Digital Substation Market With Covid-19 Impact Analysis - Global Forecast To 2025

By Author: Steve Stark
Total Articles: 138
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The digital substation market is projected to reach USD 9.1 billion by 2025 from USD 6.4 billion in 2020; it is expected to grow at a CAGR of 7.1% during the forecast period. The growth of the digital substation market can be attributed to growing infrastructure development in smart cities, increasing power demand with limited space availability, increasing demand for replacing traditional substation infrastructure, and increasing interoperability and safety. Rising demand for renewable energy projects and for battery technology to generate electricity is creating ample growth opportunities in the market.

Based on industry, the utility segment held the largest share of the digital substation market in 2019.

The utility industry is responsible for the generation, transmission, and distribution of electricity. Electric utilities include investor-owned, publicly-owned, cooperatives, and nationalized entities, which are the major providers of electricity in most of the countries worldwide. Utilities cover the largest segment of the digital substation market. Digital substations are used for the transmission and distribution ...
... of electricity. High voltages are required for several processes such as the arching and heating of metals, and extraction and processing, in industries such as metals, mining, oil & gas, and transportation. Digital substations are also used as distribution substations, which help in decreasing the incoming high voltage from long distances to a lower voltage for distribution. However, the distribution market for the digital substation is still limited.

The transmission segment projected to account for a larger size of the digital substation market during the forecast period.

Transmission substations integrate transmission lines with networks having multiple parallel interconnections so that that power can be transmitted easily over long distances from any generator to any consumer. These transmission grids are often called bulk power systems. Transmission substations connect two or more transmission lines with the same voltages. These substations contain high-voltage switches that allow lines to be connected or isolated, in case of any fault or maintenance activity taking place in transmission lines.

Asia Pacific (APAC) is projected to be the fastest-growing market for digital substation, in terms of electricity consumption and rural electrification. The modernization of industrial infrastructure in APAC is growing at a high rate for a few years, and the same trend is expected to continue in the future. The digital substation market in this region is expected to grow at the highest rate among all other regions due to rapid industrialization, modernization of grid infrastructure, and entry of many private companies in the power sector, increased spending by governments to boost the utility sector, and increasing number of power utilities. Digital substations provide cost-effective solutions, which help in meeting the rising demand for electricity in countries such as China, India, and Singapore.

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Various companies and governments are establishing partnerships to increase the use of renewable sources to decrease the carbon footprint and meet the electricity demand in this region. The major players operating in APAC include NR Electric (China) and Larsen & Toubro (India).

Key Market Players

ABB (Switzerland), General Electric Company (US), Siemens AG (Germany), Eaton Corporation Inc. (Ireland), Schneider Electric SE (France), Honeywell International Inc. (US), Cisco System (US), NR Electric (China), Emerson Electric Co. (US), and Larsen & Toubro Limited (India) are a few major players in the digital substation market.

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