Digital substation is a combination of digital analytics, automation, and monitoring capabilities embedded in power-systems management for power-grids. It provides real-time power-grid management for faster & better capabilities. It enables electric power utilities to increase productivity, increase functionality, reduce footprint, improve safety for service personnel and improve the reliability of assets.
According to study, “Global Digital Substation Market Size study, by module (Hardware, Scada systems and fiber optic communication network), Type (transmission substation and distribution substation), Industry (utility, metal, mining, oil & gas and transportation) and Regional Forecasts 2018-2025” the key companies operating in the global digital substation market are Schneider Electric SE, NR Electric Co. Ltd., ABB Ltd., Emerson Electric Co., Siemens AG, Larsen & Toubro, General Electric, Cisco Systems Inc., Honeywell International Inc., Eaton Corp. Ltd., Belden Inc., Beijing Sifang Automation Co., Ltd., Larsen & Toubro Limited, Open Systems International, Inc., Guodian Nanjing Automation Co., Ltd., Netcontrol Group, Locamation, Schweitzer Engineering Laboratories, Inc., EFACEC.
Based on component, digital substation market is segmented into the communication network, substation automation system, monitoring & control system, electrical system, and others. The monitoring & control system is further sub-segmented into the programmable logic controller, human-machine interface and others. The electric system is further sub-segmented into busbar, transformer and protection devices (circuit breaker, switchgear, and protective relay). Based on architecture, market is segmented into process, station and bay. Based on connectivity, market is segmented into < 33 kV, 33 kV -110 kV, 110 kV-220 kV, 220 kV-550 kV and > 550 kV. Based on voltage level, the market is segmented into a low level, medium level, and high level. Low voltage level segment is projected to witness significant growth due to its wide range application across power & infrastructure sectors and process industries during the forecast period. Based on the application, the market is segmented into a distribution substation and transmission substation. In addition, based on the end-use industry, the market is segmented into oil & gas, metal, transportation, and utility.
The digital substation market is driven by a rise in demand for battery technology to generate electricity, followed by an increase in demand for renewable energy projects in market, growth in infrastructure development in smart cities, rise in demand to replace traditional substation infrastructure, reduces maintenance costs & improved safety and increase in power demand with limited space availability. However, high initial investment costs and controlling cybersecurity risks may impact the market.
Based on geography, the Asian-Pacific region dominates the digital substation market owing to growth in initiatives taken by the government to improve its power & energy sector to ensure clean energy generation and rise in demand for energy to support the local manufacturing units in the region. The North-American and European regions are anticipated to witness higher CAGR due to the presence of well-established players and rise in commercial & industrial development in the regions. It is predicted that the future market will be optimistic on account of a considerable rise in transmission & distribution network and increase in power demand with limited space availability during the forecast period. It is expected that the market will be reached at the US $11.5 billion by 2025.
To Know More, Click On The Link Below:-
Ankur Gupta, Head Marketing & Communications