Chicago, Aug. 24, 2023 (GLOBE NEWSWIRE) -- The Digital Substation Market by Module (Hardware, Fiber-Optic Communication Networks, and Scada Systems), Type (Transmission and Distribution), Voltage, Installation Type, Industry, and Region", A digital substation is a digitized portion of a substation’s secondary system after eliminating the majority of analog secondary circuits between the instrument transformers and protective relays. This is an important aspect of electrical generation, transmission, and distribution systems, which enable electric utilities and other industries to remotely monitor, control, and coordinate the transmission and distribution components installed in the substation.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=43227003
Digital substation Market Dynamics:
Driver: Improved safety and effective communication in power distribution and transmission processes
The functionality of a digital substation system completely relies on the use of an effective communication system to link various protection, control, and monitoring components within a substation.
Earlier, most manufacturers were using their own proprietary communication protocols; some of the protocols such as Modbus Plus, DNP 3.0, and IEC 60870 were used in utilities, which did not fully support the interoperability among intelligent electronic devices (IEDs) provided by different vendors in the substation automation ecosystem. Therefore, a universal standard, IEC 61850, was introduced pertaining to substation automation to eliminate the problems related to interoperability.
Key Market Players in Digital substation Market
- ABB Ltd. (Switzerland),
- General Electric Company (US),
- Siemens AG (Germany),
- Eaton Corporation Inc. (Ireland),
- Schneider Electric SE (France),
- Honeywell International Inc. (US),
- Cisco System Inc. (US),
- NR Electric (China),
- Emerson Electric Co. (US), and
- Larsen & Toubro Limited (India).
“Browse in-depth TOC on "Digital substation Market, Market trends, Market Report, Market Value, Market Forecast, Market Growth "
112 – Tables
55 – Figures
199 – Pages
Restraint: High initial set-up costs associated with digital substations
Technological advancements in the transmission infrastructure segment are expected to play a vital role in efficient network upgrade and expansion. This is expected to help in meeting the government’s objective of 24×7 power for all, maintaining a congestion-free transmission network and ensuring grid stability.
Because of this technological advancement, the initial cost required for setting up a digital substation is high. This is due to the increased number of intelligent electronic devices (IEDs) used in substations, which increases the purchase cost of substations. The increasing use of technologies such as the microprocessor and service-oriented architecture (SOA) technologies, as well as the rise in the number of embedded IEDs in substations, have increased the purchase costs of these substations.
Get 10% Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=43227003
Opportunity: Rising demand for renewable energy projects
The renewable energy industry is primed to enter a new phase of growth driven largely by increasing customer demand, cost competitiveness, innovation, and collaboration.
The renewable energy sector saw significant demand in different markets. One of the major factors driving the growth of renewable energy projects is the declining generation cost of renewable energy sources, rising capacity factors of renewable energy sources, and increased competitiveness of battery storage. Moreover, concerns over a carbonconstrained future have also increased the focus of companies on renewable energy projects. According to the International Energy Agency (IEA), the generation of renewable energy is expected to expand by 50% in the next 5 years.
Challenge: Concern regarding cyber attacks
Many areas in the electricity network, including the substations, are expanding their existing systems with digital technology.
The rapid pace of change in the electric power grid creates a challenging environment for asset owners and operators of electricity infrastructure to monitor the activities of the industry and standards organizations, develop an understanding of the security impacts of new technologies, and assess and monitor cybersecurity risks.
A digital substation is a highly automated control system where almost all processes of information exchange between substation components, communication with external systems, and control of the substation operation are carried out digitally, which is based on IEC 61850 protocols.
Related Reports:
SCADA Market by Offering (Hardware, Software, Services), Component (Programmable Logic Controller, Remote Terminal Unit, Human-Machine Interface), End User (Process Industries, Discrete Manufacturing, Utilities) and Region - Global Forecast to 2027
https://www.marketsandmarkets.com/Market-Reports/scada-market-19487518.html
