Substation
Market Insight
According
to Market Research Future, the global Substation
Market is anticipated to inflate at 7.5% CAGR at the time of forecast
period. It is the industrial development across the globe that has increased
digitization in many sectors, thus motivated the market’s growth over the
years.
Market
Drivers & Trends
Global
digital substation market has witnessed unprecedented growth in recent years
and is expected to witness the same increase in the forecast period. Innovation
in the market of digitization is not only associated with the development of
new products but also the upgrades of the available products and technologies.
One of the most noteworthy innovations in digital substations. Substations are
a component of electrical generation, distribution, and transmission systems.
Its function is to transform current from high voltage to low voltage and vice
versa with the help of transformers.
The
change of the power generation from a wired to an optical network is the reason
for the evolution of digital substation. It is also a constant supply system
for power generation. The digital substations are usually governed by the
International Electro-technical Commission (IEC) code IEC 61850. Digital
substations thus improve the measurement accuracy and record the information.
With the installation of digital substations, the cost of material generated
can be mainly reduced, and less space are required. These factors are a key one
to drive the market over the forecast period.
Substation
Market Segmentation
Global
digital substation market is segmented based on module, type, voltage, and
industry.
By
the mode of module, the market is segmented into hardware, fiber optic
communication network and SCADA. Among these, the hardware is thus projected to
lead the digital substation market throughout 2023. The hardware module
consists of components such as transformers, bus bars, protection devices, and
interfacing units. Transformers form a significant part of the market, as they
are the primary components that are installed in the substation. These hardware
components have a considerable share of the overall market, due to its
wide-ranging use in digital substations.
On
the mode of type, the market is segmented as transmission substation and
distribution substation. Where distribution substation led the market in 2016
and is probable to be the fastest-growing segment for the digital substation.
The exceptional growth in urbanization and industrialization across the world
is likely to enhance the expansion for distribution substation market in the
estimated period.
On
the mode of the voltage, the market is segmented into up to 220 kV, 220–550 kV,
and above 550 kV. Wherein, above 550 kV led the market in 2016 and is
anticipated to be the fastest-growing Voltage over the coming five years. The
suitability of above 550 kV substations is constructive in all industry
applications.
On
the mode of the industry, the market has been segmented into utility, metal,
mining, oil & gas and transportation. Among them, the utility sector led
the market in 2016 and is now likely to be the fastest-growing application in
the coming years. The utility industry is one of the flourishing application
areas about digital substations, due to the high gap in demand-supply in energy
in most of the developing and developed nations. The growth can be accredited
to the boost in demand for renewable energy sources, such as wind, solar, and
hydro to congregate the consumers demand power generation. Digital substations
have a massive reach in the utility industry as these systems are used in
transmitting and distributing power.
Regional
Outlook
The
study of the global digital substation market regionally has been done under
the critical regions of North America, Europe, Asia Pacific (APAC) and Rest of
the World (ROW).
Among
these, Asia Pacific is likely to stay as the leading region in terms of demand
for digital substation. The power sector holds a robust ground in the Asia
Pacific, due to the high demand for energy coupled with surging conventional
and non-conventional power generation plants. The digital substation market in
the Asia Pacific is also being pushed towards offering an advanced and reliable
solution for transmission and distribution activity.
On
the other hand, North America is also likely to hold a higher market share for
digital substations in the forecast period. The growth is accredited to the
augmented adoption of digital substations with the incidence of
well-established players across the region, especially in the U.S. and Canada.
Key
Players
The
well-known players of global digital substation market are listed as 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).
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