According to the research report titled ‘Digital Substation Market Size By Component (Substation Automation System, Communication Network, Electrical System {Transformer, Busbar, Protection Devices [Circuit Breaker, Protective Relay, Switchgear]}, Monitoring & Control System {Human Machine Interface, Programmable Logic Controller, Others}, Others), By Architecture (Process, Bay, Station), By Application (Transmission, Distribution), By Connectivity (< 33 kV, 33 kV to 110 kV, 110 kV to 220 kV, 220 kV to 550 kV, > 550 kV), By Voltage Level (Low, Medium, High), By End Use (Utility, Industrial), Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2019 – 2025’, available with Market Study Report, the global digital substation market exceeded USD 7 billion in the year 2018 and is expected to grow with a CAGR of 7% over 2019-2025.
 

According to the research report, advancements in technology along with growing demand for safe and reliable electrical networks in residential, utility, industrial, and commercial establishments are major factors driving the digital substation market growth. There has been an upsurge in electrification projects of remote areas. This factor along with shifting preferences towards adopting green electricity infrastructure are further aiding the market expansion.
 

Also, rapid expansion of communication technology due to their failure corrections, fault detections, and effective feedback capabilities are augmenting the demand for digital substations across the globe. Moreover, surging investments towards digitalization coupled with rising concerns regarding operational hazards such as electrical supply faults and fire are stimulating the industry outlook.
 

As per the regional analysis, digital substation market in Asia-Pacific surpassed USD 2.5 billion in the year 2018. Rapid urbanization and industrialization have led to growing demand for electricity. This factor along with rising renewal activities of overhead transmission lines are contributing towards the popularity of digital substations across the region. Moreover, economic improvements and advancements in technology are supporting the expansion of micro-grid network which in turn is facilitating the business scenario in Asia-Pacific region.
 

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The prominent companies operating in the digital substation market are Open Systems International, Guodian Nanjing Automation Co., Beijing Sifang Automation Co., L&T Electrical & Automation, Rockwell Automation, Cisco Systems Inc., Siemens, Schneider Electric, Eaton, General Electric, Emerson Electric Co., NR Electric, Efacec, Belden Inc., Texas Instruments, Tesco Automation, NetControl, Locamation, and ABB Ltd.