Global Digital Substation Marketto 2027
Global Digital Substation Market Size, Trends & Growth Opportunity, By Type (Distribution substation, and Transmission substation), By Module (Fiber optic communication network, Supervisory control and data acquisition, and Hardware), By Voltage (220 kV, 220 kV to 550 kV, and Above 550 kV), By Region and Forecast till 2027
Global Digital Substation Market
Digital Substation is defined as the combination of digital analytics, automation, and monitoring capabilities embedded in power system management for power grids. These substations enable electric power utilities to reduce footprint, increase functionality, improve reliability of assets and increase productivity.
Market Drivers
The increase in digitalization of infrastructures is a key driving factor which expected to boost the global digital substation market growth over the forecast period. Also, the growing demand for renewable energy projects in the market will significantly drive the global digital substation market growth. Furthermore, the increase in demand for battery technology to generate electricity will positively influence the market growth. Moreover, the growing investments in smart cities and smart grid infrastructure development will propel the demand of a digital substation in near future. Superior benefits of digital substation over traditional counterparts which expected to drive the growth of global digital substation market growth during this forecast period. In addition, the growing emphasis laid down by the environmental bodies on renewable energy projects are expected to create good opportunity platforms to the players operating in the digital substation market across the globe.
Market Restraints
High initial set-up cost associated with the setting up of digital technologies in the utilities sector coupled with period maintenance poses certain market restraints expected to hamper the global digital substation market growth.
Market Segmentation
The Global Digital Substation Market is segmented into type such as Distribution substation, and Transmission substation, by module such as Fiber optic communication network, Supervisory control and data acquisition, and Hardware. Further, market is segmented into voltage such as Up to 220 kV, 220 kV to 550 kV, and Above 550 kV.
Also, the Global Digital Substation Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
Market Key Players
Various key players are discussed in this report such as ABB, Larsen & Toubro, Emerson, Cisco Systems, Eaton, NR Electric, Cadillac Automation and Controls, General Electric, Siemens, Schneider Electric, Honeywell, etc.
Market Taxonomy
By Type
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