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. A
detailed analysis report of COVID-19
impact on Digital Substation Market Size is provided with the report.
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.
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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