Digital Substation Market Size, Share, Outlook, and Digital Substation Market Trends
The digital substation market is significantly driven by the increasing infrastructure development in smart cities. Smart cities enable flexibility and cutting-edge intelligence that would help cities to utilize resources more efficiently to improve everything from air, water quality to transportation, energy and communication systems. According to the Smart America Organization, government would invest $41 trillion till 2045 with an aim to upgrade their infrastructure to benefit from the IOT. As per the company sources, in February 2015, Intel and the city of san Jose, CA collaborated on public-private partnership project which aims to implement Intel’s IoT smart city demonstration platform by launching green vision initiative. This project aims to create environmental sustainability and enhance the quality of life for its citizen. Thus, the market for the digital substation is witnessing growth due to the rising need for replacing aging infrastructure and rising adoption of digital substations in smart cities. As a result, the adoption of digital substation would increase, contributing towards the growth of the market over the forecast period. Furthermore, growing demand for renewable energy projects offers lucrative growth prospects for the digital substation market. However, high cost of deployment is expected to hinder the growth of the digital substation market during the forecast period.
On the basis of segmentation, the digital substation market is segmented into module, type and industry. Module segment is classified into hardware, Scada systems and fiber optic communication network of which of which hardware module dominates the market. On the basis of type segment, the market report is classified into transmission substation and distribution substation. The industry segment is classified into utility, metal, mining, oil & gas and transportation of which utility industry is one of the leading application areas owing to the high demand-supply gap in energy in most of the developed and developing nations.
The regional analysis of digital substation market is considered for the key regions such as North America, Europe, Asia Pacific, Latin America and ROW. Asia-Pacific dominates the global digital substation market in terms of revenue due to building renewable energy capacity of 175 GW by 2022 and various initiatives taken by government of India to improve its power and energy sector to ensure clean energy generation, which is expected to drive the growth of the digital substation market in APAC. Furthermore, Asia Pacific is expected to emerge as a the fastest growing region during the forecasted period owning to untapped opportunities in this region.
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The leading market players mainly include-
Larsen & Toubro
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below:
Fiber optic communication network
Oil & Gas
Middle East & Africa
Furthermore, years considered for the study are as follows:
Historical year – 2015, 2016
Base year – 2017
Forecast period – 2018 to 2025
Target Audience of the Global Digital Substation Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers VARs
Third-party knowledge providers
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