The digital
substation market 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.
Based on
industry, the utility segment held the largest share of the digital substation
market in 2019.
The utility industry
is responsible for the generation, transmission, and distribution of electricity.
Electric utilities include investor-owned, publicly-owned, cooperatives, and
nationalized entities, which are the major providers of electricity in most of
the countries worldwide. Utilities cover the largest segment of the digital
substation market. Digital substations are used for the transmission and
distribution of electricity. High voltages are required for several processes
such as the arching and heating of metals, and extraction and processing, in
industries such as metals, mining, oil & gas, and transportation. Digital
substations are also used as distribution substations, which help in decreasing
the incoming high voltage from long distances to a lower voltage for
distribution. However, the distribution market for the digital substation is still
limited.
The
transmission segment projected to account for a larger size of the digital
substation market 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.
Asia Pacific (APAC)
is projected to be the fastest-growing market for digital substation, in terms
of electricity consumption and rural electrification. The modernization of
industrial infrastructure in APAC is growing at a high rate for a few years,
and the same trend is expected to continue in the future. The digital
substation market in this region is expected to grow at the highest rate among
all other regions due to rapid industrialization, modernization of grid
infrastructure, and entry of many private companies in the power sector,
increased spending by governments to boost the utility sector, and increasing
number of power utilities. Digital substations provide cost-effective solutions,
which help in meeting the rising demand for electricity in countries such as
China, India, and Singapore.
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Various companies
and governments are establishing partnerships to increase the use of renewable
sources to decrease the carbon footprint and meet the electricity demand in
this region. The major players operating in APAC include NR Electric (China)
and Larsen & Toubro (India).
Key Market
Players
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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