Press release
Digital Substation Market by Module (Hardware, Fiber Optic Communication Network, and SCADA)
The major drivers for the digital substation market include increasing infrastructure development in smart cities, rise in power demand with space availability, increasing demand for replacing traditional substation infrastructure, and improved safety and reduced maintenance costs. Moreover, growing demand for renewable energy projects in the market and increasing demand for better technology to generate electricity in Asia Pacific (APAC) is creating growth opportunities for the digital substation market. Currently, the key players in the digital substation market are adopting various development strategies such as contracts, partnerships, agreements, mergers, acquisitions, expansions, product launches, and research and development (R&D) activities.https://www.marketsandmarkets.com/Market-Reports/digital-substation-market-43227003.html
According to the present scenario, the hardware module holds a major share of the digital substation market. The digital substation market for the fiber optic communication network module is expected to grow at the highest CAGR between 2017 and 2023. In terms of market leadership, ABB (Switzerland) is leading the digital substation market. Other top companies in the digital substation market include General Electric (US), Siemens (Germany), Schneider Electric (France), and Cisco Systems (US).
ABB (Switzerland) held the first position in the digital substation market in 2016. ABB is one of the key players that provide efficient digital substation solutions. The company is a global provider in the Power and Automation segments and offers solutions for utilities and industrial customers to help them enhance their productivity.
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The company's power grid business division offers electrical and automation products, systems, software, and solutions across the power value chain. The grid automation business of the company supplies substation automation product and services, which includes supervisory control and data acquisition (SCADA) systems for transmission and distribution networks, fiber optic and power line carrier-based telecommunication technology, intelligent electronic devices (IEDs), hardware, and other microgrid solutions. ABB mainly provides its solutions to utilities, various industries, and commercial providers for efficient power generation, transmission, and distribution of electricity.
ABB has been developing and enhancing process control systems, communication solutions, sensors, and software for the Internet of Things, Service, and People (IoTSP). ABB's System 800xA solutions help the customers realize the benefits of IoT in process automation. Moreover, the company concentrates on expanding its geographic presence. For instance, ABB opened 3 centers in North America in 2017. The company has invested in major power projects such as ENBALA power networks and Taiwan Power Company to enhance its digital substation network.
Siemens (Germany) held the second position in the digital substation market in 2016.
Siemens is a globally operating technology company with core activities in the fields of electrification, automation, and digitalization. The company offers solutions for industrial, manufacturing, and power utilities. The company's operations have been classified into specific business units for particular product categories--power and gas, wind power and renewables, energy management, building technologies, digital factory, mobility, process industries and drives, and healthineers. The company's product portfolio comprises systems solutions, software, and services for transmission and distribution, smart grid infrastructure, power supply solutions for conventional power plants, renewable energy systems, and substations for urban and rural distribution networks.
The company focuses on reducing life cycle costs, maximizing component life, and minimizing downtime to strengthen its position among competitors. In 2016, Siemens announced the foundation of next47, an autonomous unit that is likely to enable the company to pool its start-up ventures. next47 is focusing on five innovative fields--artificial intelligence (AI), distributed electrification, autonomous machines, block chain applications, and connected electric mobility. With the establishment of next47, Siemens plans to enhance and speed up its innovations and their launch in the marketplace.
Mr. Sanjay Gupta
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MarketsandMarkets(TM) 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(TM) for their painpoints around revenues decisions.
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