Press release
Digital Substation market is predicted to thrive at a CAGR of 7.55% over the period 2018-2024
This report provides forecast and analysis of the digital substation market which is estimated to surge at a CAGR of 7.55% over the period of 2018-2024.
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. 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. The digital substation market is segmented by type, voltage, module, end-user, and geography. Geographically digital substation market is segmented as North America, South America, Europe, Middle East and Africa, and the Asia Pacific. North America accounted for a significant market share in 2018 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 significant CAGR during the forecast period on account of increasing investments in investments in the renewable sector, rapid industrialization, urbanization, expansion of power distribution network in countries like India, China, and Singapore. In addition, 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.
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, and Larsen & Turbo Limited, among others.
This report segmented the digital substation market on the basis following terms:
By Type
• Transmission Substation
• Distribution Substation
By Voltage
• Up to 220KV
• 220-550KV
• Above 550KV
By Module
•Hardware
• Fibre Optic
• SCADA
By End-User
• Electric Utility
• Oil & Gas
• Mining
• Transportation
• Others
By Geography
• North America
• United States
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• Germany
• France
• UK
• Italy
• Others
• Middle East and Africa
• United Arab Emirates
• Israel
• Saudi Arabia
• Others
• Asia Pacific
• China
• Japan
• South Korea
• India
•Others
Purchase complete report or request sample: https://www.knowledge-sourcing.com/report/digital-substation-market
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Knowledge Sourcing Intelligence (KSI) is a market research and consulting firm publishing market research studies spanning across ten industry verticals. KSI has a team of experienced and young professionals with a singular focus on delivering high-quality research services to enterprises, non-government organizations, government agencies, and research institutes and organizations. We publish hundreds of reports per year centering on the niche and latest technologies. We engage with key decision-makers and stakeholders across the value chain to provide clients with a detailed analysis and bird’s-eye view of the market with complete market dynamics, statistical forecasts, competitive analysis, key trends, market drivers and challenges and strategic recommendations for making informed decisions. Our success lies in the effort of our analysts who strive to meet client expectations by delivering quality work within the stipulated deadlines.
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