Seattle, WA -- (SBWIRE) -- 11/04/2016 -- The digital substation market, on the basis of module, has been segmented into hardware, fiber optics communication network, and supervisory control and data acquisition. Among all the segments, the market for hardware is expected to grow at the highest CAGR during the forecast period. Major investments in railway and metro projects in APAC and South America are likely to drive the digital substation market for protective devices for the transportation industry during the forecast period.

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Utility expected to hold the largest market share during the forecast period

The utility sector held the largest share of the digital substation market in 2015, followed by the oil & gas sector, and the same trend is expected during the forecast period. The growth in the digital substation market for the utility industry can be attributed to the increase in demand for renewables, mainly wind and solar, which are also pricing out traditional power generation resources.

The market for transmission substations expected to grow at the highest CAGR between 2016 and 2022

With the increase in demand for electricity, the demand for the replacement of aging infrastructure for power delivery systems is also rising. The existing infrastructure cannot sustain the bulk power movements or inferior standards. Due to inferior standards, the chances of power outages are gradually increasing. Therefore, investor-owned utilities are spending more on upgrading transmission substation infrastructure. The market for transmission substations is expected to grow at a CAGR of 6.9% between 2016 and 2022.

The digital substation market in APAC likely to grow at a high CAGR during forecast period

Several initiatives have been taken up by the Government of India to improve its power and energy sector, which is one of the major factors supporting the growth of the digital substation market in APAC. Plans to build renewables with an energy capacity of 175GW by 2022, several schemes organized to revive distribution in utilities, and village electrification programs, among others, are some of the initiatives taken up by the Government of India.

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Major players operating in the digital substation market include ABB Ltd. (Switzerland), Siemens AG (Germany), General Electric (U.S.), Cisco systems, Inc. (U.S.), Schneider Electric (France), Honeywell International Inc. (U.S.), Emerson Electric (U.S.), Larsen & Toubro (India), Eaton Corp.,(Ireland), and NR Electric Co., Ltd (China), among others.

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