Digital Substation Market - Overview
The
ease in maintaining digital substations is predicted to transform the Digital Substation
Market 2020. The power generation, transmission
and distribution reports are made by Market Research Future, which includes
market options for expansion. A 7.5% CAGR is estimated to shape the market in
the upcoming period. A detailed
analysis report of COVID-19
impact on Digital Substation Market is provided with the report.
The change of the power
generation to an optical system from a wired is predicted to transform the
digital substation market size. The augmented digitization in many sectors is
foreseen to bolster the digital substation market size in the impending period.
The reduction in material costs is estimated to promote the digital substation
market further.
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Segmental Analysis
The segmental
investigation of the digital substation market has been segmented based on
type, voltage, module, industry and region.
On the basis of the
voltage, the market for digital substation is segmented into 220–550 kV, up to
220 kV, and above 550 kV.
Based on the regions, the
market for digital substation has been segmented into Asia Pacific, Europe,
North America and the rest of the regions.
Based on the industry,
the market for digital substation has been segmented into metal, mining, oil
& gas, utility, and transportation.
Based on the modules, the
market for digital substation is segmented into fiber optic communication
network, hardware, and SCADA.
Based on the type, the
market for digital substation is segmented into distribution substation and
transmission substation.
Regional Analysis
The regional assessment
of the Digital
Substation Industry has been segmented into Asia
Pacific, Europe, North America and the rest of the regions. The Asia Pacific
digital substation market is projected to continue as the foremost region in
terms of the need for digital substations. The power segment controls a robust
base in the Asia Pacific, due to a great demand for energy together with
increasing conservative and non-conventional power generation plants. The
market for a digital substation in the Asia Pacific region is also being
pressed towards presenting developed and consistent solution for distribution
and transmission activity. The digital substation market is anticipated to
observe outstanding progress throughout the forecast period. This is owing to
the extensive growth in transmission & distribution network and mounting
demand for power.
Competitive Analysis
The reinforcement of the
distribution channels is estimated to further place the market in the right
place for the future. The emphasis on marketing strategies is estimated to
decline due to the focus being placed on cost optimization. The market is
estimated to be energized by the incentives offered by the governments and the
initiatives taken to spur the global market. The trade blockades are, however,
estimated to slow down the momentum that could be attained by the market. The
companies in the market are estimated to solely focus on getting their growth
paths back on track to maximize the opportunities that may arise. The
contender's progress in the market is estimated to be bolstered by the
innovations that are being undertaken to enhance the core product offering in
the upcoming period.
Prominent Players
Analysis:
The significant companies
of the digital substation market are Honeywell International Inc. (U.S.),
Siemens AG (Germany), General Electric Company (U.S.), Schneider Electric
(France), Cisco Systems, Inc. (U.S.), Eaton Corporation plc (Ireland), Emerson
Electric Co. (U.S.), NR Electric Co., Ltd. (China), ABB Ltd. (Switzerland), and
Larsen & Toubro (India).
Industry Updates:
June 2020 A Digital
Substation Automation Systems (DSAS) enterprise has been introduced to augment
the power grid's interoperability, modularity, and scalability to hasten the
attempt towards carbon neutrality by 2050. LF Energy, in collaboration with Schneider
Electric, RTE, Alliander, GE Renewable Energy, and other foremost
administrations in the energy sector, also launched recently the principal
project under DSAS: CoMPAS, or Configuration Modules for Power industry
Automation Systems.
Browse Complete Digital Substation Market
Report at: https://www.marketresearchfuture.com/reports/digital-substation-market-5363
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