Digital Substation Market

The Digital Substation Market is expected to grow at a significant CAGR over the forecast period (2020-2027).

The factors driving the growth of Digital Substation Market includes growing demand for smart grid across the world, rise in the consumption of electricity, emerging need to replace traditional substation infrastructure and increasing interoperability of digital substations. According to the report published by Bloomberg, the Global Smart Grid Market is anticipated to reach USD 103.4 billion by the end of 2026, expanding at a CAGR of 19.1% over the forecast period, which will boost the market growth in the approaching years. Moreover, the increasing Government’s expenditure on wind and solar energy projects, rise in the number of smart cities, growing concerns over greenhouse gas emissions and climate change and technological advancements in the digital substations, are some of the additional factors supplementing the Global Digital Substation Market. As per CNBC18 TV, the Government of India is planning to allocate additional INR 19,500 crore to boost the solar PV module manufacturing, under the Production Linked Incentive (PLI) scheme, which will help the Government to achieve its target of increasing solar capacity to 280 gigawatts (GW) by 2030.

However, the growth of Digital Substation Market is hindered due to high cost of setting up digital substations.

The major players operating in the market are Larsen & Turbo Limited, Emerson Electric, Yamal LNG, General Electric Company, Siemens AG, Cisco Systems Inc, Eaton Corporation Plc, Honeywell International Inc, ABB, and NR Electric Co. Ltd.

Voltage: Segment Analysis

Based on Voltage, the Up To 220 KV segment is anticipated to expand at a remarkable CAGR during the forecast period attributed to its increasing application in power and infrastructure projects and growing demand for energy in cities.

Industry: Segment Analysis

Based on Industry, the Utility segment is expected to hold a sizeable market share over the forecast period due to increasing use of renewable source of energy such as solar and wind energy for power generation.

Regional: Segment Analysis

Based on Region, the Asia-Pacific region is projected to capture the largest market share during the forecast period. The increasing investments by Government on green energy projects, growing adoption of advanced technologies by major companies, rising disposable incomes, rapid urbanization, and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific.

Market Segmentation

Global Digital Substation Market by Module

• Hardware
  • Transformers
  • Busbars
  • Protection Devices
    • Circuit Breakers
    • Protective Relays
    • Switchgears
  • Interfacing Units
    • Human-Machine Interfaces
    • Remote Terminal Units
    • Programmable Logic Controllers
  • Others
• Fiber Optic Communication Network
• SCADA Systems

Global Digital Substation Market by Type

• Transmission Substation
• Distribution Substation

Global Digital Substation Market by Voltage

• Up To 220 KV
• 220-550 KV
• Above 550 KV

Global Digital Substation Market by Industry

• Utility
  • Non-Renewables
  • Renewables
• Metal
• Mining
• Oil & Gas
• Transportation

Global Digital Substation Market by Region

• Asia Pacific
  • China
  • Japan
  • India
  • Rest of APAC
• North America
  • United States of America
  • Canada
• Europe
  • United Kingdom
  • Germany
  • France
  • Spain
  • Rest of Europe
• RoW
  • Brazil
  • South Africa
  • Saudi Arabia
  • UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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