Digital Substation Market
Overview:
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. Digital substation is a combination of switchgear, transformers,
substation automation, monitoring & diagnostics and the standard process
bus process, and acts as the backbone of smart grids. They even provide real
time phasor measurement data, increasingly, required to control the power flow
and keep the grid stable, despite the rapidly increasing share of intermittent
renewable energy sources. Aging power distribution network and expansion of the
power distribution in developing nations, are expected to remain the key
drivers for the global market for digital substations during the forecast
period.
Digital Substations
enable electric power utilities to increase productivity, reduce footprint,
increase functionality, improve the reliability of assets and, crucially
improve safety for service personnel. Digital Substations exploit the benefits
of digital protection, control and communication
technologies, mirroring
the trend towards digitalization seen in many other industries. This trend of
digitalization also applies to other areas of the substation. Within
medium-voltage switchgear panels, for example, the horizontal exchange of IEC
61850-8-1 GOOSE and sampled analog values reduce wiring and accelerate the
testing and commissioning. Digitalized technology can, continuously, monitor
mission-critical functions of power transformers and High-voltage switchgear,
while performing real-time simulation and diagnostics, meaning pro-active
management of the assets lifecycle is possible.
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).
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.
About Market Research Future:
At
Market Research Future (MRFR), we enable our customers to unravel the complexity
of various industries through our Cooked Research Report (CRR), Half-Cooked
Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research
(CFR), and Market Research & Consulting Services.
No comments:
Post a Comment