Compact Substation Market to reach $11.5 B by 2030
The Compact Substation Market size is growing at the CAGR of 13.4 % and is expected to reach $11.5 B by the end of 2030.
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The global compact substation market is expanding due to increasing demand for energy-efficient solutions. The market size was valued at $4.2 B in 2023 and is expected to reach $11.5 B growing at a CAGR of 13.4 % during the forecast period 2024-2030.
The compact substation market is witnessing substantial growth due to the increasing need for reliable power distribution systems across industries. The market is driven by factors like the rising demand for electricity, rapid urbanization, and the growing adoption of renewable energy sources. Compact substations offer efficiency, space savings, and ease of installation, making them suitable for urban and remote areas. Moreover, technological advancements and the push for sustainability are also positively impacting the market. With governments and private players investing in energy infrastructure development, the demand for compact substations is expected to continue rising. The market’s growth rate is expected to accelerate over the coming years, with a strong focus on upgrading existing power distribution networks and integrating smart grid technologies.
Key players: URJA, Tailong Electric, ABB, Bokong Electric, Zhegui Electric, Xiongchu Electric Technology, Schneider Electric, AKTIF, Norelco, Boerstn Electric, L&T Electrical & Automation, Raychem RPG
Source: open PR
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