The Digital Substation Market Size is valued at USD 7.28 Bn in 2022 and is predicted to reach USD 13.77 Bn by the year 2031 at a 7.5% CAGR during the forecast period for 2023-2031.
A digital substation is a substation that has had its secondary system digitalized by replacing the majority of the analogue secondary circuits between the instrument transformers and the protection relays with digital ones. This feature of electrical generating, transmission, and distribution systems allows electric utilities and other sectors to remotely monitor, manage, and coordinate the transmission and distribution components located in the substation.
It helps the growing need for better protection and clear communication during power transmission and distribution, the rising demand due to superior benefits over traditional counterparts, the quickening pace of digitalization across the world, and the increasing demand for power supply in confined areas, all is a major driver of the expansion of the digital substation industry. As a result, demand for digital substations is expected to rise.
The global digital substation market is also propelled by the rise of automation, improved connectivity, and the increasing demand for digital substations to generate renewable energy and provide improved reliability, effectiveness, and security within the electricity distribution network. In addition, key players' increased focus on new product development and strategic collaborations led to the growth of the global digital substation market. It drives expansion globally and is expected to boost market expansion in the coming years.
However, while the demand for digital substations is expected to rise, the market's expansion is hindered by the higher upfront costs involved in switching analogue systems. Lack of technologically advanced equipment and trained people are also impeding the growth of the digital substation market in emerging economies. Furthermore, increasing R&D activities and investments by prominent players are expected to create lucrative growth opportunities in revenue for players operating in the global digital substation market over the forecast period.
Competitive Landscape
Some Major Key Players In The Digital Substation Market:
- ABB Ltd. (Switzerland)
- General Electric Company (US)
- Siemens AG (Germany)
- Eaton Corporation Inc. (Ireland)
- Schneider Electric SE (France)
- Honeywell International Inc. (US)
- Cisco System Inc. (US)
- NR Electric (China)
- Emerson Electric Co. (US)
- Larsen & Toubro Limited (India)
- Locamation
- Efacec
- Netcontrol Group
- Tesco Automation
- Texas Instruments
- Belden Inc
- NR Electric Co., Ltd.
- Rockwell Automation, Inc.
- Guodian Nanjing Automation Co., Ltd.
- Open System International, Inc.
- Sifang
Market Segmentation:
The digital substation market is segmented based on modules, hardware, fibre-optic communication networks, and SCADA systems. By type, the market is segmented into transmission substations and distribution substations. By installation type, the market is segmented into new installations and retrofit installations. By voltage, the market is segmented into up to 220kV, 220-500kV, and above 500kV. By Industry, the market is segmented into utility, heavy industries, transportation, and others.
Based On The Industry, The Utility Industry Digital Substation Segment Is Accounted As A Major Contributor To The Digital Substation Market
The utility industry digital substation category is expected to hold a maximum global market share in 2022 because there is a wide disparity between energy demand and supply in developing and developed countries. Increased consumer demand for clean, renewable electricity like wind, solar, and hydro has expanded the market. The utility industry is a major user of digital substations due to their widespread application in power transmission and distribution.
The New Installations Segment Witnessed Growth At A Rapid Rate
The new installations segment is projected to grow rapidly in the global digital substation market because of the rising need for automation, IEDs, improved communication technologies, HMI, and SCADA, as well as increased demand for new power plants and smart grids across various industries. There is less wear and tear on newer installations, and they are safer to use, especially in countries like the US, Germany, the UK, China, and India.
In The Region, The North American Digital Substation Market Holds A Significant Revenue Share
The North American digital substation market is expected to hold the highest market share in revenue in the near future. It can be attributed to seasoned competitors, the growing popularity of cutting-edge technology, and the rising need for power to sustain the region's factories. In addition, the presence of key market competitors and improvements in digital substation technology fuel expansion in the region's industries. In addition, Asia Pacific is projected to grow rapidly in the global digital substation market, boosted by increased demand for power due to a more sophisticated economy, a growing population and growing financial support from the business.
Digital Substation Market Report Scope:
|
Report Attribute |
Specifications |
|
Market Size Value In 2022 |
USD 7.28 Bn |
|
Revenue Forecast In 2031 |
USD 13.77 Bn |
|
Growth Rate CAGR |
CAGR of 7.5% from 2023 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
|
Forecast Year |
2023-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
Type, Module, Voltage, Installation Type, Industry, and Region |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
|
Competitive Landscape |
ABB (Switzerland), General Electric Company (US), Siemens AG (Germany), Eaton Corporation Inc. (Ireland), Schneider Electric SE (France), Honeywell International Inc. (US), Cisco System (US), NR Electric (China), Emerson Electric Co. (US), and Larsen & Toubro Limited (India), Locamation, Efacec, Netcontrol Group, Tesco Automation, Texas Instruments, Belden Inc, NR Electric Co., Ltd., Rockwell Automation, Inc., Guodian Nanjing Automation Co., Ltd., Open System International, Inc. |
|
Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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