Market Highlights:
Digital Substation market is expected to grow at 7.5% CAGR during the period 2017 to 2023. The global digital substation market is expected to witness a remarkable growth during the forecast period. This is due to the considerable increase in transmission & distribution network and growing demand for power. The digital substation market is expected to have a huge number of advancements over the forecast period, owing to continuous developments in power industry coupled with growing technological advancement preferences for high end features in transmission and distribution system. The market is also expected to have high expansion activities by multinationals and well-established companies.
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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.
Segmentation
Global digital substation market has been segmented based on module, type, voltage, industry and region.
Based on module the market has been segmented as hardware, fiber optic communication network and SCADA.
Based on type the market has been segmented as transmission substation, and distribution substation.
Based on the voltage, the market has been segmented as up to 220 kV, 220–550 kV, and above 550 kV.
Based on industry, the market is segmented into utility, metal, mining, oil & gas and transportation.
Digital Substation Market Key Companies Studied in This Research Report Are:
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).
Regional Outlook
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.
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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