The rise in urbanization and industrialization, aging power infrastructure, and minimum spatial of requirements are factors expected to drive the global modular substation market. Aging electricity generation and distribution infrastructure are among the biggest challenges that utilities face today. Due to the failure of power infrastructure, huge costs are incurred by the utilities and grid operators. Aging infrastructure is the biggest threat to the energy supply in the US and require replacement and refurbishment. So, skid mounted unit substations and other equipment are required for reliable energy supply. Also, they save space and are useful for upgrading power infrastructure where space is at a premium. Such factors are expected to drive the global skid mounted substations market.
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- Rise in Urbanization and Industrialization in Developing Economies Boost Market Growth
- Increase in modernizations of the electric substations coupled with urbanization as well as industrialization experienced in developing economies are anticipated to drive the global skid mounted substations market during the forecast period. Increase in investments in the smart city infrastructures would encourage and provide new opportunities to the market players operating in the skid mounted unit substation market.
- Rise in Production and Consumption of Electricity Boosts Growth of Market
- Factors such as continued modification in electricity infrastructure and the ever rising electricity production drive the growth of the skid mounted unit substations market. Because of these factors, countries are investing in development of electricity infrastructure in order to provide more efficient, reliable and competitive public service. Increasing population growth and industrialization in the developing economies of China and India are the major reason owing to the rapid growth of the sector.
- Focus and Investment towards R&D of Transmission and Distribution Network Indirectly Affects Market
- Owing to the modernization of aging infrastructure in developed countries such as the U.S. and Europe, the government is spending the money for the research and development programs for the transmission and distribution networks. This in turn leads to the demand for the skid mounted unit substations as well and hence the market is expected to prosper during the forecast period.
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COVID-19 Impact Analysis
- The coronavirus’s unfavorable global effects are already evident, and had a big impact on the skid mounted unit substations market in 2020.
- The World Health Organization declared a public health emergency after the COVID-19 virus outbreak in December 2019. The disease has spread to over 100 nations and resulted in massive deaths globally. Exports & imports, global manufacturing, tourism, and financial sectors have all been heavily damaged.
- The downward pressure on the global economy, which had previously shown signs of improvement, has escalated once more. The outbreak of the virus has added danger factors to the international economy’s already sluggish development. Many international groups have stated that the global economy is experiencing its most difficult moment since the financial crisis.
- Since the pandemic, the restriction of imports and exports has affected the skid mounted unit substations market to a great extent as consumers’ consumption and demand patterns are changing amidst the pandemic.
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