Digital Substation Market The Future of Power Distribution: Technological Advancements in the Digital Substation Market

Digital Substation Market worth $13.77 Bn by 2031 - Exclusive Report by InsightAce Analytic Pvt. Ltd.

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Digital Substation Market- (By Module (Hardware (Transformers, Busbars, Protection Devices (Circuit Breaker, Protective Relay, Switchgear), Interfacing Units (Human-machine interfaces (HMI), Remote terminal units (RTU), Programmable logic controllers (PLCs), Others)), Fiber-optic Communication Networks, SCADA Systems), By Type (Transmission Substation, Distribution Substation), By Installation Type (New Installations, Retrofit Installations), By Voltage

(Up to 220kV, 220-500kV, Above 500kV), By Industry (Utility (Non-Renewables, Renewables), Heavy Industries, Transportation, Others)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

According to the latest research by InsightAce Analytic, the Global Digital Substation Market is valued at US$ 7.28 Bn in 2022, and it is expected to reach US$ 13.77 Bn by 2031, with a CAGR of 7.5% during a forecast period of 2024-2031.

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Digital Substations: Transforming Power Grids for the Future
Digital substations are revolutionizing power grids by digitizing station and process-level data. This involves converting binary status information and analog measurement data into a digital format.

Digitalization offers significant benefits, including:
• Lower investment and operating costs
• Safer and more reliable data transmission
The rapid digitalization of power grids, fueled by the Internet of Things (IoT), is driving major changes in the way digital substations operate. The integration of digital substations has significantly improved the dynamics of power supply and demand.

Furthermore, the growing demand for renewable energy projects, coupled with the increasing need for battery technology for electricity storage, presents vast opportunities for the digital substation industry. Consequently, a rise in demand for digital substations is expected.

The digital substation market is poised for further expansion due to factors like the introduction of new technologies and sustained economic growth. Companies in the sector are actively expanding into developing countries or enhancing their operations by developing cutting-edge technologies. This increased competition will further stimulate market growth.

List of Prominent Players in the Digital Substation Market:

• Belden Inc
• NR Electric Co., Ltd.
• Rockwell Automation, Inc.
• Guodian Nanjing Automation Co., Ltd.
• Open System International, Inc.
• Sifang
• ABB Ltd. (Switzerland)
• General Electric Company (US)
• Siemens AG (Germany)
• Eaton Corporation Inc. (Ireland)
• Schneider Electric SE (France)
• Honeywell International Inc. (US)
• Cisco System Inc. (US)
• NR Electric (China)
• Emerson Electric Co. (US)
• Larsen & Toubro Limited (India)
• Locamation
• Efacec
• Netcontrol Group
• Tesco Automation
• Texas Instruments

Market Dynamics:

Drivers-
Growing demand for digital substation can be attributed to the Increasing investments in smart city and smart grid infrastructure development, the need for increased safety and effective interaction in power distribution as well as transmission processes, the compactness and high efficiency required to meet rising power demand, rising demand as a result of superior benefits over traditional alternatives, accelerating digitalization worldwide, and rising demand for power supply in confined areas are all major drivers, fueling the expansion of the digital substation industry.

Challenges:
The prime challenge is the high entry price of associated equipment, higher potential for cyber-attacks, and a lack of awareness, hindering the development of the digital substation business because of lockdowns and isolation in emerging countries, which is predicted to slow the growth of the digital substation market. However, with technological development, the expense to put up a digital substation is considerable upfront.

It is because of the rising expense of substations due to the rising prevalence of intelligent electronic devices in their design and operation. The rising number of integrated IEDs and technologies like microprocessors and service-oriented architecture have contributed to an increase in the price of substations, which is, for digital substations, hampering the overall growth of the digital substation market over the coming years.

Regional Trends:
The North American digital substation market is anticipated to record a significant market share in revenue. It is projected to grow at a high CAGR in the near future because the increasing product penetration in the region is expected due to increased energy consumption and ongoing commercial and industrial infrastructure expansions.

In addition, sustained economic expansion will fuel further advancements in microgrid infrastructure across the region. Besides, Europe had a considerable share in the market due to its developed economy and rapidly expanding population to meet soaring electricity demands, boosting regional development. Moreover, the existance of key market players and the growing cooperation between major players for market penetration in the area enables an opportunity to grow the global digital substation market.

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Recent Developments:

• In July 2023, The introduction of Industrial Digital Transformation Services was initiated by Schneider Electric. The purpose of the specialised global service is to assist industrial firms in achieving a future-oriented, innovative, sustainable, and efficient end-to-end digital transformation.

• In Dec 2021, GE Digital has just entered into a collaborative agreement with UK Power Networks (UKPN) to initiate a smart substation initiative aimed at facilitating the expansion of renewable energy production throughout the United Kingdom.

Segmentation of Digital Substation Market-
By Module -
• Hardware
o Transformers
o Busbars
o Protection Devices
 Circuit Breaker
 Protective Relay
 Switchgear
o Interfacing Units
 Human-machine interfaces (HMI)
 Remote terminal units (RTU)
 Programmable logic controllers (PLCs)
o Others
• Fiber-optic Communication Networks
• SCADA Systems
By Type -
• Transmission Substation
• Distribution Substation
By Installation Type -
• New Installations
• Retrofit Installations
By Voltage-
• Up to 220kV
• 220-500kV
• Above 500kV
By Industry-
• Utility
o Non-Renewables
o Renewables
• Heavy Industries
• Transportation
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa

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