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Digital Substation Market Size exceeded USD 6.5 billion in 2021 and is anticipated to grow at a CAGR of over 7.3% from 2022 to 2028. The influx of advanced, secure, and flexible technologies has led to a sustainable industry platform.
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Increasing R&D expenditures by digital substation solution providers to augment their system portfolios and integrate a useful technological platform will enhance product penetration. Moreover, favorable schemes to incorporate smart & reliable monitor and control technologies to propel the life expectancy of electric infrastructure along with conservation of the living environment will drive the market growth.
Report Coverage | Details |
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Base Year: | 2021 |
Market Size in 2021: | 6.5 Billion (USD) |
Forecast Period: | 2022 to 2028 |
Forecast Period 2022 to 2028 CAGR: | 7.3% |
2028 Value Projection: | 10.5 Billion (USD) |
Historical Data for: | 2018 to 2021 |
No. of Pages: | 580 |
Tables, Charts & Figures: | 1,121 |
Segments covered: | Component, Architecture, Application, Connectivity, Voltage Level, End Use, Installation |
Growth Drivers: |
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Pitfalls & Challenges: |
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Rapid digitalization and technological upgrades are some of the key factors compelling industry giants to lay the foundations for a spontaneous electrical environment. Growing consumer inclination toward smart & optimized electrical infrastructure will frame a competitive scenario. In addition, communication technology allows for effective feedback abilities, increased time for correcting failures, and fault detections, which, in turn, has propelled momentum across substation units. Furthermore, these systems have been an integral phenomenon for utilities and technology providers to club efforts for the effective monitoring of electrical transactions to further streamline the supply & demand across load centers.
The incorporation of sustainable energy sources supported by favorable policies & schemes including feed-in-tariffs, net metering, and similar incentivization will complement the industry growth. Decentralized micro-grid networks coupled with the integration of renewable energy sources into these networks have augmented the advanced circuitry component demand for sustaining the varying frequencies across the network; this will further boost the product adoption. Additionally, networks integrated with renewable energy create varying wavelengths and frequency volatilities that require reliable circuit control & monitoring units, thereby proliferating the market progression.
Growing investments in upgrading & refurbishing old transmission lines coupled with the ongoing efforts to introduce smart energy infrastructure will produce a favorable business growth scenario. For instance, in April 2020, the National Energy & Utilities Regulatory Commission (NEURC) of Ukraine invested USD 240 million in developing the country’s grid infrastructure by the end of the year. In addition, unceasing operations pertaining to the repair and maintenance of electrical infrastructure for attaining stable grid operations across the power industry during the COVID-19 pandemic will foster the product demand.
The low-voltage segment is expected to reach USD 2 billion by 2028. These systems find a wide range of applications across process industries and the power & infrastructure sector, fueling the product demand. The burgeoning demand for intelligent control systems owing to favorable reforms for power distribution will positively sway the industry expansion. Furthermore, growing investments in the commercial sector along with the soaring real estate sector growth will further stimulate a growth in demand for digital substations during the forecast period.
The > 550 kV digital substation market has witnessed a substantial growth over the last few years due to the ongoing efforts to introduce decentralized power supply networks. Rapid technological advancements along with increasing investments across sustainable energy infrastructure are some of the key factors driving the demand for > 550 kV substations around the globe. Electrification measures in areas with limited grid access or complete isolation will positively sway the industry dynamics. The restructuring of various power markets along with government efforts to integrate smart monitoring & control technologies will further complement the business outlook.
Governmental directives and strict regulations for utility-aided grid networks applied to the deployment of reliable electric infrastructure will positively sway the digital substation market growth. Favorable policies pertaining to the integration and electrification of micro-grid power networks across remote areas have further positively driven the product demand. Moreover, the incorporation of sustainable energy infrastructure by developing nations coupled with the ongoing influx of funds from various institutions including the World Bank, IFC, private authorities, and respective policy makers across developing nations will proliferate the industry dynamics.
The rising energy demand attributed to rising expenditures toward expanding high voltage electric networks for long routes along with the restoration and refurbishment of domestic infrastructure has reinforced the market expansion. Additionally, increasing focus on renewing existing electrical infrastructure and its components with smart & upgraded systems will enhance the industry revenue.
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North America digital substation market is estimated to cross USD 2.5 billion by 2028. The rising energy demand across the U.S. credited to ongoing commercial & industrial infrastructure developments will further propel the regional product penetration. A paradigm shift toward aerial-bunched cables for overhead power lines will foster product deployment.
Furthermore, continuous economic growth will boost the regional micro grid infrastructure development, which, in turn, will proliferate the industry demand during the forecast period. However, the COVID-19 pandemic’s impact across the region has restricted the streamlined growth of the industry as well as project commissioning plans. The industry is slated to observe a substantial growth in the coming years owing to the easing of lockdown protocols coupled with mass vaccination augments across the region.
The major companies operating in the market include Emerson Electric, ABB, Tesco Automation, SIFANG, General Electric, Eaton, and Rockwell Automation. Ongoing acquisitions and joint ventures between various service providers along with favorable incentives for deploying sustainable electricity supplies will stimulate the business outlook.
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Market, By Component
Market, By Architecture
Market, By Application
Market, By Connectivity
Market, By Voltage Level
Market, By End-use
Market, By Installation
The above information has been provided for the following regions and country: