Digital Substation Market Research Report

 

Digital Substation Market:

The GMI Research's latest analysis reveals that the Digital Substation Market is slated to register a significant CAGR over the forecast period. This is attributed to the rising electricity demand, the continuous increase of smart grid networks, and the strong demand to replace traditional substation technology.

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Digital Substation Market’s leading Manufacturers:

·        General Electric Company

·        Siemens AG

·        Cisco Systems Inc

·        Honeywell International Inc

·        ABB

·        Larsen & Turbo Limited

·        Emerson Electric

·        Yamal LNG

·        Eaton Corporation Plc

·        NR Electric Co. Ltd

Digital Substation Market Dynamics (including market size, share, trends, growth, forecast, and industry analysis)

Key Drivers

The rising electricity demand, the continuous increase of smart grid networks, and the strong demand to replace traditional substation technology globally are the key drivers contributing to the growth of the global digital substation market size. The life span of grid infrastructure is falling short between 38-52 days. After this period, infrastructure is impacted by different cosmic breakdowns, such as fraying wiring and loosening screws. For example, power outages took place across the US, wherein San Francisco, New York, and Los Angles were the most influenced areas in April 2017. In the outage, every area experienced an infrastructural concern that includes supply chains, communication networks, mass transportation, and shutdown in business commerce which can lead to a monitory loss. Thus, to reduce such risks, businesses are opting for digital substation technology as it provided high-performance digital sensors, decreased installation time, and durability.

The continuous development in renewable energy projects, including solar and wind, brings lucrative opportunities for the market across the globe. On the other hand, the initial investment in digital substation technology is comparatively higher than traditional substation technology will hamper the growth of the market.

Module Segment Drivers

Based on the module, the fiber optic communication network is predicted to grow at a higher CAGR over the coming years. all the hardware substation is connected to one another through a fiber optic cable and confirms that communication of data among modules makes the digital substation system effective and easy to control. Thus, the high demand for fiber optic communication networks will further accelerate the demand of the market.

Voltage Segment Drivers

Based on voltage, up to 220 KV is projected to grow at a higher CAGR over the forecast period due to its large range of applications across various sectors like infrastructure and power sectors. In addition to this, rapid urbanization is increasing the demand for energy in cities, which is surging the segments' growth. The high demand for up to 220KV voltage with innovative properties will further stimulate the growth of the market during the forecast period.

Digital Substation Market Segmentation:

Segmentation 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

·        SCADA Systems

Segmentation by Type:

·        Transmission Substation

·        Distribution Substation

Segmentation by Voltage:

·        Up To 220 KV

·        220-550 KV

·        Above 550 KV

Segmentation by Industry:

·        Utility

o    Non-Renewables

o    Renewables

·        Metal

·        Mining

·        Oil & Gas

·        Transportation

Segmentation by Region:

·        North America

o   United States of America

o   Canada

 

·        Asia Pacific

o   China

o   Japan

o   India

o   Rest of APAC

·        Europe

o   United Kingdom

o   Germany

o   France

o   Spain

o   Rest of Europe

·        RoW

o   Brazil

o   South Africa

o   Saudi Arabia

o   UAE

o   Rest of the world (remaining countries of the LAMEA region)

About GMI Research

GMI Research is one of the leading market research and consulting company that offers consulting services, syndicated research reports, and customized market research reports. We help our client to make informed business decisions and provide market intelligence studies related to the various industries such as automotive, energy, healthcare, chemicals, technology, and other sectors. Our research teams include seasoned analysts and researchers have hands-on experience in every regions, including Asia-pacific, Europe, North America, and the Rest of the World. Our market research report provides in-depth analysis, which contains refined forecasts, a bird's eye view of the competitive landscape, factors impacting the market growth, and several other market insights to aid companies in making strategic decisions. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to help our clients to stay ahead of the curve.

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