Rising urbanization, increasing infrastructure development activities, growing industrialization activities and large scale investments in the power sector are the major factors that would drive the growth of package substation market in India.
According to 6Wresearch, India Package Substation market is projected to grow at a CAGR of 7.8% during 2017-23. Package Substation market in India has witnessed rapid growth over the past five years due to increasing demand for power as an effect of infrastructure development and rapid industrialization. During the forecast period, the market of package substation is expected to rise with expansion of power transmission and distribution network, infrastructure development and growth in renewable energy sector.
According to Ravi Bhandari, Research Analyst, Research and Consulting, 6Wresearch, "Industrial sector has captured major revenue share in the overall market, which is expected to maintain this trend in the forecast period. Power Utilities vertical is expected to grow with expansion of transmission and distribution network and setup of new power plants and upcoming renewable energy projects in the country."
"With initiatives like Make in India, Power for all and Smart cities projects, country is investing heavily in development of infrastructure and power sector. Furthermore, upcoming residential projects in major cities, rural electrification and setting up of manufacturing zones are expected to fuel the demand for package substation in India," Ravi further added.
According to Anuj Sharma, Research Associate, Research and Consulting, 6Wresearch, "Package Substations with voltage rating 11KV leads the market, with 33KV segment also registering the demand. Space constraint remains a major problem in cities across the country, the 11KV package substation seems to be a suitable option and are likely to drive the market in the forecast period. Furthermore, the safety issues associated with conventional type of substations would further boost the market for 11KV package substation.
Some of the major Comapanies in India Package Substations market Include ABB, Schneider Electric, Siemens, C&S Electric, Crompton Greaves, and GE T&D etc.," Anuj Concluded.
"India Package Substation Market (2017-2023)" report provides in-depth analysis with 64 figures and 19 tables covered in more than 140 pages. The report estimates and forecast the overall India Package Substation market by revenues, voltage rating, verticals and regions. The report also gives the insights on competitive landscape, companies benchmarking, company profiles, market drivers and restraints.