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Digital Substations Market to be Worth US$ 12,143.1 Mn by 2026: Transparency Market Research
[August 01, 2018]

Digital Substations Market to be Worth US$ 12,143.1 Mn by 2026: Transparency Market Research


ALBANY, New York, August 1, 2018 /PRNewswire/ --

The global digital substations market was valued at US$ 6,134.8 Mn in 2017 and is projected to register compound annual growth rate (CAGR) of over 8.2% from 2018 to 2026, according to a new report published by Transparency Market Research (TMR) titled "Digital Substations Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 - 2026." The report suggests that the better reliability and availability of digital substations as compared to conventional substations is likely to spur the demand for digital substations in the coming years (2018 to 2026). As key players introduce new digital substations and solutions in developed markets such as North America, Europe, and Asia Pacific, these regions are likely to account for dominating share of the global digital substations market. Growing demand for digital substations from the utilities sector in emerging markets such as China and India is likely to boost growth of the Asia Pacific digital substations market at a growth rate of around 9.5% from 2018 to 2026.

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Digital substations as an alternative to conventional substations to affect the expansion of the market worldwide 

Although the conventional substations can bridge the demand for electricity, they are very costly and inefficient. Digital substations on the other hand are much more efficient. Considerable cost is saved on digital substations as there is less copper wiring used. Fiber optic is used in digital substations which work on 61850 protocol that enables communication to other assets as well. These digital substations have a higher penetration in developed economies as compared to developing economies.

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Digital substations are significantly more adopted in utilities sector around the globe 

Based on module, the market is segmented into hardware, fiber optic communication network, and SCADA (Supervisory control and data acquisition). Hardware segment in 2026 is expected to hold about three fifths of the total market and expand at a rapid rate throughout the forecast period. Digital substations not only improve efficiency, but also reduce maintenance costs due to comparatively less copper wiring nd connections than conventional substations. In terms of type, the market is segmented into transmission substations and distribution substations. On the basis of voltage, the market is classified into Up to 220 kV, 220-550 kV, and Above 500 kV. Primarily driven by the demand from urban regions, the up to 220 kV segment held the major share of revenue in 2017. On the other hand, the 220-550 kV segment is anticipated to expand at a rapid pace owing to the increasing demand from manufacturing units around the world. Based on industry, the market is segmented into utilities, metal, mining, oil & gas, and transportation. In 2017, utilities held the major share of the total market due to their widespread use in utilities.



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North America is the leading contributor to the digital substations market 


In terms of value, North America was the leading contributor to the global digital substations market in 2017. The contribution is primarily due to the increased adoption of digital substations with the presence of well-established players across the region, especially across the U.S. and Canada. Asia Pacific which is home to many well-established players from the digital substations market is expected to emerge as the region showcasing the highest CAGR. Furthermore, Asia Pacific is witnessing high adoption of digital substations owing to the increasing demand for energy to support local manufacturing units.

Major players in the digital substations market include ABB Ltd, Siemens AG, Schneider Electric SE, Eaton Corporation Plc, Emerson Electric Co., Honeywell International Inc., Cisco Systems, Inc., NR Electric Co., Ltd., EFACEC, and Schweitzer Engineering Laboratories, Inc.

Browse Research release at https://www.transparencymarketresearch.com/pressrelease/digital-substation-market.htm

The global digital substations market is segmented as below: 

Global Digital Substations Market, by Module 

  • Hardware
  • Fiber Optic Communication Network
  • SCADA

Global Digital Substations Market, by Type 

  • Transmission Substations
  • Distribution Substations

Global Digital Substations Market, by Voltage 

  • Up to 220 kV
  • 220-550 kV
  • Above 500 kV

Global Digital Substations Market, by Industry 

  • Utilities
  • Metal
  • Mining
  • Oil & Gas
  • Transportation

Global Digital Substations Market, by Geography 

  • North America
    • U.S.
    • Canada
    • Rest of North America
  • Europe
    • U.K
    • Germany
    • France
    • Rest of Europe
  • Asia Pacific (APAC)
    • China
    • India
    •  Japan
    • Rest of APAC
  • Middle East & Africa (MEA)
    • GCC Countries
    • South Africa
    • Rest of MEA
  • South America
    • Brazil
    • Rest of South America


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About Us 

Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather, and analyze information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports. 

Contact
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Transparency Market Research
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Suite 700,
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Tel: +1-518-618-1030
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Email: sales@transparencymarketresearch.com

Website: https://www.transparencymarketresearch.com

Research Blog: https://transparencyjournal.com/


SOURCE Transparency Market Research


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