Substation Market: Development, Current Analysis & Forecast to 2023
The ease in maintaining digital substations is predicted to transform the digital substation market 2020. The power generation, transmission and distribution reports are made by Market Research Future, which includes market options for expansion. A 7.5% CAGR is estimated to shape the digital substation market size in the upcoming period.
The change of the power generation to an optical system from a wired is predicted to transform the digital substation market size. The augmented digitization in many sectors is foreseen to bolster the digital substation market size in the impending period. The reduction in material costs is estimated to promote the digital substation market further.
The segmental investigation of the digital substation market has been segmented based on type, voltage, module, industry and region. On the basis of the voltage, the market for digital substation is segmented into 220–550 kV, up to 220 kV, and above 550 kV. Based on the regions, the market for digital substation has been segmented into Asia Pacific, Europe, North America and the rest of the regions. Based on the industry, the market for digital substation has been segmented into metal, mining, oil & gas, utility, and transportation. Based on the modules, the market for digital substation is segmented into fiber optic communication network, hardware, and SCADA. Based on the type, the market for digital substation is segmented into distribution substation and transmission substation.
Detailed Regional Analysis
The regional assessment of the digital substation market has been segmented into Asia Pacific, Europe, North America and the rest of the regions. The Asia Pacific digital substation market is projected to continue as the foremost region in terms of the need for digital substations. The power segment controls a robust base in the Asia Pacific, due to a great demand for energy together with increasing conservative and non-conventional power generation plants. The market for a digital substation in the Asia Pacific region is also being pressed towards presenting developed and consistent solution for distribution and transmission activity. The digital substation market is anticipated to observe outstanding progress throughout the forecast period. This is owing to the extensive growth in transmission & distribution network and mounting demand for power.
The reinforcement of the distribution channels is estimated to further place the market in the right place for the future. The emphasis on marketing strategies is estimated to decline due to the focus being placed on cost optimization. The market is estimated to be energized by the incentives offered by the governments and the initiatives taken to spur the global market. The trade blockades are, however, estimated to slow down the momentum that could be attained by the market. The companies in the market are estimated to solely focus on getting their growth paths back on track to maximize the opportunities that may arise. The contender's progress in the market is estimated to be bolstered by the innovations that are being undertaken to enhance the core product offering in the upcoming period.
The significant companies of the digital substation market are Honeywell International Inc. (U.S.), Siemens AG (Germany), General Electric Company (U.S.), Schneider Electric (France), Cisco Systems, Inc. (U.S.), Eaton Corporation plc (Ireland), Emerson Electric Co. (U.S.), NR Electric Co., Ltd. (China), ABB Ltd. (Switzerland), and Larsen & Toubro (India).
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