Key Market Dynamics in Digital Substation

The digital substation market is projected to grow from USD 5.77 billion in 2016 to USD 9.96 billion by 2023, at a CAGR of 7.87% between 2017 and 2023.

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How is the growing number of renewable energy projects worldwide acting as an opportunity for the market?
Continuous increase in the number of renewable energy projects across the globe, especially in China and India, is expected to act as an opportunity for the digital substation market. The increase in the number of renewable energy projects can be attributed to low-cost energy generation from them. Moreover, concerns over carbon-constrained future have also increased the focus of companies on renewable energy projects. For instance, ABB (Switzerland), one of the major players in the digital substation market delivering flexible and reliable products, is supporting the state-owned electric utility, Taiwan Power Company (TPC) by offering it a digital substation system to enhance the operational efficiency and reliability of power infrastructures and increase the grid capacity of renewable energy plants. Thus, rise in the number of renewable energy projects across the globe acts as an opportunity for the digital substation market.

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How cybersecurity risks are acting as a challenge for the market?
Increasing instances of cyberattacks in the power industry due to virus attacks on intelligent electronic devices (IEDs) act as a challenge for the digital substation market. Cybersecurity provides protection to power plants against unauthorized access and prevents transfer or modification of critical data, especially for wide area networks (WANs).

The integration of different software in substations has increased the risk of cyberattacks on them from hostile governments and terrorist groups. Thus, cybersecurity risks are among the major challenges faced by the digital substation market. However, this challenge can be overcome by adding software and solutions, which are in line with IEC 62443 standards.

Increase in the number of smart cities globally
Smart cities are one of the booming concepts across the globe. These cities use digital technology to deliver services to their citizens. The discussion of smart cities revolves around smart buildings and smart meters (known as advanced metering infrastructure (AMI)). Smart cities are equipped with multiple hardware and software systems, which communicate with each other to deliver data in real-time. Among various modules, supervisory control and data acquisition (SCADA) is considered as a reliable technology for smart grid implementation in smart cities. Smart grids control and maintain the electricity distribution in these cities. The use of smart meters helps in optimizing the use of valuable natural resources. Digital substations are a critical part of the entire distribution system of smart cities. They are connected using fiber optic communication networks to communicate with devices using digital signals. These substations act as a backbone of smart grids and help in providing real-time phasor measurement data, which is increasingly required to control the power flow and stabilize grids in smart cities. Thus, an increase in the number of smart city projects across the globe is fueling the growth of the digital substation market

Mr. Shelly Singh
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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

This release was published on openPR.