The GMI Research expects the digital substation market to expand at a significant rate. From a regional perspective, the APAC is projected to lead the market due to the increasing emphasis on the modernization of industrial applications. The government is launching different projects related to green energy sources, renewable energy sources, and distribution network expansion will further drive the market growth.
Request for a FREE Sample Report on Digital Substation Market
Digital Substation Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The rising electricity demand, the increasing smart grid networks, and the strong demand to replace traditional substation technology globally are the major factors surging the growth of the digital substation market size. The life span of grid infrastructure is around 38-52 days. The infrastructure is impacted by various cosmic breakdowns, such as fraying wiring and loosening screws. For example, power outages took place all around the U.S., where in New York, Los Angles, and San Francisco were the most influenced areas in April 2017. In the outrage, each area experienced infrastructural issues, including communication networks, supply chains, mass transportation, and shut down in business commerce, which led to the huge monitory loss. Thus, to reduce such risks, business is opting for digital substation technology as it provides high-performance digital sensors, durability, and shorter installation time.
The growing development in renewable energy projects like solar and wind is expected to bring lucrative opportunities for the market across the world. On the other hand, the factor hampering the growth of the market include the rising initial investment in digital substation technology is better than traditional substation technology.
Module Segment Drivers
Based on the module, the fiber optic communication network segment is anticipated to grow at a higher CAGR in the forecast period. All the hardware in a substation is connected to each other through a fiber optic cable and ensures that communication of data among modules makes the digital substation system easy to control and efficient. Thus, the strong demand for fiber optic communication networks in the upcoming years is a key factor propelling the demand of the segment.
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 Segmentation:
Segmentation by Module:
- Hardware
- Transformers
- Busbars
- Protection Devices
- Circuit Breakers
- Protective Relays
- Switchgears
- Interfacing Units
- Human-Machine Interfaces
- Remote Terminal Units
- Programmable Logic Controllers
- 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
- Non-Renewables
- Renewables
- Metal
- Mining
- Oil & Gas
- Transportation
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
About GMI Research
GMI Research is a market research and consulting company that provides syndicated research reports, consulting services, and customized market research reports. Our reports are based on market intelligence studies to ensure relevant and fact-based research across numerous sectors, including healthcare, automotive, information technology & communication, FMCG, and other industries. GMI Research’s deep understanding related to the business environment helps us in generating objective strategic insights. Our research teams consisting of seasoned analysts and researchers have hands-on experience in various regions, including Asia-pacific, Europe, North America, and the Rest of the World. The market research report offers 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.
Media Contact
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Email: enquiry@gmiresearch.com
Phone: Europe – +353 1 442 8820; US – +1 860 881 2270
Address: Dublin, Ireland
Website: www.gmiresearch.com
