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.