“The growing demand for flexible substation solutions and low-cost devices is driving the adoption of digital substations in various industries”
The digital substation market is expected to grow from USD 6.32 billion in 2017 and is expected to reach USD 9.96 billion by 2023, at a CAGR of 7.87% between 2017 and 2023. A digital substation enables an electric utility to monitor and control the transmission and distribution of components installed in the substation remotely. These substations use modernized technologies such as dedicated software, and efficient two-way communication to control power system devices. The major restraining factor for the digital substation market is the high initial investment for setting up the digital substation.
“The digital substation market for 220 kV to 550 kV is expected to hold the largest share during the forecast period”
The voltage segment in the 220–550 kV range is estimated to hold the largest share, growing at the highest CAGR between 2017 and 2023. The digital substation market for 220–550 kV is expected to grow at the highest CAGR due to its increasing demand from the power utility sector as well as large industrial customers. Several companies such as Larsen & Toubro (India) are awarded a power and distribution contract to build a 220 kV substation in the Middle East for the utility application.
“Digital substation market in Asia Pacific expected to grow at the highest CAGR between 2017 and 2023”
Asia Pacific (APAC) is one of the prospective markets for digital substations. The digital substation market in APAC is expected to grow at the highest CAGR between 2017 and 2023. The growth can be attributed to the initiatives taken by the Government of India to improve its power and energy sector, and the plans to build renewables with an energy capacity of 175 GW by 2023.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key experts.
The breakup of the profiles of primary participants is as follows:
- By Company Type: Tier 1 – 14%, Tier 2 – 29%, and Tier 3 – 57%
- By Designation: C-Level Executives – 43%, Directors – 28%, and Others – 29%
- By Region: North America – 46%, Europe – 31%, APAC – 15%, and RoW – 8%
The key players operating in this market include ABB Group (Switzerland), Siemens (Germany), General Electric (US), Cisco Systems (US), Schneider Electric (France), Honeywell International (US), Emerson Electric (US), Larsen & Toubro (India), Eaton Corporation (Ireland), and NR Electric (China).
This report covers the digital substation market based on module, voltage, type, industry, and region. A detailed analysis of the key industry players has been done to provide insights into their business, products and services, and key strategies such as product launches, mergers and acquisitions, partnerships, agreements, and collaborations associated with the digital substation market.
Key Benefits of Buying the Report
The report would help market leaders or new entrants in the following ways:
- This report segments the overall market comprehensively and provides the closest approximations of the global digital substation market size and that of the subsegments across different applications and regions.
- The report helps stakeholders to understand the pulse of the market and provides them information on key drivers, restraints, challenges, and opportunities in the digital substation market.
- This report would help stakeholders to understand their competitors better and gain insights to enhance their position in the market.
- The competitive landscape section includes the competitor ecosystem, product developments, partnerships, and mergers and acquisitions in the digital substation market.