MarketResearchReports.biz has added a new research report that sheds light on the trajectory of global digital substations market. The research report, titled “Digital Substations Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026”, offers an in-depth view of the market.
Albany, NY -- (SBWIRE) -- 09/06/2018 -- It highlights the strengths, weaknesses, opportunities, and threats that are likely to shape the future of the global digital substations market in the coming years.
Analysts anticipate that the global digital substations market will grow at a steady pace in the coming years. The demand for digital substations is projected to rise as they are best known to overcome the flaws of conventional substations. As compared to conventional substations, digital substations cost less and are highly efficient. A huge amount of cost is saved due to reduction in the usage of copper wiring. Digital substation use fiber optic cables, which operate on 61850 protocol thus creating a better channel for communication. Growing number of developing nations are adopting hence adopting digital substations to transform their electricity generation and distribution networks for better.
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On the basis of voltage, the global market for digital substations is segmented into Up to 220 kV, 220-550 kV, and above 500 kV. Out of these, the demand for up to 220 kV voltage segment is anticipated to rise at a remarkable pace. The demand for 220 kV voltage digital substations will be augmented by the soaring need for energy across the globe. Rapid pace of urbanization, emerging countries, and initiatives taken by governments to electrify villages is expected to boost this segment in the coming years. Growth of industries such as utilities, mining, oil and gas have also been identified as market influencers creating many lucrative opportunities for global digital substations market.
In terms of geography, the global market for digital substations market is segmented into North America, Europe, Asia Pacific, and the Middle East and Africa. Out of these, North America is expected to dominate the global market for digital substations during the forecast period. The region's dominance will be attributable to strong presence of players in the market. Analysts also point out that Asia Pacific will be a steady players as sectors such as transportation, metal, mining, and oil and gas are emerging at a rapid pace. The growing demand for energy across Asia Pacific due to developing countries such as China and India is projected to boost the sales of digital substations across the region between 2018 and 2026.
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Some of the leading players operating in the global digital substation market are ABB Ltd, Siemens AG, Schneider Electric SE, Eaton Corporation Plc, Honeywell International Inc., Emerson Electric Co., Cisco Systems, Inc., EFACEC and Schweitzer Engineering Laboratories, Inc., and NR Electric Co., Ltd. The research report has analyzed these players and provided a detailed explanation of the competitive landscape present in the overall market. Analysts have also included insightful comments and suggestions by market experts to help the readers achieve a valuable understanding. The publication is aimed at offering the readers a guide to the global digital substations market for making well-informed business decisions.
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