Digital Substation Market
InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the “Global Digital Substation Market- (By Module (Hardware (Transformers, Busbars, Protection Devices (Circuit Breaker, Protective Relay, Switchgear), Interfacing Units (Human-machine interfaces (HMI), Remote terminal units (RTU), Programmable logic controllers (PLCs), Others)), Fiber-optic Communication Networks, SCADA Systems), By Type (Transmission Substation, Distribution Substation), By Installation Type (New Installations, Retrofit Installations), By Voltage (Up to 220kV, 220-500kV, Above 500kV), By Industry (Utility (Non-Renewables, Renewables), Heavy Industries, Transportation, Others)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031.”
According to the latest research by InsightAce Analytic, the Global Digital Substation Market is valued at US$ 7.28 Bn in 2022, and it is expected to reach US$ 13.77 Bn by 2031, with a CAGR of 7.5% during a forecast period of 2023-2031.
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Digital substations convert analogue measurement data and binary status information into digital form, focusing on digitalizing station and process levels. With digitalization, investment and operational costs may be drastically lowered, and data transmission can also be safer and more dependable. Digital substations are undergoing significant change due to the fast digitization of power supply networks and the implementation of IoT. The deployment of digital substations has also contributed to a booming increase in power supply and demand dynamics.
Demand for renewable energy projects is rising, and with it comes a greater need for battery technology to generate electricity. This, in turn, will create enormous chances for the digital substation market to expand. As a result, the need for digital substations is expected to increase. Introducing new technology and sustained Economic growth indicate the digital substation market’s future growth. Businesses in the market are ramping up their operations by inventing cutting-edge technologies or expanding into developing nations, ultimately increasing competition and boosting market growth.
List of Prominent Players in the Digital Substation Market:
• ABB Ltd. (Switzerland)
• General Electric Company (US)
• Siemens AG (Germany)
• Eaton Corporation Inc. (Ireland)
• Schneider Electric SE (France)
• Honeywell International Inc. (US)
• Cisco System Inc. (US)
• NR Electric (China)
• Emerson Electric Co. (US)
• Larsen & Toubro Limited (India)
• Locamation
• Efacec
• Netcontrol Group
• Tesco Automation
• Texas Instruments
• Belden Inc
• NR Electric Co., Ltd.
• Rockwell Automation, Inc.
• Guodian Nanjing Automation Co., Ltd.
• Open System International, Inc.
• Sifang
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Market Dynamics:
Drivers-
Growing demand for digital substation can be attributed to the Increasing investments in smart city and smart grid infrastructure development, the need for increased safety and effective interaction in power distribution as well as transmission processes, the compactness and high efficiency required to meet rising power demand, rising demand as a result of superior benefits over traditional alternatives, accelerating digitalization worldwide, and rising demand for power supply in confined areas are all major drivers, fueling the expansion of the digital substation industry.
Challenges:
The prime challenge is the high entry price of associated equipment, higher potential for cyber-attacks, and a lack of awareness, hindering the development of the digital substation business because of lockdowns and isolation in emerging countries, which is predicted to slow the growth of the digital substation market. However, with technological development, the expense to put up a digital substation is considerable upfront. It is because of the rising expense of substations due to the rising prevalence of intelligent electronic devices in their design and operation. The rising number of integrated IEDs and technologies like microprocessors and service-oriented architecture have contributed to an increase in the price of substations, which is, for digital substations, hampering the overall growth of the digital substation market over the coming years.
Regional Trends:
The North American digital substation market is anticipated to record a significant market share in revenue. It is projected to grow at a high CAGR in the near future because the increasing product penetration in the region is expected due to increased energy consumption and ongoing commercial and industrial infrastructure expansions. In addition, sustained economic expansion will fuel further advancements in microgrid infrastructure across the region. Besides, Europe had a considerable share in the market due to its developed economy and rapidly expanding population to meet soaring electricity demands, boosting regional development. Moreover, the existance of key market players and the growing cooperation between major players for market penetration in the area enables an opportunity to grow the global digital substation market.
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Recent Developments:
• In July 2023, The introduction of Industrial Digital Transformation Services was initiated by Schneider Electric. The purpose of the specialised global service is to assist industrial firms in achieving a future-oriented, innovative, sustainable, and efficient end-to-end digital transformation.
• In Dec 2021, GE Digital has just entered into a collaborative agreement with UK Power Networks (UKPN) to initiate a smart substation initiative aimed at facilitating the expansion of renewable energy production throughout the United Kingdom.
Segmentation of Digital Substation Market-
By Module –
• Hardware
o Transformers
o Busbars
o Protection Devices
Circuit Breaker
Protective Relay
Switchgear
o Interfacing Units
Human-machine interfaces (HMI)
Remote terminal units (RTU)
Programmable logic controllers (PLCs)
o Others
• Fiber-optic Communication Networks
• SCADA Systems
By Type –
• Transmission Substation
• Distribution Substation
By Installation Type –
• New Installations
• Retrofit Installations
By Voltage-
• Up to 220kV
• 220-500kV
• Above 500kV
By Industry-
• Utility
o Non-Renewables
o Renewables
• Heavy Industries
• Transportation
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa
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About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
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This release was published on openPR.
