Global Digital Substations Market Overview Digital substation refers to a combination of switchgear, transformers, substation automation, monitoring and diagnostics, and the standard process bus process, and acts as a backbone of smart grids. Digital substations also provide real time phasor measurement data, increasingly, which is required to control the power flow and keep the grid stable, despite the rapidly increasing share of intermittent renewable energy sources. Further, older power distribution networks and expansion of the power distribution in developing nations are expected to pose as the primary drivers of the global digital substation market during the forecast period. The global digital substations market is anticipated to exhibit a 7.5% CAGR during the forecast period, as suggested by the experts at Market Research Future (MRFR). Industrial development across the globe, along with the increased digitization in many end-user industry verticals are anticipated to boost the market growth over the forecast period. Innovation observed in digitization is aiding not only in the invention of new products, but also for the upgradation of available products and technologies. Digital substations are known to enable electric power utilities for increasing productivity, reduction of carbon footprint, and a rise in the functionality. These features of digital substations are anticipated to drive the global digital substation market to a great extent. Market Segmentation The global digital substation market is studied for various segments that are based on module, type, voltage, industry, and region. Based on module, the global digital substation market is segmented into hardware, SCADA, and fiber optic communication network. The hardware segment is estimated to lead the global digital substation market during the forecast period. The hardware module segment is further sub-segmented into transformers, bus bars, protective devices, and interfacing units. Among these sub-segments, the transformers segment is bound to form a major part of the global digital substation market. This can be owed to the extensive use of transformers in digital substations. Based on type, the global digital substation market is segmented into distribution substation and transmission substation. Distribution substation segment dictated the global digital substation market at the beginning of the forecast period. This segment is also projected to upscale at the fastest rate over the forecast period. Phenomenal growth in urbanization and industrialization across the globe is expected to boost the distribution substation market during the forecast period. Based on voltage, the global digital substation market is segmented into 220 kV, 220-550 kV, and above 550 kV. Among these segments, the above 550 kV segment is known to dominate the global digital substation market over the forecast period. This can be accredited to the suitability of the above 550 kV substation in almost all industry applications. Based on industry, the global digital substation market is segmented into metal, utility, mining, oil & gas, and transportation. Among these sectors, the utility sector dominated the global digital substation market in 2016 and is projected to proliferate at the fastest rate over the forecast period. The utility industry is one of the most booming application areas when it comes to digital
substations, due to the high demand-supply gap in the energy in almost all developing and developed nations. Detailed Regional Analysis The global digital substation market is studied for the regional segments of North America, South America, Asia Pacific, Europe and the Middle East & Africa. The global digital substation market is anticipated to witness remarkable ascension during the forecast period, owing to the impactful rise in the transmission and distribution network and growing demand for power. Asia Pacific is estimated to remain the most dominant region in the global digital substation market. Key Players Some prominent players in the global digital substation market, as mentioned in the profiling of the MRFR analysis include ABB Ltd. (Switzerland), Siemens AG (Germanay), 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). About Market Research Future: At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services. Contact: Market Research Future +1 646 845 9312 Email: sales@marketresearchfuture.com