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.
Growing
prominence on the replacement and redevelopment of aging infrastructure is one
of the primary drivers of the digital
substation market share. 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.
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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