The global market report on the digital substation market is slated to record 7.5% CAGR during the forecast period of 2022 to 2030. Market Research Future (MRFR) has predicted that this growth would be backed by factors like rising environmental concerns, inclusion of advanced technologies, implementation of cost-effective measures, and others. However, the initial installation cost can create some hindrances for the market.
Competitive Landscape:
The global market report on digital substation has a study on companies like Siemens AG (Germany), ABB Ltd. (Switzerland), Schneider Electric (France), General Electric Company (U.S.), Eaton Corporation plc (Ireland), Honeywell International Inc. (U.S.), Cisco Systems, Inc. (U.S.), NR Electric Co., Ltd. (China), Emerson Electric Co. (U.S.), and Larsen & Toubro (India). MRFR analysts have included changes made in the past few years to understand how well the market is placed and how much it would profit in the coming years from various impacting trends.
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Industry News:
The
COVID-19 crisis has triggered certain changes in the market by
disrupting the supply chain and impacting the financial support. This
may influence some modification in the strategic moves.
In June 2020, A Digital Substation Automation Systems (DSAS) has been launched to support the movement to make power grids carbon neutral by 2050. LF Energy also announced that they are collaborating with GE Renewable Energy, RTE, Alliander, Schneider Electric, and other eminent teams from the energy sector, to launch the first project under DSAS: CoMPAS (Configuration Modules for Power industry Automation Systems).
Segmentation:
The global report on the digital substation market has been studied by MRFR analysts for details that can help in forming strategies in the coming years. This study has segmented the market into module, type, voltage, and industry.
By module, the global digital substation market report includes fiber optic communication network, hardware, and SCADA. The hardware segment is projected to lead the digital substation market till 2023. The hardware segment can be studied on the basis of bus bars, protection devices, transformers, and interfacing units. Transformers play a crucial role in spurring the market growth as it is essential component for any substation.
By type, the report on the digital substation market includes transmission substation, and distribution substation. The distribution substation had a dominating effect on the market in 2016 and is on a track to be the fastest-growing segment. Its growth gets triggered by expanding residential sector and increasing urbanization.
By voltage, the report discussing possibilities for the digital substation market includes a study of 220–550 kV, 220 kV, and above 550 kV. Above 550 kV segment used to dominate the market in 2016 and is slated to outpace others during the forecast period. Its popularity depends on its favorable rapport with varied industry applications.
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By industry, the content of the digital substation market report includes segments like metal, oil & gas, mining, utility, and transportation. The utility sector had the upper hand in the market in 2016 and is expected to surpass others in terms of momentum during the forecast period. The utility industry would profit from the high demand-supply gap in energy in various developing and developed nations. It is also going to benefit from the rising demand for renewable energy sources like solar, wind, and hydro.
Regional Analysis:
In North America and Europe, growth in the digital substation market would be easy as both these regions have investment capacity and advanced infrastructural benefits. In Asia Pacific, developing regions are making a mark.
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