Digital Substation Market Insights Reveal Opportunities in Energy Efficiency and Grid Modernization Initiatives

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 2023-2031.

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Digital substations are transforming the energy sector by converting analog measurement data and binary status signals into digital formats, with a focus on enhancing station and process-level digitalization. This shift to digital systems significantly reduces investment and operational costs while improving the safety and reliability of data transmission. The rapid digitization of power supply networks, along with the integration of the Internet of Things (IoT), is driving significant advancements in digital substations. These developments are contributing to the growing complexity of power supply and demand dynamics.

The increasing demand for renewable energy projects is further driving the need for advanced battery technologies to support energy generation. This, in turn, is creating substantial growth opportunities for the digital substation market. As a result, the demand for digital substations is expected to rise. The ongoing introduction of innovative technologies and consistent economic growth signals a positive outlook for the future expansion of the digital substation market. Companies within the sector are intensifying their efforts, either through technological innovation or by expanding into emerging markets, thereby heightening competition and fostering market growth.

List of Prominent Players in the Digital Substation Market:
• 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
• Belden Inc
• NR Electric Co., Ltd.
• Rockwell Automation, Inc.
• Guodian Nanjing Automation Co., Ltd.
• Open System International, Inc.
• Sifang

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Market Dynamics:
Drivers:
The growth of the digital substation market is primarily driven by several factors, including increased investments in smart city and smart grid infrastructure, the demand for enhanced safety and efficient communication in power distribution and transmission, the need for compact and highly efficient systems to meet rising power demand, and the superior benefits offered by digital substations compared to traditional alternatives. Additionally, the accelerating pace of digitalization worldwide and the rising need for power supply solutions in confined spaces are further contributing to the expansion of the digital substation sector.

Challenges:
Key challenges facing the digital substation market include the high initial costs of associated equipment, the increased potential for cyber-attacks, and a lack of awareness, particularly in emerging markets. The impact of lockdowns and isolation measures in these regions is expected to slow market growth. Furthermore, the high upfront costs of establishing digital substations, driven by the integration of intelligent electronic devices (IEDs), microprocessors, and service-oriented architecture, are hindering the adoption of digital substations. As the use of these technologies increases, the overall cost of substations rises, which poses a challenge to the widespread deployment of digital substations in the coming years.

Regional Trends:
The North American digital substation market is expected to capture a significant market share in terms of revenue and is projected to grow at a high compound annual growth rate (CAGR) due to increased product penetration driven by rising energy consumption and ongoing commercial and industrial infrastructure development. Additionally, sustained economic growth will foster further advancements in microgrid infrastructure throughout the region. Europe also holds a substantial share of the market, supported by its developed economy, rapidly expanding population, and growing electricity demand. This, in turn, is driving regional growth. Moreover, the presence of key market players and increased collaboration among major industry participants are creating opportunities for further market penetration and expansion of 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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About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.

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This release was published on openPR.