Global packaged substation market to reach $21. 8 B by 2027
The global market for packaged substation, estimated at $11.3 B in the year 2020, is projected to reach the size of $21.8 B by 2027, growing at a CAGR of 9.8 %.
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Amid the COVID-19 crisis, the global market for packaged substation, estimated at $11. 3 B in the year 2020, is projected to reach the size of $21.8 B by 2027, growing at a CAGR of 9.8 % over the analysis period 2020-2027.
Industries, one of the segments analyzed in the report, is projected to record a 10.9 % CAGR and reach $13 B by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Power segment is readjusted to a revised 9 % CAGR for the next 7-year period.
The packaged substation market in the US is estimated at $3 B in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of $4.7 B by the year 2027 trailing a CAGR of 13.2 % over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 6.7 % and 8.4 %, respectively, over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 7.6 % CAGR.
The major players in this market include: Hitachi ABB, Alstom SA, Asia Electrical Power Equipment (Shenzhen) Co. Ltd., Crompton Greaves Ltd., Eaton Corporation PLC, General Electric Company, Larsen & Toubro Ltd., Littlefuse Inc., Lucy Electric UK Ltd., Schneider Electric SA, Siemens AG, and Toshiba Corporation.
The regions covered in this report are: North America, Latin America, Europe, Asia-Pacific, and Middle East and Africa.
Source: Yahoo News