The digital substation market to grow
from USD 6.9 billion in 2018 to USD 10.0 billion by 2023, at a Compound Annual
Growth Rate (CAGR) of 7.9% during the forecast period. The major factors that
are expected to be driving the digital substation market are increasing
infrastructure development in smart cities, rise in power demand with limited
space availability, increasing demand for replacing traditional substation
infrastructure, and improved safety and reduced maintenance costs. The
objective of the report is to define, describe, and forecast the digital
substation market size based on module, type, voltage, and region.
By module, the fiber optic communication
network segment is expected to grow at the highest growth rate during the
forecast period
Among
the module segment, the fiber optic communication network is expected to grow
at the highest CAGR during the forecast period. Fiber optic or optical fiber
communication is the process of transmitting data by sending a pulse of light
through an optical fiber. All the hardware in a substation are linked to each
other by a fiber optic cable. This ensures communication of data among the
modules making the digital substation system efficient and easy to control.
By type, the transmission substation
holds a larger share of the market
Transmission
substation segment is expected to hold a larger market share. A transmission
substation uses transformers (step-up or step-down transformer) to convert
between the voltages. It also uses the phase shifting transformers to control
the power flow between two adjacent systems. Transmission substation can range
from low to high voltages.
APAC is expected to grow at the highest
growth rate during the forecast period
Asia
Pacific (APAC) is the fastest growing region for the digital substation market,
in terms of electricity consumption and rural electrification. The
modernization of industrial applications in APAC is growing at a high rate
since a few years, and the same trend is expected to continue in the future.
The digital substation market in this region is expected to grow at the highest
rate among all other regions due to rapid industrialization and upcoming power
utilities. Digital substations provide cost-effective solutions, which help in
meeting the rising demand for electricity in the countries such as China,
India, and Singapore.
Various
companies and governments are establishing partnerships to increase the use of
renewable sources to decrease the carbon footprint and meet the electricity
demand in this region. For instance, in August 2016, General Electric (US)
partnered with Singapore Power to supply an innovative digital substation as
part of the SP Centre of Excellence’s (CoE) Singapore Power Advanced Research
& Development (SPEAR) program. The SPEAR program aims to drive the
innovation and commercialization of next-generation energy network
infrastructure. In addition to this, Singapore also announced the plan to raise
the utilization of solar power to 350 Megawatt by 2020, representing 5% of the
overall projected peak electricity demand
About MarketsandMarkets™
MarketsandMarkets™
provides quantified B2B research on 30,000 high growth niche
opportunities/threats which will impact 70% to 80% of worldwide companies’
revenues. Currently servicing 7500 customers worldwide including 80% of global
Fortune 1000 companies as clients. Almost 75,000 top officers across eight
industries worldwide approach MarketsandMarkets™ for their painpoints around
revenues decisions.
Our
850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high
growth markets following the "Growth Engagement Model – GEM". The GEM
aims at proactive collaboration with the clients to identify new opportunities,
identify most important customers, write "Attack, avoid and defend"
strategies, identify sources of incremental revenues for both the company and
its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants
(Positioning top players across leaders, emerging companies, innovators,
strategic players) annually in high growth emerging segments.
MarketsandMarkets™ is determined to benefit more than 10,000 companies this
year for their revenue planning and help them take their innovations/disruptions
early to the market by providing them research ahead of the curve.
MarketsandMarkets’s
flagship competitive intelligence and market research platform,
"Knowledgestore" connects over 200,000 markets and entire value
chains for deeper understanding of the unmet insights along with market sizing
and forecasts of niche markets.
Contact:
Mr. Shelly Singh
MarketsandMarkets™
INC.
630 Dundee Road
Suite 430
Northbrook, IL
60062
USA:
1-888-600-6441
