June 15, 2020
As per the report titled ‘Digital Substation Market Size By Component, By Architecture, By Application, By Connectivity, By Voltage Level, By End Use, By Installation Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020 - 2026’, available with Market Study Report LLC, global digital substation market is expected to register remunerative growth during 2020-2026.
Interconnected IEDs (Intelligent Electronic Devices) are operationally managed from digital substations. Widespread adoption of smart and energy efficient equipment is driving the growth of digital substation industry.
A digital substation is a perfect example of smart grid technology which allow utilities flexibility as well as versatility in their daily operations. Apart from their low installation and material cost, their eco-friendly nature will augment the market outlook.
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Digital substation market is classified based on component, architecture, application, connectivity, voltage level, end-use, installation, and regional landscape.
Based on component, the report cites that electrical system segment is poised to expand with a CAGR of over 3% during 2020-2026. Talking about connectivity, the market is divided into < 33 kV, 33 kV to 110 kV, 110 kV to 220 kV, 220 kV to 550 kV, and > 550 kV. The 33kV to 110kV segment was valued over USD 3 billion in 2019 and is reckoned to register substantial growth throughout the analysis period. Meanwhile, 110 kV to 220 kV segment is anticipated to generate over USD 1 billion by 2026. Parallelly, 220 kV to 550 kV segment is poised to register over 6% CAGR by 2026. The 550 kV segment is also expected to grow substantially owing to rising use across heavy industries and power sector.
Speaking of voltage level, medium voltage segment is expected to sway the market demand due to increasing use of smart equipment to minimize electrical losses.
Measures taken to improve grid stability and security across utility sector as well as modifications in power networks is anticipated to fuel the product deployment.
Geographically, due to refurbishment and retrofit of grid infrastructure, North America digital substation market is expected to witness substantial growth. Meanwhile, development of micro grid networks coupled with adoption of smart technologies will influence the expansion of digital substation market across Middle East & Africa region. In a similar manner, surging energy demand complemented by sustainable energy infrastructure is expected to drive the market in Latin America region.
ABB Limited, Efacec, Tesco Automation, Belden Inc, Emerson Electric Co., Eaton, Siemens, Rockwell Automation, Guodian Nanjing Automation Co., Beijing Sifang Automation Co., Locamation, NetControl, Texas Instruments, NR Electric, General Electric, Schneider Electric, Cisco Systems, Inc., L&T Electrical and Automation, and Open System International are few major companies in digital substation market.