Digital substations have a key role
to play in helping grid operators meet their challenges through higher levels
of control, responsiveness, cost management and safety. They help boost the
flexibility and responsiveness of transmission and distribution grids by
capturing and using accurate, real-time data to control grid stability and
react quickly to changing grid conditions. As power generation sources become
increasingly distributed, intermittent and volatile, achieving the levels of
control and performance needed requires a more intelligent, efficient and
reliable grid. This is now possible with the significant advances in grid
automation technology in recent years, including the development of digital
substations.
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Intelligent electronic devices
(IED), generic object-oriented substation event (GOOSE), station and process
bus, global positioning system (GPS), time clock, merging units, are the key
constituents of digital substations. Electronic fiber optic coherence
tomography (CT), and voltage transformers (VT) are also a few of them. Growing
prominence on the replacement and redevelopment of aging infrastructure is one
of the primary drivers of the digital substation market. Grid transition in
communication and energy is also driving the market. The increasing demand for
reliable power supply system, is another reason for the growth of the digital
substation market. The installation of digital substation requires high initial
investment, which might restrain its expansion. Many companies have adopted the
phase-wise installation of digital substations to tackle the budget constraints
of installation. Also, in the long run, digital substations could reduce cost
and improve efficiency. Rapid industrialization in many emerging countries, is
one of the investment opportunities in the digital substation market.
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Asia
Pacific Digital Substation market, expected to grow at the highest CAGR
The global digital substation
market is segmented into four prominent region such as, Asia Pacific, North
America, Europe and Rest of the World. Asia Pacific dominated the digital
substation market, owing to expansion of the power distribution network in the
major regional economies such as India and China as infrastructural development
in rural areas. Increasing demand for redeveloping old infrastructure and
rising implementation of digital substations across major Asia Pacific cities,
are majorly driving the digital substation market. Asia Pacific was followed by
America. Also, Asia Pacific is expected to remain the fastest growing market
for digital substations, driven by several upcoming projects in the renewable
and green energy sources and distribution network expansion in major regions.
Leading
Players
The key players of global digital
substation market are ABB Ltd. (Switzerland), Siemens AG (Germany), 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).
Scope
of the Report
This research report provides
insights, on various levels of analysis such as industry analysis, and market
share analysis for the leading players along with their profiles. It also helps
in studying the target segments by providing views on emerging &
high-growth segments. The market data comprises the basic assessment of the
competitive scenarios & strategies in the global digital substation market,
including high-growth regions and/or countries, and political, & economic
environments. The project report, further, provides views on both the
historical market values and pricing & cost analysis.
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