Digital Substation Market Size is Projected to Reach USD 2490.4 Million by 2026 - Valuates Reports
BANGALORE, India, Sept. 21, 2020 /PRNewswire/ -- According to the Latest Market Research Report "Digital Substation Market by Type (Up to 110 kV, 110 to 330 kV, Above 330 kV) by Application (Power Utility, Industrial) and Region – Global Forecast to 2026", published on Valuates Reports.The Global Digital Substation Market size is expected to grow from USD 1682.2 Million in 2019 to USD 2490.4 Million by 2026 at a CAGR of 5.7% during the forecast period 2021-2026.
Major factors driving the Digital Substation Market size's growth are growing infrastructure creation in smart cities, rising power demand with limited space supply, increasing demand to replace conventional substation infrastructure, and rising interoperability and protection.
The report offers an in-depth assessment of the growth and other aspects of the Digital Substation market in important regions, including the U.S., Canada, Germany, France, the U.K., Italy, Russia, China, Japan, South Korea, Taiwan, Southeast Asia, Mexico, and Brazil.
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COVID -19 IMPACT ON DIGITAL SUBSTATION MARKET
The demand for power from industrial & commercial companies has fallen due to COVID-19. Production units were shut down due to a lack of labor and raw materials available. This has contributed to a massive difference between demand and supply. Also, due to this outbreak, digital substation projects were put on hold. It is therefore predicted that the demand for the Digital Substation Market will decrease in 2020. However, it is estimated that the overall situation will normalize by the end of 2020.
TRENDS INFLUENCING THE DIGITAL SUBSTATION MARKET SIZE
The increasing demand for renewable energy projects is expected to dive into the Digital Substation Market size. The renewable energy market is poised to enter a new growth phase, powered largely by increased consumer demand, cost competitiveness, innovation, and collaboration. The decreasing generation costs of renewable energy sources and the increased competitiveness of battery storage are among the key factors driving renewable energy projects' growth.
The growing demand for renewable energy projects and electricity-generating battery technologies is expected to fuel the Digital Substation Market size during the forecast period.
Investments in smart cities and smart grid infrastructure development is expected to propel the Digital Substation Market size. A smart city is established with multiple hardware and software systems that communicate with each other to deliver data in real-time. A digital substation is a key part of the smart city delivery system as a whole. As each substation system is upgraded to communicate using digital signals, substations are linked to fiber-optic communication networks.
Growing energy demand due to increasing investment in building long-route high-voltage electrical networks as well as refurbishing and upgrading existing infrastructure is expected to increase the Digital Substatin Market size.
DIGITAL SUBSTATION MARKET SHARE ANALYSIS
In terms of electricity consumption and rural electrification, Asia Pacific (APAC) is projected to be the fastest-growing digital substation market. The modernization of industrial infrastructure in APAC has been rising at a rapid pace, and the same trend is expected to continue in the future.
Based on industry, the utility segment held the largest Digital Substation Market share in 2019. The utility sector is responsible for electricity generation, transmission, and distribution.
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DIGITAL SUBSTATION MARKET SEGMENTATION
Segment by Type
Segment by Application
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