Report : Emergency Mobile Substation Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Component (Switchgear, Transformer, Surge Arresters, and Other) and Application (Utilities and Industrial)
Rising Number of Utilities across Globe Would Support Market Growth during Forecast Period
According to our latest market study on “Emergency Mobile Substation Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Component (Switchgear, Transformer, Surge Arresters, and Other) and Application (Utilities and Industrial),” the market was valued at US$ 910.00 million in 2019 and is projected to reach US$ 1,465.34 million by 2027; it is expected to grow at a CAGR of 6.3% during 2020-2027. The report highlights key factors driving the market growth and prominent players with their developments in the market.
Substations play a significant role in the transmission and distribution of electrical power across the grid. Mobile substations are used in case of any power outage in the transmission and distribution of electrical power. Companies such as General Electric offer mobile substations that help end user in off-line events, and maintain grid safety and functionality. The mobile substation is prefabricated, preassembled, and pre-commissioned with a compact design; therefore, it can be transported and installed in minimal time and on-site work. Customers can use mobile substation without investing in its procurement and maintenance as these substations are generally available on lease.
Presently, the utilities sector is facing critical difficulty to meet the regulatory mandates and consumer requirements. Thereby, it is aiming to lower the adverse effects on the environment. Emergency mobile substations are a revolutionary solution for providing temporary power supplies and interim grid connections. Also, these substations are incrementally finding applications during the planned or emergency outages of power supply and in the integration of renewable or distributed generation. The diverse application areas under utilities cover distribution and transmission, renewables, and smart grid solutions.
Impact of COVID–19 Pandemic on Emergency Mobile Substation Market
The ongoing COVID-19 pandemic is bringing long-term disruptions across several major processes and discrete industries—such as automotive, chemicals, oil & gas, energy & power, mining, and manufacturing. The tremendous growth in the spread of virus urges governments across the globe to impose strict restrictions on the movement of humans and vehicles. As a result, the nationwide lockdown is disrupting the supply chain and production of components, equipment, and systems, as well as the supply of raw materials for manufacturing components used in a mobile substation. The limited production activities and reduced demand from end-use industries are restraining the overall market revenue for the emergency mobile substation market, resulting in a decline in the market growth during the coming few years.
The report segments the global emergency mobile substation market as follows: