Report : Emergency Mobile Substation Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Component (Switchgear, Transformer, Surge Arresters, and Other) and Application (Utilities and Industrial)
According to the new research report titled “Emergency Mobile Substation Market Forecast to 2027 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the global emergency mobile substation market is expected to reach US$ 1,465.34 million by 2027, registering a CAGR of 6.3% during 2020–2027, the forecast period considered in the report. The scope of study involves understanding the factors contributing to the emergency mobile substation market growth, and estimation and forecast of the revenues and market size analysis, along with spotting significant market players with their key developments.
The US, Canada, and Mexico are the major economies in North America that highly invest in the advancement of military applications. The US is a technologically advanced country known for adopting technologies at an early phase. The country consists a vast range of industries such as oil & gas, automotive, chemicals, construction, and pharmaceuticals. The US government encourages industry players to expand their industrial facilities across the borders of the country. The strengthening of the country’s industrial units leads to the emergence of mobile substations. Besides, ongoing oil and gas projects such as Alaska LNG, Lake Charles LNG Liquefaction Plant, and Driftwood LNG across the US would boost the use of mobile emergency substation, which is projected to drive the market growth in the country during the forecast period.
North America and Europe have witnessed a few initiatives such as manufacturing and introduction of new mobile substations. For instance, in January 2020, Delta Star, Inc. presented 15 MVA mobile transformers manufactured at its Lynchburg manufacturing facility. The company showcased this product at the Life of a Transformer Conference and Exposition. Similarly, in January 2019, VRT POWER signed a five-year agreement to design and provide mobile substations with the region's essential utilities. The company has completed manufacturing and testing of first two mobile substations and other two mobile substations are in progress to get deployed in North America. The rising number of such product launches boosts the growth of the emergency mobile substation market.
Impact of COVID-19 Pandemic on Emergency Mobile Substation Market
The ongoing COVID-19 pandemic is bringing long-term disruptions across several major processes and discrete industries—such as automotive, chemicals, oil & gas, energy & power, mining, and manufacturing. The tremendous growth in the spread of virus urges governments across the globe to impose strict restrictions on the movement of humans and vehicles. As a result, the nationwide lockdown is disrupting the supply chain and production of components, equipment, and systems, as well as the supply of raw materials for manufacturing components used in a mobile substation. The limited production activities and reduced demand from end-use industries are restraining the overall market revenue for the emergency mobile substation market, resulting in a decline in the market growth during the coming few years.
Key Findings of Study:
The regional government bodies have taken steps to promote emergency mobile substations. Governments in North America have realized that the storage of strategically located emergency mobile substations and spare large power transformers would help protect the region from various risks such as a cyberattack, physical attack, geomagnetic disturbances, electromagnetic pulse, seismic events, and severe weather. Additionally, the Fixing America's Surface Transportation Act (FAST Act) encompassed measures for the US electric grid to mitigate these threats in electric grid. The legislation aims to develop a strategic reserve of transmission equipment that comprises emergency mobile substations and transformers. Such developments from private companies and government bodies help increase the penetration of emergency mobile substation across the region, which is influencing the emergency mobile substation market growth. Moreover, companies such as Delta Star Incorporated and AZZ Inc. are providing an array of convenient solutions developed to restore and deliver power at required place, which further helps in fueling the market growth.