mobile substations.
Asia Pacific Demand Outlook
Asia Pacific is another prominent region for the mobile substation market. This region has witnessed some of the most significant industrial activities in the near past. China, ASEAN and India are the leading countries in the region.
The demand for mobile substations has witnessed considerable growth in the region owing to the rising population and rapid growth in the industrial sector. With rising concern and awareness for proper transmission and distribution to ensure uninterrupted power supply, the mobile substation market is anticipated to gain significant sales figures in the forecast period from the region.
Many leading manufacturers and suppliers have longstanding contracts with the government, Military and various industrial players. The report is a compilation of first-hand information, qualitative and quantitative assessments by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators and governing factors, and market attractiveness per segment. The report also maps the qualitative impact of various market factors on market segments and geographies.
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