Modular Substation Market To Reach USD 47.9 Billion By 2032 | DataHorizzon Research [Yahoo! Finance]
ABB Ltd (ABB)
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Source: Yahoo! Finance
Fort Collins, Colorado, May 10, 2024 (GLOBE NEWSWIRE) -- Rising urbanization and industrialization are major growth factors. The rapid urbanization and industrialization, especially in developing nations, are significant drivers behind the expansion of the modular substation market. As cities grow and new industrial zones emerge, there's a heightened need for dependable and efficient power distribution infrastructure. The United Nations predicts that by 2050, 68% of the global population will reside in urban areas, up from 55% in 2018. This urbanization trend mandates the deployment of modular substations to meet urban centers' and industries' escalating energy demands, ensuring a stable and secure power supply. Furthermore, the global transition towards renewable energy sources is another pivotal factor propelling the demand for modular substations. Governments worldwide are setting ambitious targets for renewable energy adoption to combat climate change and decrease reliance
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