Global Digital Substation Market Overview:
Digital Substation is also referred for the term electrical substation. It is the place were operation is done between intelligent electronic devices (IEDs) that are interconnected by communications networks or SCADA Equipment. This digital substation uses computing technology. The major benefit of these substations is that they bring a wide scope in terms of designing, engineering, operation, and installation. Hence, the market for global digital substation will continue to be inclined towards the growth factors such as better reliability and availability as compared to the traditional ones. As observed in the market status it is seen that North America will be holding a major share in terms of the global market and Asia-Pacific is expected to grow throughout the upcoming years.
Attributes | Details |
---|
Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Historical Period | 2018-2022 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Influencing Trend:
Rising Trend of Implementing Developments in the Context of Iot, Cloud, AI & ML among Others in Digital Substations and Adopting Technological Innovations in Terms of Digital Substations
Market Growth Drivers:
Increasing Pace of Digitalization across World, Increasing Infrastructure Development in Smart Cities and Rising Demand for Power Supply in Limited Space
Challenges:
Lack of Effective Electrical Infrastructure in the Emerging Countries can be one of the Challenge towards the Industry and Concerns Related to Controlling Cybersecurity Risks
Restraints:
High Cost Associated With the Installation of these Substations
Opportunities:
Paradigm Shift toward the Expansion of Prevailing Networks in Developed Nations Is Boosting the Industry and Rising Demand for Replacing Traditional Substation Infrastructure
Competitive Landscape:
The market for digital substation has the number of key players that are finding their new way to sustain in the market for a better portfolio. Hence, the manufacturers & suppliers have continuously been streamlining their research & development investments to enhance and expand system portfolios. However, new fund allocation from major industry players to incorporate a flexible technological platform has acted as a considerable breakthrough.
Some of the key players profiled in the report are ABB Group (Switzerland), Siemens (Germany), General Electric (United States), Cisco Systems (United States), Schneider Electric (France), Honeywell International (United States), Emerson Electric (United States), Larsen & Toubro (India), Eaton Corporation (Ireland) and NR Electric (China). Analyst at AMA Research see United States Manufacturers to retain maximum share of Global Digital Substation market by 2028. Considering Market by Industry, the sub-segment i.e. Utility will boost the Digital Substation market. Considering Market by Voltage Type, the sub-segment i.e. Up to 220 kV will boost the Digital Substation market. Considering Market by Architecture, the sub-segment i.e. Process Level will boost the Digital Substation market. Considering Market by Module, the sub-segment i.e. Hardware will boost the Digital Substation market.
Latest Market Insights:
In September 2023, Eaton announced the acquisition of Innovative Switchgear Solutions (ISS). ISS is a leading provider of medium-voltage switchgear solutions, and this acquisition strengthens Eaton's position in the digital substation market.
In July 2023, GE Grid Solutions launched its GridOS substation automation platform. GridOS is a cloud-based platform that provides utilities with a comprehensive overview of their substation operations and enables them to optimize performance.
What Can be Explored with the Digital Substation Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Digital Substation Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Digital Substation
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Digital Substation market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Digital Substation market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Intelligent electronic devices (IED) manufacturers, Supervisory control and data acquisition (SCADA) solution providers, Communication network providers, Power utility companies, Turnkey contractors, Distributors and traders and Research organizations.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.