Overview and Scope
The term digital substation refers to an electrical substation in which operation is controlled by distributed intelligent electronic devices (IEDs) linked by communication networks. It is possible by the use of computing technologies in the substation. It is used to communicate between the relays in the control house and the instrument breakers, transformers, and merging units in the station yard. The digital substation brings digital technology into the substation.
Sizing and Forecast
The digital substation market size has grown rapidly in recent years. It will grow from $7.3 billion in 2023 to $8.03 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The growth in the historic period can be attributed to increased in energy demand, enhanced grid monitoring requirements, cost savings in operation and maintenance, regulatory compliance requirements..
The digital substation market size is expected to see rapid growth in the next few years. It will grow to $12.51 billion in 2028 at a compound annual growth rate (CAGR) of 11.7%. The growth in the forecast period can be attributed to grid decentralization, electrification of transportation, standardization and interoperability, rapid urbanization and electrification. Major trends in the forecast period include increasing adoption of iot and sensors, edge computing for real-time processing, artificial intelligence and machine learning applications, remote monitoring and maintenance, resilient communication networks..
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Segmentation & Regional Insights
The digital substation market covered in this report is segmented –
1) By Voltage Level: Low, Medium, High
2) By Type: Transmission, Distribution
3) By Module: Fiber Optics Communication Network, Supervisory Control And Data Acquisition, Hardware
4) By Industry Vertical: Power Generation, Metal & Mining, Oil & Gas, Transportation & Logistics, Defence & Aerospace, Process & Manufacturing, Other Industry Verticals
Europe was the largest region in the digital substation market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the digital substation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increase in demand for electricity is expected to propel the growth of the digital substation market. Digital substations are actively used in replacing traditional copper cable with advanced fiber optics transmitters to convert electrical signals to optical signals. Digital substations are also used in power grids and transformers to minimize losses during transmission of electricity. For instance, in November 2021, according to the International Energy Agency’s semi-annual Power Market Report, the global electricity demand is expected to climb by 5% in 2021 and 4% in 2022. The amount of electricity generated by renewables is expected to rise as well, by 8% in 2021 and over 6% in 2022. Therefore, the increase in demand for electricity is driving the digital substation market growth.
Key Industry Players
Major companies operating in the digital substation market report are ABB Ltd., NR Electric Co. Ltd., Eaton Corporation Inc., Schneider Electric SE, General Electric Company, Larsen & Toubro Ltd., Siemens AG, Tekvel, Toshiba Corporation, YAMAL LNG, DNV GL, Hitachi Ltd., iGrid S. L., Kalki Communication Technologies Private Limited, Locamation, Panasonic Corporation, Cisco Systems Inc., Honeywell International Inc., Emerson Electric Co., Mitsubishi Electric Corporation, Schweitzer Engineering Laboratories Inc., G Power and Industrial Solutions Limited, Arteche Group Corporation, EFACEC Power Solutions SGPS S. A., Alstom Ltd., Hyundai Electric & Energy Systems Co. Ltd., Powell Industries Inc., Rittal GmbH & Co. KG, Belden Inc., Beckwith Electric Co. Inc., ERLPhase Power Technologies Ltd.
The digital substation market report table of contents includes:
1. Executive Summary
2.Digital Substation Market Characteristics
3. Digital Substation Market Trends And Strategies
4. Digital Substation Impact Of COVID-19
5.Digital Substation Market Size And Growth
6. Digital Substation Segmentation
7. Digital Substation Regional And Country Analysis
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27.Digital Substation Competitive Landscape And Company Profiles
28.Digital Substation Key Mergers And Acquisitions
29.Digital Substation Future Outlook and Potential Analysis
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