Digital Substation Market size is anticipated to grow substantially owing to the increasing usage of smart grid technology, the rise in substation modernization, and growing need for low-cost and flexible power solutions. Several countries are depending heavily on renewable energy sources for power generation, a major factor that drives the industry growth. In economies including Brazil, China, and India, electricity consumption is rising thereby driving the demand for smart grids. In addition, the digital substation market is witnessing a growing demand for electricity coupled with the rise in government funding initiatives in partnership with the regional utility companies, driving the global digital substation market.
The substantial growth of the digital substation market can be majorly attributed to the rising need to replace and redevelop the legacy infrastructure in developed countries to serve a large customer base. The industry is witnessing a growing trend of digital transformation across several end-use sectors as these systems provide enhanced safety, high efficiency, easy maintenance, investment security, and built-in cybersecurity. A major driving factor for the high adoption of these stations is the improved communication capability of the digital systems.
Request for an in-depth table of contents for this report @ https://www.gminsights.com/request-toc/upcoming/2441
Several companies are installing digital monitoring systems to tackle the budget constraints of installations as in the long run, these systems will help in increasing the efficiency and reducing costs. However, the need for high initial investment in the utility sector will hinder the digital substation market growth but with the ongoing industrialization in several developing economies, the industry will witness a rise in investments from several government entities to modernize their legacy utility infrastructure. In addition, the rise in installation costs of IEDs, growing threats of malicious attacks, and a surge in CAPEX related to the installation of sensor networks might limit the digital substation market growth.
The digital substation market is segmented based on types as distribution and transmission substations. The transmission digital substation market will witness high growth over the coming years owing to the growing demand from end-use industries to replace the legacy utility infrastructure. To avoid power outages owing to inferior standards, investor-owned utilities are investing heavily in upgrading their transmission substations by installing the digital systems, which is attributing to the growth of the segment. The industry is witnessing a rise in the renewable energy projects and government initiatives such as digitalization, smart cities, and huge digital makeover requirement of current grid systems, which is expected to create several growth opportunities for players operating in the global digital substation market.
Based on the voltage, the digital substation market is segmented into systems with up to 220 kV, 220 to 550 kV, and above 550 kV energy. Several industries are implementing are up to 550kV. These systems are mostly used in space-restricted areas such as urban and industrial areas. The 220kV to 550kV digital substation market is anticipated to show a high growth rate owing to growing investments by key players in the utility sector, mainly in the transmission infrastructure. For instance, in April 2017, Larsen & Toubro Limited announced that the company acquired a power transmission and distribution contract worth USD 817 million from the Government of Qatar to build 30 new substations of varying voltage levels across Qatar.
Based on the end-use industry, the digital substation market is classified into metal, mining, utility, transportation, and oil & gas sectors. The utility sector accounted for the majority of the market share owing to the rise in demand for renewable energy sources such as hydro, wind, and solar to meet the end-use demand for power generation. The digital substations are being implemented to a high extent in the utility sector owing to their high usage in distributing and transmitting power. The sector has witnessed a high demand & supply gap in the majority of the developed and developing economies. The industry is witnessing a rise in the number of project launches, such as solar projects in the Middle East and Asia Pacific countries, driving the utility digital substation market growth.
Make an inquiry for buying this report @ https://www.gminsights.com/inquiry-before-buying/2441
Asia Pacific digital substation market is expected to grow at a high rate owing to the expanding power distribution networks in countries including India, Singapore, Indonesia, Malaysia, and Taiwan. The region has witnessed a rise in the electricity consumption owing to the large consumer base and fast industrialization. Moreover, increasing government initiatives to enhance the legacy infrastructure and ongoing projects, such as building renewable energy sources of high voltage capacity, are supporting the regional digital substation market growth. For instance, in August 2016, Singapore Power (SP), a private entity of the gas & electricity division of the Singapore Public Utilities Board and General Electric (GE) announced a strategic collaboration with an aim to implement digital substation in the existing infrastructure as a part of SP Centre of Excellence’s SPEAR (Singapore Power Advanced Research & Development) program.
Some key players operating in digital substation market include Emerson Electric, Cisco Systems Inc., Larsen & Toubro, ABB Ltd., NR Electric Co., Ltd., Siemens AG, Eaton Corporation, General Electric, Honeywell International, Inc., and Schneider Electric, among others. The industry is witnessing a rise in strategic partnerships, agreements, new product developments, and acquisitions. For instance, ABB Ltd., a major player in the digital substation market is focusing on new product development to maintain a leading position and share in the global competitive landscape. The company has successfully provided power transmission infrastructure for the onshore as well as offshore transmission substations. The company also efficiently integrated into Rampion offshore wind farm and extended the existing substation, which received the wind power.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
Corporate Sales, USA
Global Market Insights, Inc.
Toll Free: 1-888-689-0688