Market Insight
According to Market Research Future, the global digital substation market is anticipated to inflate at 7.5% CAGR at the time of forecast period. It is the industrial development across the globe that has increased digitization in many sectors, thus motivated the market’s growth over the years.
Market Drivers & Trends
Global Digital Substation Market Size has witnessed unprecedented growth in recent years and is expected to witness the same increase in the forecast period. Innovation in the market of digitization is not only associated with the development of new products but also the upgrades of the available products and technologies. One of the most noteworthy innovations in digital substations. Substations are a component of electrical generation, distribution, and transmission systems. Its function is to transform current from high voltage to low voltage and vice versa with the help of transformers.
The change of the power generation from a wired to an optical network is the reason for the evolution of digital substation. It is also a constant supply system for power generation. The digital substations are usually governed by the International Electro-technical Commission (IEC) code IEC 61850. Digital substations thus improve the measurement accuracy and record the information. With the installation of digital substations, the cost of material generated can be mainly reduced, and less space are required. These factors are a key one to drive the market over the forecast period.
Digital Substation Market Segmentation
Global digital substation market is segmented based on module, type, voltage, and industry.
By the mode of module, the market is segmented into hardware, fiber optic communication network and SCADA. Among these, the hardware is thus projected to lead the digital substation market throughout 2023. The hardware module consists of components such as transformers, bus bars, protection devices, and interfacing units. Transformers form a significant part of the market, as they are the primary components that are installed in the substation. These hardware components have a considerable share of the overall market, due to its wide-ranging use in digital substations.
On the mode of type, the market is segmented as transmission substation and distribution substation. Where distribution substation led the market in 2016 and is probable to be the fastest-growing segment for the digital substation. The exceptional growth in urbanization and industrialization across the world is likely to enhance the expansion for distribution substation market in the estimated period.
On the mode of the voltage, the market is segmented into up to 220 kV, 220–550 kV, and above 550 kV. Wherein, above 550 kV led the market in 2016 and is anticipated to be the fastest-growing Voltage over the coming five years. The suitability of above 550 kV substations is constructive in all industry applications.
On the mode of the industry, the market has been segmented into utility, metal, mining, oil & gas and transportation. Among them, the utility sector led the market in 2016 and is now likely to be the fastest-growing application in the coming years. The utility industry is one of the flourishing application areas about digital substations, due to the high gap in demand-supply in energy in most of the developing and developed nations. The growth can be accredited to the boost in demand for renewable energy sources, such as wind, solar, and hydro to congregate the consumers demand power generation. Digital substations have a massive reach in the utility industry as these systems are used in transmitting and distributing power.
Regional Outlook
The study of the global digital substation market regionally has been done under the critical regions of North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW).
Among these, Asia Pacific is likely to stay as the leading region in terms of demand for digital substation. The power sector holds a robust ground in the Asia Pacific, due to the high demand for energy coupled with surging conventional and non-conventional power generation plants. The digital substation market in the Asia Pacific is also being pushed towards offering an advanced and reliable solution for transmission and distribution activity.
On the other hand, North America is also likely to hold a higher market share for digital substations in the forecast period. The growth is accredited to the augmented adoption of digital substations with the incidence of well-established players across the region, especially in the U.S. and Canada.
Key Players
The well-known players of global digital substation market are listed as 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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