Digital Substation Market is Booming Worldwide – Industry Segmented by Size, Share, Trends, Growth, Competitive Strategies, Opportunities and Forecast To 2023

Digital Substation Market is Booming Worldwide - Industry Segmented by Size, Share, Trends, Growth, Competitive Strategies, Opportunities and Forecast To 2023

“Digital Substation Market”
The phenomenal growth in urbanization and industrialization, across the world, is expected to boost the growth for distribution substation market during the forecast period. Digital Substation Market Report by Module (Hardware, Fiber Optic Communication Network and SCADA), by Type (Transmission Substation, and Distribution Substation), by Voltage (Up to 220 kV, 220–550 kV, and Above 550 kV), by Industry (Utility, Metal, Mining, Oil & Gas and Transportation) and Region – Global Forecast to 2023.

Global Digital Substation Market Highlights:

The global digital substation market is expected to grow at 7.5% CAGR during the forecast period. Digital substations have a key role to play in helping grid operators meet their challenges through higher levels of control, responsiveness, cost management and safety. They help boost the flexibility and responsiveness of transmission and distribution grids by capturing and using accurate, real-time data to control grid stability and react quickly to changing grid conditions.

Digital substation is a combination of switchgear, transformers, substation automation, monitoring & diagnostics and the standard process bus process, and acts as the backbone of smart grids. They even provide real time phasor measurement data, increasingly, required to control the power flow and keep the grid stable, despite the rapidly increasing share of intermittent renewable energy sources.

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As power generation sources become increasingly distributed, intermittent and volatile, achieving the levels of control and performance needed requires a more intelligent, efficient and reliable grid. This is now possible with the significant advances in grid automation technology in recent years, including the development of digital substations.

The digital substation offers numerous advantages over conventional arrangement. They are easier and simpler in installation due to less wiring components. The digital substation provides higher reliability, improved measurement accuracy and recording of information, and better commissioning and operations. Digital substation provides easy incorporation of modern electronic CT and VT sensors with better EMC performance and isolation of circuits. 

Global Digital Substation Industry Segmental Analysis

Global digital substation market has been segmented based on module, type, voltage, industry and region.

Based on type the market has been segmented as transmission substation, and distribution substation. Distribution substation dominated the market, in 2016, and is projected to be the fastest-growing segment for digital substation. Distribution substation typically operates at low voltage and delivers electric energy directly to industrial and residential sector.

Based on module the market has been segmented as hardware, fiber optic communication network and SCADA. Among these, the hardware, is projected to dominate the digital substation market through 2023. The hardware module includes components such as transformers, bus bars, protection devices, and interfacing units. Transformers form a major part of the market, as they are the primary component installed in the substation.

Based on the voltage, the market has been segmented as up to 220 kV, 220–550 kV, and above 550 kV. The above 550 kV segment dominated the market, in 2016, and is projected to be the fastest-growing voltage segment over the next five years. The suitability of above 550 kV substation is favorable in all industry applications.

Based on industry, the market is segmented into utility, metal, mining, oil & gas and transportation. Utility sector dominated the market in 2016 and is projected to be the fastest-growing application over the next five years. The utility industry is one of the booming application areas pertaining to digital substations, given the high demand-supply gap in energy, in most of the developing and developed nations. Its growth can be attributed to the increase in demand for renewable energy sources, such as wind, solar, and hydro so to meet the consumer demand for power generation.

Regional Analysis

The global digital substation market is segmented into four prominent region such as, Asia Pacific, North America, Europe and Rest of the World.

Asia Pacific dominated the digital substation market, owing to expansion of the power distribution network in the major regional economies such as India and China as infrastructural development in rural areas. Increasing demand for redeveloping old infrastructure and rising implementation of digital substations across major Asia Pacific cities, are majorly driving the digital substation market. Asia Pacific was followed by America. Also, Asia Pacific is expected to remain the fastest growing market for digital substations, driven by several upcoming projects in the renewable and green energy sources and distribution network expansion in major regions.

Key Players

The key players of global digital substation market are ABB Ltd. (Switzerland), Siemens AG (Germany), General Electric Company (U.S.), Schneider Electric (France), Honeywell International Inc. (U.S.), Cisco Systems, Inc. (U.S.), Eaton Corporation plc (Ireland), Emerson Electric Co. (U.S.), NR Electric Co., Ltd. (China) and Larsen & Toubro (India).

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