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Digital Substation Market 2020 - 2027: Current Trends, Future Scenario and Developments | ABB, General Electric, Siemens, Honeywell, Schneider Electric, Eaton, Cisco, Emerson, NR Electric, Welotec, and Larsen & Turbo.
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Key players of the digital substation market analyzed in the research include ABB, General Electric, Siemens, Honeywell, Schneider Electric, Eaton, Cisco, Emerson, NR Electric, Welotec, and Larsen & Turbo. These players have adopted various strategies including new product launches, collaborations, partnerships, mergers & acquisitions, joint ventures, agreements, and others to gain a stronghold and international presence across the world.
Adoption of digital substation for generating renewable energy and providing enhanced reliability, efficiency, and safety in the power distribution and emergence of automation & higher standard of connectivity are the factors that drive the global Digital Substation market. However, higher initial investments make it difficult to replace the traditional substations which hinder the digital substation market growth. Contrarily, increased installation of digital substation in the Middle East and Asia Pacific region paves ways for future opportunities. The global Digital Substation market trends are as follows:
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The launch of new products that contain improved capabilities have been initiated by the leading market players. They have taken necessary steps to enhance reliability and efficiency of the same. The ABB’s IEC 61850 edition 2 digital substation is integrated with ABB’s exclusive grid automation offerings; the distribution medium is installed with 80% of fiber optic cable replacing the traditionally used copper cables for communication.
The increased demand for energy and the rapid utilization of non-renewable energy resources have turned the demand for power generation toward renewable energy resources. Furthermore, the adoption of automation in power generation, distribution and management has integrated renewable energy with digital substation. Rise in demand for energy usage from renewable resources in developed countries, in order to support sustainable development, has supplemented the market growth yet more.
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Questions answered in the Digital Substation Market research report:
1. What are the leading market players active in the digital substation market?
2. What the current digital substation market trends will influence the market in the next few years?
3. What are the driving factors, restraints, and opportunities in the market?
4. What are the projections for the future that would help in taking further strategic steps?
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We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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