The report "Digital Substation Market with Covid-19 Impact Analysis by Module
(Hardware, Fiber-Optic Communication Networks, and Scada Systems), Type
(Transmission and Distribution), Voltage, Installation Type, Industry, and
Region - Global Forecast to 2025", is projected to reach USD 9.1 billion by 2025 from
USD 6.4 billion in 2020; it is expected to grow at a CAGR of 7.1% during the
forecast period. The growth of the digital substation market can be attributed
to growing infrastructure development in smart cities, increasing power demand
with limited space availability, increasing demand for replacing traditional
substation infrastructure, and increasing interoperability and safety. Rising
demand for renewable energy projects and for battery technology to generate
electricity is creating ample growth opportunities in the market.
Globally, countries
are shifting toward the adoption of sustainable electricity infrastructure. The
rising need for secure electrical networks across several industrial,
commercial, utility, and residential verticals is increasing the adoption of
digital substations. Favorable policies and regulations of governments
alongside the electrification of off-grid networks are likely to help propel
market growth.
Fiber-optic communication networks segment of
the digital substation market projected to grow at the highest CAGR during
the forecast period.
The fiber-optic
communication networks segment is projected to grow at the highest CAGR from
2020 to 2025. The growth of this segment can be attributed to the advantages
offered by fiber-optic communication networks over general copper wires. Some
of the major advantages offered by the fiber-optic communication networks
include improved reliability for long-distance transmission, enhanced security,
long lifespan, and ease of maintenance. Various countries and companies are
replacing copper wires with the fiber-optic cables to increase their
operational efficiency.
Among type, the transmission segment projected
to hold a larger share of the digital substationmarket during the forecast
period.
Transmission
substations integrate transmission lines with networks having multiple parallel
interconnections so that that power can be transmitted easily over long
distances from any generator to any consumer. These transmission grids are
often called bulk power systems. Transmission substations connect two or more
transmission lines with the same voltages. These substations contain
high-voltage switches that allow lines to be connected or isolated, in case of
any fault or maintenance activity taking place in transmission lines.
Retrofit installations segment to grow at
a higher CAGR during the forecast period.
Insufficient levels
of standardization, the fear of degraded reliability, and the lack of return on
investment have slowed down the emergence of fully digital substations. But
presently, the IEC 61850 standard makes it possible to facilitate
interoperability between different equipment and suppliers. IEDs used in
these substations control primary equipment and protect them from further damages.
IEDs provide control and interlocking functions. These devices continuously
monitor the electrical behavior of the substation. Companies are investing in
retrofit projects to make secondary systems compliant with the new IEC 61850
standard and serve the needs for the next 10 to 15 years.
The digital substation market in Asia Pacific projected
to hold the largest share in 2025.
Asia Pacific (APAC)
is expected to continue to lead the digital substation market by capturing the
largest market size throughout the forecast period. The Government of China has
planned to invest USD 31 billion in smart grids by 2020, which would include
the installation of digital substations. Likewise, investments pertaining to
grid modernization are also going on in countries such as Indonesia, Malaysia,
South Korea, Japan and other south Asian countries. All these factors are
fueling the growth of the digital substation market in the region. The Indian
government is following the smart infrastructure vision in their country. The
smart power infrastructure includes digitization of the grid, which helps to distribute
uninterrupted electricity to the industrial, residential, and commercial end
users.
ABB (Switzerland),
General Electric Company (US), Siemens AG (Germany), Eaton Corporation Inc.
(Ireland), Schneider Electric SE (France), Honeywell International Inc. (US),
Cisco System (US), NR Electric (China), Emerson Electric Co. (US), and Larsen
& Toubro Limited (India) are a few major players in the digital substation
market.
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