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$8.42Digital Substation Market by Module (Hardware, SCADA, & Fiber Optics Communication Network), Voltage & Type (Transmission & Distribution) - Global Forecast to 2022 - Research and Markets

[October 11, 2016]

$8.42Digital Substation Market by Module (Hardware, SCADA, & Fiber Optics Communication Network), Voltage & Type (Transmission & Distribution) - Global Forecast to 2022 - Research and Markets

Research and Markets has announced the addition of the "Digital Substation Market by Module (Hardware, SCADA, & Fiber Optics Communication Network), Voltage (Below 66kV, 66kV-220kV, 220-550kV, & Above 550kV), Type (Transmission & Distribution), Industry, & Geography - Global Forecast to 2022" report to their offering.

The digital substation market is expected to be valued at USD 8.42 billion by 2022, growing at a CAGR of 6.8% between 2016 and 2022

The market growth can be attributed to the increasing demand for the replacement of the aging infrastructure. However, digital transformation in the oil & gas sector requires high capital expenditure for reengineering the traditional processes, and there is a decline in the growth rate of the oil & gas industry. These factors are restraining the growth of the digital substation market.

The market for digital substations with a voltage range of 220kV-550kV is expected to grow at the highest CAGR between 2016 and 2022. The market growth can be attributed to the recent investments made by major companies in the utility sector. Recent devlopments are also taking place in this segment. For instance, in October 2015, Larsen & Toubro (India) was awarded a power transmission & distribution contract to build a 220 kV substation in the Middle East for various utility applications. The contract was worth USD 209.7 million.

The digital substation market in APAC is expected to grow at the highest CAGR between 2016 and 2022. The market growth can be attributed to the several initiatives taken up by the Government of India to improve its power and energy sector. Plans to build renewables with an energy capacity of 175GW by 2022, several schemes organized to revive distribution in utilities, and village electrification programs, among others, are some of the initiatives taken up by the Government of India.

The key players operating in this market include