Sellbyville, DE -- (SBWire) -- 12/13/2018 --Digital Substation Market is segmented based on types as distribution and transmission substations. The transmission digital substation market will witness high growth over the coming years owing to the growing demand from end-use industries to replace the legacy utility infrastructure. To avoid power outages owing to inferior standards, investor-owned utilities are investing heavily in upgrading their transmission substations by installing the digital systems, which is attributing to the growth of the segment.
The substantial growth of the digital substation market can be majorly attributed to the rising need to replace and redevelop the legacy infrastructure in developed countries to serve a large customer base. The industry is witnessing a growing trend of digital transformation across several end-use sectors as these systems provide enhanced safety, high efficiency, easy maintenance, investment security, and built-in cybersecurity. A major driving factor for the high adoption of these stations is the improved communication capability of the digital systems.
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Digital Substation Market size is anticipated to grow substantially owing to the increasing usage of smart grid technology, the rise in substation modernization, and growing need for low-cost and flexible power solutions. Several countries are depending heavily on renewable energy sources for power generation, a major factor that drives the industry growth. In economies including Brazil, China, and India, electricity consumption is rising thereby driving the demand for smart grids. In addition, the digital substation market is witnessing a growing demand for electricity coupled with the rise in government funding initiatives in partnership with the regional utility companies, driving the global digital substation market.
Based on the voltage, the digital substation market is segmented into systems with up to 220 kV, 220 to 550 kV, and above 550 kV energy. Several industries are implementing are up to 550kV. These systems are mostly used in space-restricted areas such as urban and industrial areas. The 220kV to 550kV digital substation market is anticipated to show a high growth rate owing to growing investments by key players in the utility sector, mainly in the transmission infrastructure. For instance, in April 2017, Larsen & Toubro Limited announced that the company acquired a power transmission and distribution contract worth USD 817 million from the Government of Qatar to build 30 new substations of varying voltage levels across Qatar.
Based on the end-use industry, the digital substation market is classified into metal, mining, utility, transportation, and oil & gas sectors. The utility sector accounted for the majority of the market share owing to the rise in demand for renewable energy sources such as hydro, wind, and solar to meet the end-use demand for power generation. The digital substations are being implemented to a high extent in the utility sector owing to their high usage in distributing and transmitting power. The sector has witnessed a high demand & supply gap in the majority of the developed and developing economies. The industry is witnessing a rise in the number of project launches, such as solar projects in the Middle East and Asia Pacific countries, driving the utility digital substation market growth.
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Asia Pacific digital substation market is expected to grow at a high rate owing to the expanding power distribution networks in countries including India, Singapore, Indonesia, Malaysia, and Taiwan. The region has witnessed a rise in the electricity consumption owing to the large consumer base and fast industrialization.
Moreover, increasing government initiatives to enhance the legacy infrastructure and ongoing projects, such as building renewable energy sources of high voltage capacity, are supporting the regional digital substation market growth.
Some key players operating in digital substation market include Emerson Electric, Cisco Systems Inc., Larsen & Toubro, ABB Ltd., NR Electric Co., Ltd., Siemens AG, Eaton Corporation, General Electric, Honeywell International, Inc., and Schneider Electric, among others. The industry is witnessing a rise in strategic partnerships, agreements, new product developments, and acquisitions.
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Digital Substation Market Will Witness a Dynamic Growth Till 2024: Emerson Electric, Cisco, ABB, Siemens, GE and 10 Other Companies Profiled
Based on the voltage, the digital substation market is segmented into systems with up to 220 kV, 220 to 550 kV, and above 550 kV energy.