Selbyville, Delaware, Feb. 24, 2022 (GLOBE NEWSWIRE) --
The digital substation market size is anticipated to record a valuation of USD 10.5 billion by 2028, according to the most recent study by Global Market Insights Inc. The soaring energy demand coupled with the adoption of innovative monitoring & control devices to augment safe electricity supply and grid securities will proliferate the market growth.
The COVID-19 pandemic has affected various businesses in an unprecedented manner, leading to the closure of major energy-intensive industries including manufacturing industries along with various commercial establishments such as offices and educational facilities. In addition, access to manufactured components has been subdued on account of mass production shutdowns as well as a slowdown in transportation & logistical operations, thereby affecting the market demand. However, a resumption of industrial operations along with the lifting of lockdown mandates will boost the demand for digital substation units around the globe over the coming years.
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Favorable governmental schemes to provide electricity across remote areas to complement the product acceptance in the coming years. Large-scale renewable integration along with the demand for advanced distributed generation technologies for frequency resonance across new & existing grid infrastructure will sway the product demand positively. Henceforth, concerns associated with frequency resonance have compelled installers to set-up or integrate various electric network junctions, stimulating the product demand; therefore, a favorable regulatory landscape and positive geographic & consumer proximities will drive the digital substation market expansion.
Ongoing suburban migrations in developing regions have substantially augmented energy consumption. Moreover, swift commercialization coupled with rising per capita incomes has fostered the development of commercial infrastructure, thereby enhancing the technology demand. The growing dependency on processed products and manufactured goods has significantly boosted the expansion of small-scale enterprises, manufacturing plants, and facilities, fueling the market progression. In addition, the soaring energy demand across commercial, residential, industrial, and utility sectors aided end users in allowing grid installers & operators to restructure & deploy upgraded systems across the grid network, thereby accelerating a growth in demand for digital substations during the forecast period.
The ongoing hoard of technological advancements by various industry manufacturers in terms of energy efficiency, build quality, operational versatility, and cost competitiveness will enhance the digital substation market value. For instance, in February 2021, ABB along with Hitachi developed innovative digital substation offerings under the joint venture, Hitachi Energy Ltd. The innovation combined smart technologies offered by ABB with Hitachi’s APM solutions to offer higher reliability, efficiency, and reduced substation emissions. Additionally, a rising demand for automated & upgraded electrical equipment across the grid network will propel the product demand. Increasing R&D investments as well as the flow of public & private-led funds toward safe & secure power supply will, in turn, influence the industry expansion.
Asia Pacific digital substation market will witness a substantial growth owing to the growing peak load demand along with rising concerns regarding secure & stable electricity supply across grids. Soaring population growth has spurred the energy demand across the region along with concerns pertaining to energy security, proliferating the industry landscape of smart technologies across grid structures and complementing the deployment of digital substation solutions in the coming years.
The major players operating in the digital substation market include GE, Schneider Electric, Texas Instruments, ABB, Emerson Electric, Eaton, Tesco Automation, NR Electric, Open System International, Rockwell Automation, L&T, Cisco, Siemens, NetControl, Belden Inc, Guodian Nanjing Automation Co., Locamation, Efacec, and SIFANG.
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Some of the key findings of the digital substation market report include:
- The technology demand is increasing due to rising consumer inclinations toward secure & safe power supply coupled with smart electrical equipment deployments in grid structures.
- The retrofitting and refurbishment of T&D infrastructure to adhere to the burgeoning energy demand across developing & developed nations will positively impel the industry progression.
- The usage of sustainable energy infrastructure along with the expansion of micro grid networks will complement the industry revneue.
- Ongoing advancements in substation technology to augment their functionality & effectiveness to reliably monitor & control the flow of electricity across T&D networks will fuel product penetration in the coming years.
Table of Contents (ToC) of the report:
Chapter 3 Digital Substation Market Insights
3.1 Industry segmentation
3.2 Industry ecosystem analysis
3.2.1 Vendor Matrix
3.3 Innovation & sustainability landscape
3.4 Regulatory landscape
3.5 COVID- 19 impact on the industry outlook
3.5.1 Top 10 countries impacted by COVID- 19
3.5.2 Overall view
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.2 Industry pitfalls & challenges
3.7 Growth potential analysis
3.8 Porter's Analysis
3.9 Competitive landscape, 2021
3.10 PESTEL Analysis
Browse Complete Table of Contents (ToC) @
https://www.gminsights.com/toc/detail/digital-substation-market
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
