Digital Substation Market is segmented based on types as distribution and transmission substations. The transmission digital substation market will witness high growth over the coming years owing to the growing demand from end-use industries to replace the legacy utility infrastructure. To avoid power outages owing to inferior standards, investor-owned utilities are investing heavily in upgrading their transmission substations by installing the digital systems, which is attributing to the growth of the segment. The industry is witnessing a rise in the renewable energy projects and government initiatives such as digitalization, smart cities, and huge digital makeover requirement of current grid systems, which is expected to create several growth opportunities for players operating in the global digital substation market.
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Based on the voltage, the digital substation market is segmented into systems with up to 220 kV, 220 to 550 kV, and above 550 kV energy. Several industries are implementing are up to 550kV. These systems are mostly used in space-restricted areas such as urban and industrial areas. The 220kV to 550kV digital substation market is anticipated to show a high growth rate owing to growing investments by key players in the utility sector, mainly in the transmission infrastructure.
Digital Substation Market is anticipated to grow substantially owing to the increasing usage of smart grid technology, the rise in substation modernization, and growing need for low-cost and flexible power solutions. Several countries are depending heavily on renewable energy sources for power generation, a major factor that drives the industry growth. In economies including Brazil, China, and India, electricity consumption is rising thereby driving the demand for smart grids. In addition, the digital substation market is witnessing a growing demand for electricity coupled with the rise in government funding initiatives in partnership with the regional utility companies, driving the global digital substation market.
The substantial growth of the digital substation market can be majorly attributed to the rising need to replace and redevelop the legacy infrastructure in developed countries to serve a large customer base. The industry is witnessing a growing trend of digital transformation across several end-use sectors as these systems provide enhanced safety, high efficiency, easy maintenance, investment security, and built-in cybersecurity. A major driving factor for the high adoption of these stations is the improved communication capability of the digital systems.
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Several companies are installing digital monitoring systems to tackle the budget constraints of installations as in the long run, these systems will help in increasing the efficiency and reducing costs. However, the need for high initial investment in the utility sector will hinder the digital substation market growth but with the ongoing industrialization in several developing economies, the industry will witness a rise in investments from several government entities to modernize their legacy utility infrastructure.
Asia Pacific digital substation market is expected to grow at a high rate owing to the expanding power distribution networks in countries including India, Singapore, Indonesia, Malaysia, and Taiwan. The region has witnessed a rise in the electricity consumption owing to the large consumer base and fast industrialization.
Some key players operating in digital substation market include Emerson Electric, Cisco Systems Inc., Larsen & Toubro, ABB Ltd., NR Electric Co., Ltd., Siemens AG, Eaton Corporation, General Electric, Honeywell International, Inc., and Schneider Electric, among others. The industry is witnessing a rise in strategic partnerships, agreements, new product developments, and acquisitions.
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