Pune, India, February 02, 2018 /MRFR Press Release/- Market Research Future published a half cooked research report on global digital substation market. Digital Substation market is expected to grow at ~ 7.5% CAGR during the period 2017 to 2023.
Digital substation is a combination of switchgear, transformers, substation automation, monitoring & diagnostics and the standard process bus process, and acts as the backbone of smart grids. They even provide real time phasor measurement data, increasingly, required to control the power flow and keep the grid stable, despite the rapidly increasing share of intermittent renewable energy sources. Aging power distribution network and expansion of the power distribution in developing nations, are expected to remain the key drivers for the global market for digital substations during the forecast period.
Digital Substations enable electric power utilities to increase productivity, reduce footprint, increase functionality, improve the reliability of assets and, crucially improve safety for service personnel. Digital Substations exploit the benefits of digital protection, control and communication technologies, mirroring the trend towards digitalization seen in many other industries. This trend of digitalization also applies to other areas of the substation. Within medium-voltage switchgear panels, for example, the horizontal exchange of IEC 61850-8-1 GOOSE and sampled analog values reduce wiring and accelerate the testing and commissioning. Digitalized technology can, continuously, monitor mission-critical functions of power transformers and High-voltage switchgear, while performing real-time simulation and diagnostics, meaning pro-active management of the assets lifecycle is possible.
The global digital substation market is expected to grow at ~ 7.5% CAGR during the forecast period.
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Market Research Analysis:
Hardware, by module, distribution substation, by type, above 550 kV, by voltage, and Utility, by industry are expected to grow at the highest CAGR.
Global digital substation market has been segmented based on module, type, voltage, industry and region. Based on module the market has been segmented as hardware, fiber optic communication network and SCADA. Among these, the hardware, is projected to dominate the digital substation market through 2023. The hardware module includes components such as transformers, bus bars, protection devices, and interfacing units. Transformers form a major part of the market, as they are the primary component installed in the substation. These hardware components have the largest share of the overall market, owing to their extensive use in digital substations. Based on type the market has been segmented as transmission substation, and distribution substation. Distribution substation dominated the market, in 2016, and is projected to be the fastest-growing segment for digital substation. Distribution substation typically operates at low voltage, and delivers electric energy directly to industrial and residential sector. The phenomenal growth in urbanization and industrialization, across the world, is expected to boost the growth for distribution substation market during the forecast period. Based on the voltage, the market has been segmented as up to 220 kV, 220–550 kV, and above 550 kV. The above 550 kV segment dominated the market, in 2016, and is projected to be the fastest-growing voltage segment over the next five years. The suitability of above 550 kV substation is favorable in all industry applications. Based on industry, the market is segmented into utility, metal, mining, oil & gas and transportation. Utility sector dominated the market in 2016 and is projected to be the fastest-growing application over the next five years. The utility industry is one of the booming application areas pertaining to digital substations, given the high demand-supply gap in energy, in most of the developing and developed nations. Its growth can be attributed to the increase in demand for renewable energy sources, such as wind, solar, and hydro so to meet the consumer demand for power generation. Digital substations have huge scope in the utility industry as these systems are used in power transmission and distribution.
GLOBAL DIGITAL SUBSTATION MARKET 2017-2023
Scope of the Report:
This study provides an overview of the global digital substation market, tracking four market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the Digital Substation market by its module, by type, by voltage, by industry and by region.
The key players of global digital substation market are ABB Ltd. (Switzerland), Siemens AG (Germany), General Electric Company (U.S.), Schneider Electric (France), Honeywell International Inc. (U.S.), Cisco Systems, Inc. (U.S.), Eaton Corporation plc (Ireland), Emerson Electric Co. (U.S.), NR Electric Co., Ltd. (China) and Larsen & Toubro (India).