Global Digital Substation Market Overview
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.
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.
Market Segmentation
By the mode of module, the market is segmented into
hardware, fiber optic communication network and SCADA.
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.
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).
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