A recent report published by Infinium Global Research on
digital substation market provides in-depth analysis of segments and
sub-segments in the global as well as regional digital substation market. The
study also highlights the impact of drivers, restraints, and macro indicators
on the global and regional digital substation market over the short term as
well as long term. The report is a comprehensive presentation of trends,
forecast and dollar values of global digital substation market. According to
the report, the global digital substation market is projected to grow at a CAGR
of 7.2% over the forecast period of 2020-2026.
Market Insight
The world has gone digital and that includes the electricity
industry. As distributed sources and renewable technologies coming online at a
rapid rate, power generation is becoming increasingly dynamic. The digital
substations are preferred in numerous industries to provide electrical energy
in case of some defects and faults in the technical system. Further, digital
substation brings major benefits such as design and engineering, installation,
and operation.
The emergence of automation & higher standard of
connectivity and the rising adoption of digital substations for generating
renewable energy and providing enhanced reliability, efficiency, and safety in
the power distribution are the factors responsible for the growth of the global
digital substation market. Furthermore, the increasing R&D investments by
manufacturers and suppliers to enhance system portfolios as well as to
incorporate a multipurpose technological platform will positively influence the
product demand shortly. Off-the-shelf solutions can be obtainable,
modifications can be effortlessly accommodated, cabling (and hence costs), are
condensed, and embedded diagnostics assure system integrity. Moreover, the
digitization of substation has resulted in easing operations which, has
heightened its demand in the industry. Moreover, favorable consumer preference
toward product deployment to improve the life expectancy of the electric
infrastructure together with safeguarding the living environment will boost the
growth of the digital substation market during the forecast period. On the
other hand, the higher initial investments make it difficult to replace the
traditional substations which hamper the digital substation market growth.
However, the increased installation of the digital substation in the Middle
East and Asia Pacific region paves ways for upcoming opportunities. The ongoing
COVID-19 pandemic is creating a negative impact on the renewable sector. One of
the main concerns is the delivery of equipment to power plants. China was
primarily obstructed due to COVID-19 who is the main global producer of
numerous clean energy technologies, such as solar panels, wind turbines, and
batteries. Since the COVID-19 outbreak has postponed deliveries from China,
renewable energy companies are not able to comply with deadlines for equipment
installation. Furthermore, digital substation projects were put on hold due to
the ongoing situation. The market for digital substations is anticipated to
decline in the year 2020. In some countries, specifically in Europe and in the
Asia Pacific, easing of lockdown, and resumption of projects is expected to
normalize the situation by the end of 2020.
Among the geographies, the North America region is expected
to hold the largest share in the global digital substation market as countries
such as the U.S. and Canada are the front-runners of the adoption of innovative
technology. Further, the increased adoption of digital substations with the
presence of well-established players across the region has accelerated the
growth of the digital substation in the North American region. Moreover, the
Asia Pacific region which is home to several well-established players from the
digital substations market is anticipated to emerge as the region witnessing
the highest CAGR. Furthermore, the Asia Pacific region is showcasing the high
adoption of digital substations owing to the growing demand for energy to
support the local manufacturing units.
Segment Covered
The report on global digital substation market covers
segments such as component, type, voltage, and industry vertical. On the basis
of component, the sub-markets include hardware, fiber optic communication
network, and scada. On the basis of type, the sub-markets include transmission,
and distributed substation. On the basis of voltage, the sub-markets include up
to 220 kv, 220–550 kv, and above 550 kv. On the basis of industry vertical, the
sub-markets include power generation, metal & mining, oil & gas,
transportation & logistics, defense & aerospace, process &
manufacturing, and others.
Companies Profiled:
The report provides profiles of the companies in the market
such as ABB, GENERAL ELECTRIC (GE), SIEMENS, EATON, SCHNEIDER ELECTRIC,
HONEYWELL, CISCO, EMERSON, NR ELECTRIC, and LARSEN & TOUBRO.
Report Highlights:
The report provides deep insights into the demand forecasts,
market trends, and micro and macro indicators. In addition, this report
provides insights into the factors that are driving and restraining the growth
in this market. Moreover, The IGR-Growth Matrix analysis given in the report
brings an insight into the investment areas that existing or new market players
can consider. The report provides insights into the market using analytical
tools such as Porter's five forces analysis and DRO analysis of digital
substation market. Moreover, the study highlights current market trends and
provides forecast from 2020-2026. We also have highlighted future trends in the
market that will affect the demand during the forecast period. Moreover, the
competitive analysis given in each regional market brings an insight into the
market share of the leading players.