Market Research Report
Digital Substations - Global Market Outlook (2017-2026)
|Published by||Stratistics Market Research Consulting||Product code||755120|
|Published||Content info||160 Pages
Delivery time: 2-3 business days
|Digital Substations - Global Market Outlook (2017-2026)|
|Published: November 1, 2018||Content info: 160 Pages||
According to Stratistics MRC, the Global Digital Substations market is accounted for $5.60 billion in 2017 and is expected to reach $12.70 billion by 2026 growing at a CAGR of 9.5% during the forecast period. Growing usage of smart grid technology, increase in substation modernization and rising need for low-cost and flexible power solutions are some of the key driving factors for the market growth. However, high initial investment in the utility sector will hinder the market growth. Moreover, rising demand for renewable energy projects provides ample opportunities for the growth of the market.
Digital substation is an amalgamation of switchgear, transformers, substation automation, monitoring & diagnostics and the standard process bus process, and acts as the backbone of smart grids. They even grant real time phases measurement data, increasingly, required to control the power flow and keep the grid stable, despite the quickly rising share of alternating renewable energy sources.
Based on voltage, 220kV to 550kV digital substation market segment is anticipated to show a high growth rate due to rising investments by companies in the utility sector, chiefly in the transmission infrastructure. These systems are mainly used in space-restricted places such as metropolitan and industrial areas. By geography, Asia Pacific digital substation market is expected to grow at a high rate due to the increasing power allocation networks in countries including India, Singapore, Indonesia, Malaysia, and Taiwan. The region has witnessed an increase in the electricity utilization due to the huge customer base and fast industrialization.
Some of the key players profiled in the Digital Substations market include Thytronic S.p.A., Fuji Electric Co., Ltd., ABB Ltd, Siemens Corporation, Schneider Electric S.E., Cisco Systems, Inc., Honeywell International Inc., Eaton Corporation, Emerson Electric Co., NR Electric Co., Ltd., Larsen & Toubro Limited, Schweitzer Engineering Laboratories, Inc., Cadillac Automation and Controls and S&C Electric Company.