Modular Substation Market projected to reach USD 33.86 billion by 2030 due to industry growth

From GlobeNewswire: 2024-07-04 09:05:00

Exactitude Consultancy, the research arm of Ameliorate Digital, has released a report projecting the Modular Substation Market to grow at an 8.7% CAGR from 2023 to 2030, reaching USD 33.86 billion by 2030, up from USD 15.98 billion in 2023. The expansion is attributed to increased demand and infrastructure upgrades in the power industry. Major players in the market include Simens AG, ABB Ltd, Eaton Corporation, and more. Recent developments include GE Gas Power’s reserve power plant project in Switzerland and GE Power Conversion’s contract with Keppel Shipyard for Petrobras’ FPSO vessels. North America accounts for 37% of the global market, driven by renewable energy demand and infrastructure development needs. The market is expected to grow steadily in North America and other regions. Technological advancements and sustainability focus are key trends influencing the market’s growth. Other industries like the Vacuum Stretcher Market, Orthopedic Surgery Simulator Market, and Infrared Heating Pad Market are also seeing notable growth and promising future projections.



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