Global digital substation market is estimated to grow at a CAGR of 7.87% during the forecast period during the forecast period 2018-2025.
The Digital Substation are electrical substations where operations are managed between distributed intelligent electronic devices (IEDs) through communications networks.
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Increasing adoption of wired to optical communication along with data acquisition, processing systems and substation control can be observed in the global grid infrastructural developments. High degree of standardization, reduction in the risk of cable engineering and electrical hazard, cost effective maintenance and reduction in power outages are some crucial benefits observed due to digitization of substations
Operational efficiency, risk mitigation and need for steady energy supply has increased the demand of advanced management tools in the energy sector. Digital substation with the use of real time data and remote-control capabilities provide greater flexibility and control over the electric network improving the overall efficiency of the network. According to the International Energy Agency, Electricity demand is anticipated to rise by about 40% by the year 2040 compared to 2016 with India and China expected to demand majority of power generation. With the growing demand of electricity, the electric sector is set to witness a positive shift towards adoption of digital substation motivated by ability of digital substation to integrate diverse set of distributed energy sources, long term cost saving and automation capabilities.
Global digital substation market has been segmented by module, type, industry and region.
Module type has been further segmented into Hardware, Scada systems and Fiber optic communication network. Hardware is a dominating segment with majority of revenue share as of year 2018. Increasing advancements in the hardware technologies and upgradation of conventional substations into digital substation is fuelling the growth in the market.
Geographically, the global digital substation market has been segmented into North America, Europe, Asia Pacific and Rest of the World. The Asia Pacific digital substation market leads the global digital substation industry by capturing highest market share in terms of revenue. The regional market is majorly driven by high investment in the renewable energy coupled with growing demand of electricity in India, China and other key countries of the APAC region. As per the International Energy Agency, India’s electricity demand is anticipated to reach almost 3,700 TWh— triples by 2040 (Base year 2020) that too with India’s per capita electricity consumption remains one of the lowest in the world to 2040. Growing electricity demand is a result of increasing industrialization, urbanization and improving living standards of high section of region’s population. With the growth in demand of electricity, a substantial investment is expected in the energy sector which is likely to create lucrative opportunities for digital substation market. The share of renewable sources of energy in the energy mix is gradually increasing as a result of supportive government policies. Since digital substation have the capability to seamlessly integrate distributed energy resources (renewable sources). As per the United Nations Environment Program (UNEP), China has been the leading destination for renewable energy investment, accounting for 45% (i.e. US$ 126.6 Bn) of the global investment. Moreover, other APAC countries like Australia and Japan are also increasingly investing in sustainable energy technologies, these technological advancement in energy business would boost the demand of digital substation to integrate these Distributed Renewable Energy (0DREs) in these renewable energy systems, hence supporting the growth of the Asia Pacific digital substation market.
ABB, Cisco, Eaton, Emerson, General Electric, Honeywell, Larsen & Toubro, NR Electric, Schneider Electric and Siemens among others are some key players profiled in the research study of the global digital substation market.
Segmentation Overview of the Global Digital Substation Market
By Module
- Hardware
- Scada systems
- Fiber optic communication network
By Type
- Distribution substation
- Transmission substation
By Industry
- Utility
- Metal
- Mining
- Oil & Gas
- Transportation
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