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Digital Substation Market size to exceed $9bn by 2026

Published Date: May 11, 2020    Authors: Ankit Gupta, Riya Gupta

Digital Substation Market is expected to surpass USD 9 Billion by 2026, as reported in the latest study by Global Market Insights, Inc.
 

Digital substation industry will witness an upsurge on account of growing demand for effective and efficient control and monitoring technologies across T&D network. Lack of efficient and sustainable electrical infrastructure in the developing nation along with continuous shift toward the refurbishment & replacement of electrical networks in the developed nations have incorporated a positive business scenario. Henceforth, extensive industrial strategies along with rapid integration of cost-competitive and efficient products will steer the industry potential. However, the COVID- 19 pandemic may adversely impact the overall business growth on account of shutdown across large scale manufacturing units and utility aided industries.

 

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Ongoing adoption of automated electrical systems to curb electrical losses and unnecessary cost incursions will complement the digital substation market

Adoption of technology aided systems which includes PLC networks, monitoring and control software across substations to develop the system functionality has increased product adoption in the recent years. In addition, ongoing deployment of automated electrical equipment across existing substation units, to upgrade and curb unnecessary cost on new substation installation will complement the product portfolio. Introduction of automated protection units and electrical components supported by positive utility inclination primarily across developed economies have infused favorable industrial prospects.
 

Browse key industry insights spread across 573 pages with 1086 market data tables & 42 figures & charts from the report, “Digital Substation Market Statistics By Component (Substation Automation System, Communication Network, Electrical System {Transformer, Busbar, Protection Devices [Circuit Breaker, Protective Relay, Switchgear]}, Monitoring & Control System {Human Machine Interface, Programmable Logic Controller, Others}, Others), By Architecture (Process, Bay, Station), By Application (Transmission, Distribution), By Connectivity (< 33 kV, 33 kV to 110 kV, 110 kV to 220 kV, 220 kV to 550 kV, > 550 kV), By Voltage Level (Low, Medium, High), By End Use (Utility, Industrial), By Installation (New, Refurbished) Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026 in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/digital-substation-market
 

Increasing government led fund flow as well as growing demand for effective and smart electrical equipment will propel the industry landscape

Large educational premises across developed economies along with increasing government led fund flow across developing nations has been a prominent phenomenon across the industrial peripheral. In addition, increasing per capita income have led to rise in expenditures across commercial stores and hospitality establishments which further lead to their expansion & development. With every development, energy consumption escalates leading to rising demand for effective and smart network components which in turn will boost the digital substation market outlook.
 

Ongoing technological enhancements coupled with increasing R&D investment toward supply of efficient power units will drive the industry scenario

Ongoing technological advancement to cater electrical power losses as well as to deploy automated systems across the distribution network will drive the digital substation industry trends. For instance, in 2020, Eaton announced its redesigned remote monitoring & management service PredictPulse to support information technology and data center in monitoring the operations of its power infrastructure. Moreover, increasing R&D investment by leading industry players to enhance the applicability and functionality of these units will fuel the product portfolio.
 

Refurbishment and retrofit of existing power grid networks across European region will strengthen the business scenario

Europe digital substation market is anticipated to grow at rate of over 5% through 2026. Refurbishment and replacement of traditional grid infrastructure along with rising concerns toward grid stability and security of power supply will accelerate the product demand across the region. Positive consumer shift toward incorporation of IT across the power sector will significantly propel the advancement of grid network, which in turn will fuel the industry dynamics. However, impact of novel corona virus on the power industry across the region will restrict the flow of supplier till second quarter of 2020.
 

Eminent players functioning across digital substation market includes GE, Schneider, Texas Instruments, ABB, Emerson Electric, Eaton, Tesco Automation, NR Electric, Open System International, Rockwell Automation, L&T, Cisco, Siemens, NetControl, Belden Inc, Guodian Nanjing Automation Co., Locamation, Efacec and Beijing Sifang Automation.
 

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