Digital Substations Market Overview
According to a recent survey conducted by ChemView Consulting, the Global Digital Substations Market grew at a CAGR of 5.8% between 2017-2021 and is estimated to be US$ 6,974.3 Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 6.9% and is expected to reach a valuation of US$ 13,591.8 Mn by 2032 end.
Throughout the projected period, the market is anticipated to grow in response to rising driven forward by causes such as expanding smart city infrastructure development, rising power demand with constrained space availability, rising need to replace aging substation infrastructure, and increasing interoperability and safety standards.
ChemView Consulting has analyzed that As the demand for electricity rises and more countries embrace renewable energy sources, there is a need for new ways to transmit electrical signals that are efficient, reliable, and economical. Digital substations send electrical signals through the wires in a power grid to store or share energy. Relying on a computerized system and advanced technology, digital substations help save money and reduce environmental damage through more efficient use of power transmission lines.
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Segments Covered in Report
By Component:
- Substation Automation System
- Communication Network
- Electrical System
- Transformer
- Busbar
- Protection System
- Monitoring and Controlling Device
- Human Machine Interface
- Programmable Logic Controller
- Other
By Architecture:
- Process
- Bay
- Station
By Application:
- Transmission
- Distribution
By End Use:
- Utility
- Industrial
By Connectivity:
- <33kV
- 33kV to 110kV
- 110kV to 550kV
- >550kV
By Voltage Level:
- High
- Medium
- Low
By Installation:
- New
- Refurbished
By Region and Country:
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
- Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
- Africa (South Africa, Nigeria, Egypt, Rest of Africa)
Key Takeaways from the Digital Substations Market
- Based on the Voltage Level, The demand for high-voltage AC substations will increase as the industry grows by 5.0% during the forecast period 2022-2032. This voltage range digital substation is used in various sectors such as Power, utilities, mining, and others. There have been developments in advanced digital substations which can withstand high-power monitoring applications.
- Based on the End-Use, In 2021, the utility application market will rule. The primary driver of the expansion of the utility sector is the necessity to meet peak power consumption. In the event of an abrupt change in the energy supply, the utility BESS offers control services for power quality, frequency, and voltage.
- Based on Region, the North America Digital Substation market dominated with a market share of 38.5%, followed by Canada and Mexico. Early adoption of advanced technologies, a large number of players, a strong local presence, and increasing demand for high-speed data transmission is projected to drive the growth rate in this market during the forecast period.
Competition Summary
Key companies covered in the market study are ABB Ltd., Cisco Systems, Inc., Eaton Corporation PLC, Emerson Electric Co., General Electric Company, Honeywell International, Inc., Larsen & Toubro, NR Electric Co. Ltd., Schneider Electric SE, Siemens AG.
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Report Key Highlights and Coverage
- Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
- Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
- The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
- Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
- Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
- Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
- Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
- Key drivers, restraints, opportunities, and emerging trends impacting the market growth.
- Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
- Strategic market analysis, recommendations, and future headways on crucial winning strategies.
About ChemView Consulting
ChemView Consulting is a leading information, market intelligence, and business consulting firm serving clients worldwide in Chemical & Materials, Food & Beverage, Oil & Gas, Clean Energy & Power, and Packaging domains. In their business transformation journey, we have been collaborating with global enterprises, including 70% of the largest Forbes 1000 enterprises, helping them deliver on their business ambitions. ChemView Consulting serves clients in approximately 100 countries, with its office in New York, U.S., and Pune, India.
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