Mobile substation market to exhibit steady growth between 2018 and 2023
The mobile substation market is expected to grow from USD 789.3 million in 2018 to USD 1,136.9 million by 2023, at a CAGR of 7.57% between 2018 and 2023. Factors driving the growth of this market include the cost effectiveness, time-saving, flexibility, and easy installation of mobile substations. Moreover, a mobile substation is a trailer mounted power solution and thus can be installed in limited space and also can be easily relocated without difficulty. However, the maintenance of mobile substation is very crucial, as any small failure may cause serious disturbances as immediate availability of technical expertise is majorly difficult.
Metals & mining industry is expected to have a high demanding for mobile substations
Oil & Gas and metals & mining, among others are industrial applications of mobile substations. Industrial metals, such as copper and steel are expected to be a part of the economic growth in China and Brazil. South America has also shown significant increase in demand for basic mined commodities. Trolley assist is one of the applications in the metals & mining industry wherein a mobile substation is used to supply power. The mobile substation market is expected to find lucrative opportunities in metals & mining industry.
Americas expected to account for a significant share of the mobile substation market during the forecast period
Metals & mining from this region is one of the prominent markets for mobile substations. In 2015, Americas constituted 3.7 billion metric tons in the total mineral production. Need for reliable and robust power sources on metals & mining sites are expected to propel the mobile substation market. Mobile substations can be easily relocated once work is completed. Moreover, construction, data centers, and ports also require mobile substations. The increasing consumption of electricity and the need for reliable power supply fuel the growth of mobile substation market in the US. North America is one of the prominent markets for mobile substations along with the utility sector and industrial application. General Electric (US), Delta Star (US), ELGIN Power Solutions (US), Atlas Electric (US), and Powell Industries (US) are some of the mobile substation manufacturers from North America region.
The breakup of the profiles of primary participants for the report has been given below:
- By Company Size: Tier 1 = 23%, Tier 2 = 30%, and Tier 3 = 47%
- By Designation: C-Level Executives = 45%, Directors = 36%, and Others = 19%
- By Region: North America = 20%, Europe = 25%, APAC = 15%, and RoW = 40%
The mobile substation market is led by various players according to their core competencies. Key players in this market are Siemens (Germany), ABB (Switzerland), Eaton (Ireland), General Electric (US), CG Power (India), and MEIDENSHA (Japan).
Moreover, other players, such as WEG (Brazil), Nari Group (China), TGOOD (Hong Kong), Powell Industries (US), AZZ Inc. (US), Elgin Power Solutions (US), Efacec (Portugal), and Matelec Group (Lebanon) play a significant role in the mobile substation market.
The report on the global mobile substation market covers different segments?application and geography. On the basis of application, the mobile substation market has been classified into utilities and industrial applications. The report covers 4 major geographic regions?Americas, Europe, APAC, and Middle East & Africa.
Key Benefits of Buying the Report:
- Illustrative segmentation, analysis, and forecast for the market based on application and geography have been conducted to provide an overall view of the mobile substation market.
- The value chain analysis has been included in the report to provide an in-depth insight into the mobile substation market.
- Major drivers, restraints, opportunities, and challenges of the mobile substation market have been detailed in this report.
- A detailed competitive landscape, along with key players and their revenues and growth strategies, has been included in the report.
- Key players in the mobile substation market have been profiled, including their recent developments, product launches, and SWOT analysis. Also, MnM view on these players has been included.