Market Insight
According to Market Research Future, the global
digital 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 Share 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.
Digital 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.
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).
No comments:
Post a Comment