Digital Substations Market Forecasts to 2028 – Global Analysis By Type (Transmission, Distribution), Voltage (Low, High), Architecture (Station, Bay, Process), End User (Oil & Gas, Utility) and By Geography
According to Stratistics MRC, the Global Digital Substations Market is accounted for $6.40 billion in 2020 and is expected to reach $12.85 billion by 2028 growing at a CAGR of 9.1% during the forecast period. Growing usage of smart grid technology, increase in substation modernization and rising need for low-cost and flexible power solutions are driving the market growth. However, high initial investment is hampering the growth of the market.
Digital substation is an amalgamation of switchgear, transformers, substation automation, monitoring & diagnostics and the standard process bus process, and acts as the backbone of smart grids. They even grant real time phases measurement data, increasingly, required to control the power flow and keep the grid stable, despite the quickly rising share of alternating renewable energy sources.
Based on the voltage, the 220kV to 550kV segment is going to have lucrative growth during the forecast period due to the rising investments by companies in the utility sector, chiefly in the transmission infrastructure. These systems are mainly used in space-restricted places such as metropolitan and industrial areas.
By geography, North America is going to have high growth during the forecast period due to the rising the demand for electricity consumption is increasing because of the large consumer base and rapid industrialization in the region. Moreover government initiatives to enhance the legacy infrastructure and ongoing projects increase market growth.
Some of the key players profiled in the Digital Substations Market include Fuji Electric Co., Ltd., ABB Ltd, Siemens Corporation, Schneider Electric S.E., Cisco Systems, Inc., Honeywell International Inc., Eaton Corporation, Emerson Electric Co., NR Electric Co., Ltd., Larsen & Toubro Limited, Cadillac Automation and Controls and TEKVEL Ltd.
Estimated Market Size in 2020:
USD 6.40 billion
Compound Annual Growth Rate (CAGR) from 2020 to 2028:
Predicted 2028 Value:
USD 12.85 billion
Tables, Graphs & Figures
Type, Voltage Level, Module, Installation Type, Architecture, Voltage, End User and Region
Core Drivers and Opportunities:
Restraining Factors & Market Threats:
• Transmission Substation
• Distribution Substation
Voltage Levels Covered:
• Supervisory Control and Data Acquisition (SCADA) Systems
• Hardware (Electrical System)
• Interfacing Units
• Fiber Optic Communication Network
• Substation Automation System
Installation Types Covered:
• New Installations
• Retrofit/Refurbished Installations
Architecture s Covered:
• Below 33 kV
• 33kV- 66kV
• 66kV to 110 kV
• 110kV-220 kV
• 220–550 kV
• Above 550 kV
End Users Covered:
• Metal & Mining
• Oil & Gas
• Heavy Industries
• Power Generation
• Transportation & Logistics
• Defense & Aerospace
• Process & Manufacturing
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2019, 2020, 2021, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Key Questions Answered In The Report
The Global Digital Substations Market is majorly driven by the growing usage of smart grid technology, increase in substation modernization and rising need for low-cost and flexible power solutions.
The 220kV to 550kV segment is growing at a highest CAGR as these systems are mainly used in space-restricted places such as metropolitan and industrial areas.
North America dominated with a significant market share due to the rising the demand for electricity consumption is increasing because of the large consumer base and rapid industrialization in the region.
Asia Pacific market is growing at a highest CAGR due to the increasing power allocation networks in countries including India, Singapore, Indonesia, Malaysia, and Taiwan.
Key players in Digital Substations Market include Fuji Electric Co., Ltd., ABB Ltd, Siemens Corporation, Schneider Electric S.E., Cisco Systems, Inc., Honeywell International Inc., Eaton Corporation, Emerson Electric Co., NR Electric Co., Ltd., Larsen & Toubro Limited, Cadillac Automation and Controls and TEKVEL Ltd.
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