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The digital substation market will grow at an 8.5% CAGR over the forecast period and reach a sizeable amount by 2030.
An integral component of the overall distribution system is a digital substation. The equipment is utilised in the substation to improve signal-based digital communication. Additionally, fiber-optic communication networks connect it. The market is expanding quickly due to the development of smart cities' infrastructure. The market for digital substations is being driven by the rising demand for scarce space, the replacement of outdated infrastructure, and improved levels of interoperability and safety. Huge commercial potential are being created by battery technology for renewable energy initiatives.
The Asia Pacific area will dominate one of the markets due to the expansion of transmission and distribution networks and the region's rising power demand. As a result of the presence of both conventional and non-conventional power producing facilities, the energy demand for the power industry in the Asia Pacific region is diverse. Due to the sophisticated and dependable solution for transmission activities, the market for digital substations will have healthy expansion. the increased use of smart metres to track usage and access data in residences, coupled with substation load control. The market for digital substations will eventually achieve its anticipated valuation thanks to these growth drivers.
The International Electro-technical Commission (IEC) code IEC 61850 governs digital substations. The three primary functional levels of digital substations are bay level, process level, and station level. The process work station is where the signals are sent from. The bay level work station is where the system protection and control activities are carried out. The engineering and reporting tasks are completed at the station level. The digital substations are constructed using optical coherence tomography (OCT), which takes up a lot less space than analogue substations. Digital substations improve measurement precision and information generation recording. As fewer wires and less space are needed when installing digital substations, material costs can be significantly decreased. Due to the integrated, standardised interface, maintaining digital substations is simpler than maintaining traditional substations. The security system of digital substations has improved as a result of the integration of cutting-edge technology and creative practises like the use of Ethernet.
The global digital substation market has been divided into segments based on geography, industry, voltage, type, module, and type. The market is divided into hardware, fibre optic communication networks, and SCADA based on module. Through 2023, it is anticipated that the hardware segment would rule the digital substation market. Transformers, bus bars, protective mechanisms, and interfacing units are a few of the parts that make up the hardware module. Due to the fact that they are the main components installed in the substation, transformers make up a sizable portion of the market. Due to their widespread use in digital substations, these hardware components account for the biggest market share.
Report Coverage
Global Digital Substation research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Digital Substation report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Digital Substation competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Digital Substation market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Digital Substation market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Digital Substation market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
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)
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Digital Substation market based on the below-mentioned segments:
Global Digital Substation Market, By Type
Transmission Substation
Distribution Substation
Global Digital Substation market, By Module
Hardware
Fiber Optic Communication Network
SCADA
Global Digital Substation Market, By Industry
Utility
Metal
Mining
Oil & Gas
Transportation
Global Digital Substation market, Regional Analysis
An integral component of the overall distribution system is a digital substation. The equipment is utilised in the substation to improve signal-based digital communication. Additionally, fiber-optic communication networks connect it. The market is expanding quickly due to the development of smart cities' infrastructure. The market for digital substations is being driven by the rising demand for scarce space, the replacement of outdated infrastructure, and improved levels of interoperability and safety. Huge commercial potential are being created by battery technology for renewable energy initiatives.
The Asia Pacific area will dominate one of the markets due to the expansion of transmission and distribution networks and the region's rising power demand. As a result of the presence of both conventional and non-conventional power producing facilities, the energy demand for the power industry in the Asia Pacific region is diverse. Due to the sophisticated and dependable solution for transmission activities, the market for digital substations will have healthy expansion. the increased use of smart metres to track usage and access data in residences, coupled with substation load control. The market for digital substations will eventually achieve its anticipated valuation thanks to these growth drivers.
The International Electro-technical Commission (IEC) code IEC 61850 governs digital substations. The three primary functional levels of digital substations are bay level, process level, and station level. The process work station is where the signals are sent from. The bay level work station is where the system protection and control activities are carried out. The engineering and reporting tasks are completed at the station level. The digital substations are constructed using optical coherence tomography (OCT), which takes up a lot less space than analogue substations. Digital substations improve measurement precision and information generation recording. As fewer wires and less space are needed when installing digital substations, material costs can be significantly decreased. Due to the integrated, standardised interface, maintaining digital substations is simpler than maintaining traditional substations. The security system of digital substations has improved as a result of the integration of cutting-edge technology and creative practises like the use of Ethernet.
The global digital substation market has been divided into segments based on geography, industry, voltage, type, module, and type. The market is divided into hardware, fibre optic communication networks, and SCADA based on module. Through 2023, it is anticipated that the hardware segment would rule the digital substation market. Transformers, bus bars, protective mechanisms, and interfacing units are a few of the parts that make up the hardware module. Due to the fact that they are the main components installed in the substation, transformers make up a sizable portion of the market. Due to their widespread use in digital substations, these hardware components account for the biggest market share.
Report Coverage
Global Digital Substation research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Digital Substation report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Digital Substation competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Digital Substation market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | 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) |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Digital Substation Market from 2021 to 2030.
- Market Forecast for Digital Substation Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Digital Substation competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Digital Substation
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Digital Substation market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Digital Substation market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
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)
Primary Target Market
- Market Players of Digital Substation
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Digital Substation market based on the below-mentioned segments:
Global Digital Substation Market, By Type
Transmission Substation
Distribution Substation
Global Digital Substation market, By Module
Hardware
Fiber Optic Communication Network
SCADA
Global Digital Substation Market, By Industry
Utility
Metal
Mining
Oil & Gas
Transportation
Global Digital Substation market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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