The Global Digital Substation Market was valued at USD 5.86 billion in 2016 and is projected to reach USD 11.67 billion by 2025, growing at a CAGR of 7.95% from 2017 to 2025.
Digital Substations is the combination of automation, digital analytics and monitoring capabilities embedded in power-systems management for powergrids. Its applications include – overage power management, digital monitoring, substation digital transformers and more. It provides real-time power-grid management for faster and better capabilities. Digital Substations enable electric power utilities to increase productivity, reduce footprint, increase functionality, improve the reliability of assets and, crucially, improve safety for service personnel.
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1. Market Drivers
1.1 Increasing demand for renewable energy projects in market
1.2 Rising demand for battery technology to generate electricity
1.3 Reduces maintenance costs and improved safety
1.4 Growing infrastructure development in smart cities
1.5 Growing demand to replace traditional substation infrastructure
1.6 Increasing power demand with limited space availability
2. Market Restraints
2.1 Controlling Cybersecurity risks
2.2 High initial investment cost
The Global Digital Substation Market is segmented into type, module, voltage, vertical, and region.
1.1 Distribution substation
1.2 Transmission substation
2. By Module:
2.1 Fiber optic communication network
2.2 Supervisory control and data acquisition
3. By Voltage:
3.1 Up to 220 kV
3.2 220 kV to 550 kV
3.3 Above 550 kV
4. By Vertical:
4.5 Oil & Gas
5. By Region:
5.1 North America (U.S., Canada, Mexico)
5.2 Europe (Germany, UK, France, Rest of Europe)
5.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
5.4 Latin America (Brazil, Argentina, Rest of Latin America)
5.5 Middle East & Africa
The major players in the market are as follows:
1. General Electric
3. Schneider Electric
6. Larsen & Toubro
8. Cisco Systems
10. NR Electric
11. Cadillac Automation and Controls
13. Yamal LNG
15. Igrid T&D
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
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RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH:
Research study on the Global Digital Substation Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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