Digital Substation Market is forecasted to increase at a CAGR of 6.41% over the period 2018-2024
Knowledge Sourcing Intelligence announces the publication of a new report on “Digital Substation Market- Forecasts from 2019 to 2024" to their offering.
Digital substation offers flexibility, reduced maintenance, and better electric system protection. Rise of smart grid technology, construction of smart cities and favorable government initiative is growing the demand of digital substation.
This report provides forecast and analysis of the Digital Substation Market which is estimated to surge at a CAGR of 6.41% over the period of 2018-2024.
Digital substation means where operations is managed between distributed intelligent electronic devices (IEDs) interconnected by communications network. The incorporation of intelligent electronic devices (IEDs) with a communication network is transforming the analogous system of a substation in the energy and power industry. Rising usage of smart technology, redevelopment of the older power infrastructure, construction of smart cities and favorable government initiatives, Such as “National Smart Grid Mission” in India, building varying voltage level substation in Qatar with help of Larsen & Turbo is going to increase the demand of digital substation in foreseeable years. Segmentation in digital substation market is by type, voltage, module, end-user, and geography. Segmentation on the basis of type is by Transmission system and Distribution system. Segmentation by voltage is by up to 220KV, 220-550 KV, and above 550KV. Segmentation by module is by hardware, fiber optics, and SCADA. Segmentation by end-user is Electric Utility, Oil & Gas, Mining, Transportation and others.
The digital substation market is segmented on the basis of geography as North America, South America, Europe, Middle East and Africa, and the Asia Pacific. North America market is forecast for having a notable market share owing to the higher adoption of the digital substation in the U.S. and Canada and the availability of cheaper digital substations in the region. APAC is projected to witness the grow at the fastest rate during the forecast period due to the rising cost of electricity, increasing the nature of power demand and favorable government initiatives are further driving demand for the digital substation in this region. Digital substation market to grow on account of rapid industrialization, urbanization, increasing investments in investments in the renewable sector, expansion of power distribution network in countries like India, China, and Singapore.
Some of the major players covered as part of the report are ABB Ltd., Siemens AG, Honeywell International Inc, Schneider Electric SE, Eaton Corporation, General Electric Company, Emerson Electric Co., and Larsen & Turbo Limited, among others.
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This report segmented the digital substation market on the basis following terms:
- Transmission Substation
- Distribution Substation
- Up to 220KV
- Above 550KV
- Fibre Optic
- Electric Utility
- Oil & Gas
- By Geography
- United States
Middle East and Africa
- Saudi Arabia
- South Korea
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