The global market for the digital substation is predicted to record progress at a CAGR of 6.09% during the forecast period. The rising adoption of the digital substation in the transportation sector, developments in terms of infrastructure with regards to smart cities, and reduced maintenance costs, are the factors estimated to propel market growth.
The substations are considered to be an instrumental part of an electric network for the distribution and transmission of electric power that needs effective management. The evolving power network has led to its increased demands, with less availability of space. This, coupled with rising demand for replacing the conventional substation infrastructure, is considered to be the driver for market growth. However, the high investments needed at the initial phase for deploying digital substations, curtail the market growth. The technological advancements with regards to digital substations, is estimated to provide ample market growth opportunities.
In terms of geography, the global digital substation is studied based on the market regions, such as North America, Europe, Asia Pacific, and the Rest of the World. The Asia Pacific region had the largest market share, and is also expected to record a steadfast growth during the forecasted period.
The rising demands, and the subsequent advancements in the market, has attracted many companies and investments. Schneider Electric, Honeywell International Inc., Emerson Electric, Fuji Electric, General Electric Company, Cisco, Larsen & Toubro, Eaton Corporation, Igrid T&D (Acquired By Thytronic Group), etc. are some of the big players in the market.
Our report offerings include:
- Explore key findings of the overall market
- Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
- Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
- Market Segmentation cater to a thorough assessment of key segments with their market estimations
- Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
- Key analytics: Porter’s Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc.
- Competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments