Global Digital Substation Market was valued US$ XX Bn in 2019 and is expected to reach US$ XX Bn by 2026, at a CAGR of 8.10 % during a forecast period.
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The digital substation system consist of switchgear, transformers, substation automation, monitoring & diagnostics and the standard process bus, which acts as the backbone of smart grids and provides real-time phasor measurement data.
The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.
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An increase in the usage of smart grid technology, development in the substation modernization, and an increase in the need for low-cost and flexible power solutions are some of the prominent factors behind the growth of the global digital substation market.
The significant growth of the digital substation market can be mainly attributed to the increasing need to replace and redevelop the legacy of infrastructure in developed countries across the globe to serve a large consumer base. The industry is indorsing a trend of digital transformation across several end-use sectors as these systems deliver enhanced safety, high efficiency, easy maintenance, and built-in cyber security.
On the other hand, the high initial investment for the implementation of the digital substations is expected to limit the growth in the global digital substation market.
The transmission digital substation segment is expected to grow at a XX% rate of CAGR during the forecast period. The growth in the market is attributed to the increase in demand for substations from end-use industries to change the legacy utility infrastructure. Investor-owned utilities are participating heavily in upgrading their transmission substations by installing the digital systems to avoid power outages thanks to inferior standards. These factors are expected to boost the growth in the global digital substation market.
Several industries are focusing on the implementation of the up to 550kV voltage substation. These systems are widely used in space-restricted areas like urban and industrial areas. The 220kV to 550kV digital substation industry is expected to grow at a XX % rate of CAGR because of the huge investments by key players in the utility sector, principally in the transmission infrastructure.
The utility sector is expected to share significant growth in the global digital substation market. Rise in demand for renewable energy sources like hydro, wind, and solar to meet the end-use demand for power generation is expected to drive the growth in the global digital substation market. The digital substations are implementing to a high extent in the utility sector because of their high usage in distributing and transmitting power.
Region-wise, The Asia Pacific region is projected to be a leading region in the global digital substation market. The leading position in the market is attributed to the expansion of the power distribution networks in the developing countries including India, Singapore, Indonesia, Malaysia, and Taiwan. The demand for electricity consumption is increasing because of the large consumer base and rapid industrialization in the region. Additionally, government initiatives to emhance the legacy infrastructure and ongoing projects like building renewable energy sources of high voltage capacity are propelling the regional digital substation industry growth.
The objective of the report is to present comprehensive analysis of global digital substation market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers the all the aspects of industry with dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give clear futuristic view of the industry to the decision makers.
The report also helps in understanding global digital substation market dynamics, structure by analysing the market segments, and project the global digital substation market size. Clear representation of competitive analysis of key players by Type, price, financial position, product portfolio, growth strategies, and regional presence in the global digital substation market make the report investor’s guide.
The Scope of the Report for Global Digital Substation Market: Inquire before Buying
Global Digital Substation Market, By Module
• Hardware
o Transformers
o Busbars
o Protection Devices
? Circuit Breakers
? Protective Relays
? Switchgears
o Interfacing Units
? Human–Machine Interfaces
? Remote Terminal Units
? Programmable Logic Controllers
o Others
• Fiber optic communication network
• Supervisory control and data acquisition
Global Digital Substation Market, By Voltage
• Up to 220 kV
• 220 kV to 550 kV
• Above 550 kV
Global Digital Substation Market, By Type
• Transmission substation
• Distribution substation
Global Digital Substation Market, By Industry
• Utility
• Metal
• Mining
• Oil & Gas
• Transportation
Global Digital Substation Market, By Region
• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America
Key players operating in Global Digital Substation Market
• Larsen & Toubro
• Emerson
• Cisco Systems Inc.
• Eaton Corporation Plc.
• General Electric
• Siemens AG
• Yamal LNG
• Tekvel
• Igrid T&D
• Honeywell International Inc.
• ABB Ltd
• Schweitzer Engineering Laboratories Inc.
• NR Electric
• Cadillac Automation and Controls
• I-Tor
• Schneider Electric SE
• Locamation
• Efacec
• Tesco Automation
• NetControl
• Belden Inc
• Rockwell Automation
• Open System International
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