The global digital substation market size is expected to grow from $6.16 billion in 2021 to $6.85 billion in 2022 at a compound annual growth rate (CAGR) of 11.19%. The global digital substations market size is expected to grow to $10.47 billion in 2026 at a CAGR of 11.19%.
What is the Global Digital Substation Market?
The digital substation market consists of sales of digital substation by entities (organizations, sole traders, and partnerships) that is used to communicate between the relays in the control house and the instrument breakers, transformers, and merging units in the station yard. The digital substation brings digital technology into the substation. The term digital substation refers to electrical substation in which operation is controlled by distributed intelligent electronic devices (IEDs) linked by the communication networks. It is possible by the use of computing technologies in the substation.
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What drives the Global Digital Substation Market?
The increasing demand for electricity is expected to propel the growth of the digital substation market. Digital substations are actively used in replacing traditional copper cable with advanced fiber optics transmitters to covert electrical signals to optical signals. Digital substations are also used in power grids and transformers to minimize losses during transmission of electricity. For instance, in November 2021, according to the International Energy Agency’s semi-annual Power Market Report, the global electricity demand is expected to climb by 5% in 2021 and 4% in 2022. The amount of electricity generated by renewables is expected to rise as well, by 8% in 2021 and over 6% in 2022. Therefore, the increase in demand for electricity is driving the digital substation market.
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Global Digital Substation Market Segments
The global digital substation market is segmented:
By Voltage Level: Low, Medium, High
By Type: Transmission, Distribution
By Module: Fiber Optics Communication Network, Supervisory Control and Data Acquisition, Hardware
By Industry Vertical: Power Generation, Metal and Mining, Oil and Gas, Transportation and Logistics, Defense and Aerospace, Process and Manufacturing, Others
By Geography: The regions covered in the digital substation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Digital Substation Global Market Report 2022provides market size and growth forecasts for the global digital substation market, global digital substation market share, digital substation market segments and geographies, digital substation market competitive landscape including leading competitors’ revenues, profiles and market shares. The digital substation market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Digital Substation Industry Playersinclude ABB Group, NR Electric, Eaton Corporation Inc., Schneider Electric, General Electric, Larsen & Toubro, Siemens, Tekvel, Toshiba, Yamal LNG, DNV GL, Hitachi, Igrid T&D, Kalkitech, Locamation, and Panasonic Corporation. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
