Market Research Report
Global Digital Substation Market Size study, by module, Type, Industry and Regional Forecasts 2018-2025
|Published by||Bizwit Research & Consulting LLP||Product code||787095|
Delivery time: 2-3 business days
|Global Digital Substation Market Size study, by module, Type, Industry and Regional Forecasts 2018-2025|
|Published: February 7, 2019||Content info:||
Global Digital Substation Market Size study, by module (Hardware, Scada systems and fiber optic communication network), Type (transmission substation and distribution substation), Industry (utility, metal, mining, oil & gas and transportation) and Regional Forecasts 2018-2025.
Global digital substation market to reach USD 11.5 billion by 2025.
Global digital substation market is valued approximately USD 6.3 billion in 2017 and is anticipated to grow with a healthy growth rate of more than 7.87% over the forecast period 2018-2025. Increasing technological advancements is considered as key trend for the digital substation market. Additionally, the advent of battery technology to generate electricity is also expected to supplement the growth of the market across the globe.
The digital substation market is significantly driven by the increasing infrastructure development in smart cities. Smart cities enable flexibility and cutting-edge intelligence that would help cities to utilize resources more efficiently to improve everything from air, water quality to transportation, energy and communication systems. According to the Smart America Organization, government would invest $41 trillion till 2045 with an aim to upgrade their infrastructure to benefit from the IOT. As per the company sources, in February 2015, Intel and the city of san Jose, CA collaborated on public-private partnership project which aims to implement Intel's IoT smart city demonstration platform by launching green vision initiative. This project aims to create environmental sustainability and enhance the quality of life for its citizen. Thus, the market for the digital substation is witnessing growth due to the rising need for replacing aging infrastructure and rising adoption of digital substations in smart cities. As a result, the adoption of digital substation would increase, contributing towards the growth of the market over the forecast period. Furthermore, growing demand for renewable energy projects offers lucrative growth prospects for the digital substation market. However, high cost of deployment is expected to hinder the growth of the digital substation market during the forecast period.
On the basis of segmentation, the digital substation market is segmented into module, type and industry. Module segment is classified into hardware, Scada systems and fiber optic communication network of which of which hardware module dominates the market. On the basis of type segment, the market report is classified into transmission substation and distribution substation. The industry segment is classified into utility, metal, mining, oil & gas and transportation of which utility industry is one of the leading application areas owing to the high demand-supply gap in energy in most of the developed and developing nations.
The regional analysis of digital substation market is considered for the key regions such as North America, Europe, Asia Pacific, Latin America and ROW. Asia-Pacific dominates the global digital substation market in terms of revenue due to building renewable energy capacity of 175 GW by 2022 and various initiatives taken by government of India to improve its power and energy sector to ensure clean energy generation, which is expected to drive the growth of the digital substation market in APAC. Furthermore, Asia Pacific is expected to emerge as a the fastest growing region during the forecasted period owning to untapped opportunities in this region.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Furthermore, years considered for the study are as follows:
Target Audience of the Global Digital Substation Market in Market Study: