Examining the Prospects of the Modular Substation Market and Key Growth Drivers
Monday, 1 April 2024, 17:34
Modular Substation Market Growth Forecast
The modular substation market is expected to witness significant growth, reaching a valuation of US$ 48 billion by 2034, with a CAGR of 8.2%. This growth is primarily driven by the increasing modernizations of electric substations and the ongoing urbanization and industrialization in developing economies.
Key Drivers of Growth
- Urbanization and Industrialization: The rising urban population and industrial activities in emerging markets are creating demand for efficient power infrastructure.
- Modernizations of Electric Substations: The need for upgrading aging grid infrastructure with modular and compact solutions is boosting market growth.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.