Digital substations have a key role to play in helping grid operators meet their challenges through higher levels of control, responsiveness, cost management and safety. They help boost the flexibility and responsiveness of transmission and distribution grids by capturing and using accurate, real-time data to control grid stability and react quickly to changing grid conditions. As power generation sources become increasingly distributed, intermittent and volatile, achieving the levels of control and performance needed requires a more intelligent, efficient and reliable grid. This is now possible with the significant advances in grid automation technology in recent years, including the development of digital substations.
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Intelligent electronic devices (IED), generic object-oriented substation event (GOOSE), station and process bus, global positioning system (GPS), time clock, merging units, are the key constituents of digital substations. Electronic fiber optic coherence tomography (CT), and voltage transformers (VT) are also a few of them. Growing prominence on the replacement and redevelopment of aging infrastructure is one of the primary drivers of the digital substation market. Grid transition in communication and energy is also driving the market. The increasing demand for reliable power supply system, is another reason for the growth of the digital substation market. The installation of digital substation requires high initial investment, which might restrain its expansion. Many companies have adopted the phase-wise installation of digital substations to tackle the budget constraints of installation. Also, in the long run, digital substations could reduce cost and improve efficiency. Rapid industrialization in many emerging countries, is one of the investment opportunities in the digital substation market.
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Asia Pacific Digital Substation market, expected to grow at the highest CAGR
The global digital substation market is segmented into four prominent region such as, Asia Pacific, North America, Europe and Rest of the World. Asia Pacific dominated the digital substation market analysis, owing to expansion of the power distribution network in the major regional economies such as India and China as infrastructural development in rural areas. Increasing demand for redeveloping old infrastructure and rising implementation of digital substations across major Asia Pacific cities, are majorly driving the digital substation market. Asia Pacific was followed by America. Also, Asia Pacific is expected to remain the fastest growing market for digital substations, driven by several upcoming projects in the renewable and green energy sources and distribution network expansion in major regions.
Leading Players
The key players of global digital substation market are ABB Ltd. (Switzerland), Siemens AG (Germany), General Electric Company (U.S.), Schneider Electric (France), Honeywell International Inc. (U.S.), Cisco Systems, Inc. (U.S.), Eaton Corporation plc (Ireland), Emerson Electric Co. (U.S.), NR Electric Co., Ltd. (China) and Larsen & Toubro (India).
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