According to a new market report published by Transparency Market Research titled “Digital Substations Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 – 2026,” the global digital substations market is expected to reach US$12,143.1 Mn by 2026. The market is projected to expand at a CAGR of 8.2% during the forecast period from 2018 to 2026. According to the report, the global digital substations market will continue to be influenced by a range of factors such as their better reliability and availability compared to conventional substations, reduced maintenance cost, and their increasing use by utilities. North America will continue to be at the forefront of global demand, with the market in the region holding bulk of the share of the global digital substations market throughout the forecast years.
Hardware module segment expected to be more lucrative
The global digital substations market is segmented by module into hardware, fiber optic communication network, and SCADA. Hardware module segment is expected to surpass US$ 7,500 Mn by 2026. Digital substations are being extensively used across all industry verticals especially across utilities and oil & gas around the globe.
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Transmission substations type segment expected to dominate the market around the globe
On the basis of type, the digital substations market is segmented into transmission substations and distribution substations. The transmission substations segment is expected to hold the major share of the total market throughout the forecast period.
Upto 220 kV voltage segment expected to expand at a significant growth rate during the forecast period
On the basis of voltage, the market is classified into Up to 220 kV, 220-550 kV, and above 500 kV. Up to 220 kV voltage segment is expected to expand at a substantial rate thanks to the increasing demand for energy from cities due to the increasing urbanization. The segment is also expected to hold the major share of the market based on voltage.
Utilities industry segment expected to be hold a large chunk of the total global digital substations market
Based on industry, the market is segmented into utilities, metal, mining, oil & gas, and transportation. In 2017, utilities held the major share of the total market owing to their widespread use in utilities.
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North America to continue to hold significant share in the overall market
North America is expected to hold higher market share for digital substations during the forecast period. The growth is mainly due to the increased adoption of digital substations with the presence of well-established players across the region, especially across the U.S. and Canada. Asia Pacific which is home to many well-established players from the digital substations market is expected to emerge as the region showcasing the highest CAGR. Furthermore, Asia Pacific is witnessing high adoption of digital substations due to the increasing demand for energy to support the local manufacturing units.
Major players in the digital substations market include ABB Ltd, Siemens AG, Schneider Electric SE, Eaton Corporation Plc, Emerson Electric Co., Honeywell International Inc., Cisco Systems, Inc., NR Electric Co., Ltd., EFACEC, and Schweitzer Engineering Laboratories, Inc.
Read TMR Research Methodology at: https://www.transparencymarketresearch.com/methodology.html
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