Albany, NY -- (SBWIRE) -- 10/17/2018 -- The global digital substations market is segmented by module into hardware, fiber optic communication network, and SCADA. Hardware module segment is expected to surpass US$ 7,500 Mn by 2026. Digital substations are being extensively used across all industry verticals especially across utilities and oil & gas around the globe.

Although the conventional substations can bridge the demand for electricity, they are very costly and inefficient. Digital substations on the other hand are much more efficient. Considerable cost is saved on digital substations as there is less copper wiring used. Fiber optic is used in digital substations which work on 61850 protocol that enables communication to other assets as well. These digital substations have a higher penetration in developed economies as compared to developing economies.

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Based on module, the market is segmented into hardware, fiber optic communication network, and SCADA (Supervisory control and data acquisition). Hardware segment in 2026 is expected to hold about three fifths of the total market and expand at a rapid rate throughout the forecast period. Digital substations not only improve efficiency, but also reduce maintenance costs due to comparatively less copper wiring and connections than conventional substations. In terms of type, the market is segmented into transmission substations and distribution substations.

On the basis of voltage, the market is classified into Up to 220 kV, 220-550 kV, and Above 500 kV. Primarily driven by the demand from urban regions, the up to 220 kV segment held the major share of revenue in 2017. On the other hand, the 220-550 kV segment is anticipated to expand at a rapid pace owing to the increasing demand from manufacturing units around the world. Based on industry, the market is segmented into utilities, metal, mining, oil & gas, and transportation. In 2017, utilities held the major share of the total market due to their widespread use in utilities.

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In terms of value, North America was the leading contributor to the global digital substations market in 2017. The contribution is primarily due to the increased adoption of digital substations with the presence of well-established players across the region, especially across the U.S. and Canada.

Asia Pacific which is home to many well-established players from the digital substations market is expected to emerge as the region showcasing the highest CAGR. Furthermore, Asia Pacific is witnessing high adoption of digital substations owing to the increasing demand for energy to support local manufacturing units.

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