Market Research Report
Global Digital Substation Market Market - Technologies, Market share and Industry Forecast to 2024
|Published by||Occams Business Research & Consulting Pvt. Ltd.||Product code||627605|
|Published||Content info||190 Pages
Delivery time: Inquiry
|Global Digital Substation Market Market - Technologies, Market share and Industry Forecast to 2024|
|Published: April 11, 2018||Content info: 190 Pages||
Digital substations enable electric power utilities to improve functionality, reliability of assets, to improve safety of service personnel and to increase productivity. The key trend for the global digital substation market is technological innovations. OBRC Analysis estimated global digital substation market to grow at a CAGR of 11.9% during the forecasted period of 2017-2024. Factors that are positively influencing the growth of digital substation market are rise in power demand with limited space availability, increasing infrastructure development in smart cities and rising demand for replacing traditional substation infrastructure. However, the key restraints for the global digital substation market is high initial investment. Furthermore, the major opportunities for the global digital substation market are rising clinical research activities in emerging countries and shift from manual interpretation to real-time data analysis during clinical studies.
Global digital substation market report covers segmentation by its module, type and industry. Based on module, the segment is classified into hardware, fiber optic communication network and SCADA systems of which hardware module dominates the market. Based on the hardware module, the market is classified into bus bars, transformers, interfacing units and protection devices of which transformers form a major part of the market since transformers are considered as the primary component that is installed in the substation. On the basis of type, the market report is classified into transmission substation and distribution substation. On the basis of industry segment, the market report is classified into utility, metal, mining, oil & gas and transportation of which, utility industry is one of the leading application areas pertaining to digital substations, owing to the high demand-supply gap in energy in most of the developing and developed nations. Geographically, Asia-Pacific continues to lead the global digital substation market in terms of revenue due to building renewable energy with 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 are expected to drive the growth of the market in APAC. Further, Asia-Pacific is expected to be a fastest growing region during the forecast period 2016-2023.
Some of the key market players of global digital substation market are: ABB Ltd. (Switzerland), Siemens (Germany), Honeywell International (United States), Cisco (United States), Schneider Electric (France), Eaton (Ireland), Larsen & Toubro (India) and Emerson (United States). These companies are using various strategies such as expansion, merger & acquisitions, collaboration, partnership and product launch to hold large market share.