The global digital substation market accounted for a value of USD 7.9 billion in 2019. Digital substation market projected to register growth at a CAGR of 5.3% during forecast period.
COVID-19 has impacted all the businesses over the globe. Manufacturing units were shutdown and offices were closed. The supply chain of raw material and finished products have been affected severely over the globe due to travel restriction. The demand for various products has declined immensely. The digital substation projects are put on hold due to outbreak of corona virus. This leads to huge decline in market of digital substations in 2020. The market is likely to witness growth in the beginning of 2021.
For more details, visit: Global Digital Substation Market By Industry (Utility, Transportation, Heavy Industries, Others), By Type (Transmission Substation, Distribution Substation), By Region–Forecast & Opportunities to 2026
The smart cities can be constructed with smart buildings, smart meters and smart energy. A smart city enables with various software and hardware systems. These systems are used to communicate with each other in order to deliver data in real time. The rise in smart cities projects is responsible for driving growth in this market during forecast period.
On the basis of industry, the digital substation market is segmented into utility, transportation, heavy industries and others. The utility segment is estimated to hold largest market share during forecast period. The utility segment is responsible for the transmission, generation and distribution of electricity. The largest segment of digital substation market is covered by utilities. These factors drive growth in the utilities segment during forecast period.
On the basis of type, the digital substation market is segmented into transmission substation and distribution substation. The transmission substation is estimated to hold largest market share during forecast period. Transmission substation is responsible for integrating transmission lines with networks. It consists of multiple parallel inter connections through which power can be transmitted easily over long distances. The transmission grids can be called as bulk power systems and it connect two or more transmission lines with same voltages.
Asia-Pacific region is estimated to be the fastest growing market during forecast period. The modernization in infrastructure of industries is growing in this region. Many private companies have established their plants in this region and investment in power sector by governments is rising rapidly. The digital substations provide solutions which are cost effective and help in meeting demands of electricity. The rapid industrialization and modernization of grid infrastructure in this region is likely to drive growth in Asia-pacific region during forecast period.
The key market players in digital substation market are ABB, Siemens AG, General Electric Company, Eaton Corporation Inc, Schneider Electric SE, Cisco System, Emerson Electric Co., Honeywell international Inc., NR Electric, Larsen & Turbo, Locamation, Tesco Automation, Guodian Nanjing Automation Co., TCS Digital, Welotec GMBH and Schweitzer Engineering laboratories.
- What are the expected industry trends over the next three to five years?
- Which of the digital substation type is likely to lead by 2025?
- Which of the industry segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?