DUBLIN–(BUSINESS WIRE)–The “Global Digital Substation Market (2021-2026)” report has been added to ResearchAndMarkets.com’s offering.
The Global Digital Substation Market is estimated to be USD 9.6 Bn in 2021 and is expected to reach USD 13.5 Bn by 2026, growing at a CAGR of 7%.
The “digital substation” refers to an electrical substation in which activities are controlled amongst different dispersed intelligent electronic devices that are linked by a communications network. This substation offers significant advantages in terms of design, engineering, installation, and operation.
Furthermore, these units are increasing in popularity because of their high availability, dependability, and smart grid communication capabilities throughout the world.
The growing demand for energy and the fast use of non-renewable energy resources have shifted the need for power generation toward renewable energy resources. Moreover, the use of technology in energy production, distribution, and administration has combined renewable energy with digital substations.
The increased need for renewable energy consumption in developed nations to promote sustainable development has boosted market expansion. The use of digital substations for renewable energy generation, improved reliability, efficiency, and safety in power distribution, and the introduction of automation and better connection standards drive the worldwide Digital Substation market.
Additionally, growing digital substation construction in the Middle East and Asia Pacific area opens the door for prospects. However, more significant initial investments make replacing traditional substations difficult, limiting the expansion of the digital substation industry.
- Increasing Energy Demand and the Growing Use of Non-Renewable Energy
- Automation is Being Implemented in Electricity Generation, Distribution, and Management
- Use of Digital Substations for Renewable Energy Generation
- Smart City Investments and Smart Grid Infrastructure Development
- Higher Initial Investments
- Increasing Digital Substation Installation in The Middle East and the Asia Pacific
- Rising Demand for Renewable Energy Projects
- Increasing Demand for Battery Technology to Generate Electricity
- Cybersecurity Concerns
- By Module, the market is classified into Hardware, Fiber-optic Communication Networks & SCADA Systems. The hardware is projected to dominate the digital substation market.
- By Type, the market is classified into Transmission Substation & Distribution Substation. The Transmission substations segment is expected to grow at a higher CAGR.
- By Installation Type, the market is classified into New Installations & Retrofit Installations. Retrofit Installations segment to grow at a higher CAGR during the forecast period.
- By Voltage, the market is classified into Up to 220kV, 220-500kV & Above 500kV. Above 550 kV is projected to be the fastest-growing segment.
- By Industry, the market is classified into Utility, Heavy Industries, Transportation& Others. The Utility segment holds the largest share of the digital substation market.
- By Geography, the APAC region is projected to lead the market.
- Eaton Completes Acquisition of Cobham Mission Systems. – 1st Jun 2021
- Siemens Healthineers acquires Varian Medical Systems-16th Apr 2021
- Cisco has Completed the Acquisition of Dashbase. – 22nd Dec 2020
- Beijing Sifang Automation
- Cadillac Automation and Controls
- Cisco Systems
- Eaton Corporation
- EFACEC Power Solutions
- Emerson Electric
- Fuji Electric
- General Electric
- Guodian Nanjing Automation
- iGrid S.L.
- Larsen & Toubro
- Netcontrol Oy
- NR Electric
- Schneider Electric
- Schweitzer Engineering Laboratories
- TCS Digital
- Tesco Automation
- Yamal LNG
For more information about this report visit https://www.researchandmarkets.com/r/uxxttf.
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