Technology research and advisory company Technavio has announced the release of their research report on the Global Mobile Substation Market for the forecast period 2019-2023.
Global mobile substation market size will grow by almost USD 309.71 million during 2019-2023, at a CAGR of more than 7%. The operations in the oil and gas industry usually take place in isolated areas and modular mobile substations that are prefabricated and installed on site in such remote locations to optimize the movement of machines and workers.
“Around 40% of the market’s growth will come from the EMEA region. Rapid urbanization and population growth can be witnessed in countries in both Africa and the Middle East. Hence, there is a growing demand for power, and to meet this demand, the countries in the Middle East and Africa have planned investments in power generation and T&D infrastructure. The power supply is inadequate to meet the demand despite these investments in power infrastructure. This has led to many countries in the Middle East and Africa choosing mobile substations to meet the demand for power,” says an analyst at Technavio.
The demand for power has increased owing to the rising population and industrial growth. This has resulted in an increased need for proper power transmission and distribution to ensure uninterrupted power supply and the mobile substations can offer a cost-effective solution for this.
The countries in Asia, the Middle East, and Africa have been undertaking electrification projects to enhance their power transmission and distribution facilities, which is expected to directly contribute to the demand for mobile substations.
The report analyzes the competitive landscape and offers details on several mobile substation manufacturers including ABB, CG (Avantha Group), Eaton, GENERAL ELECTRIC, Siemens, and WEG.
Some of the key topics covered in the report include: Market Landscape, Market Sizing, Five Forces Analysis, Market Segmentation, Geographical Segmentation, Market Drivers, Market Challenges, Market Trends, and Vendor Landscape