Wilmington, Delaware, United States, Dec. 19, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. -The global digital substation market is projected to flourish at a CAGR of 6.8% from 2023 to 2031. As per the report published by TMR, a valuation of US$ 16.6 billion is anticipated for the market in 2031. As of 2023, the demand for digital substation is expected to close at US$ 9.8 billion.
The increasing adoption of renewable energy sources like solar and wind power necessitates smart grid infrastructure, driving the need for digital substations enable efficient integration of these intermittent energy sources into the grid. Increasing investment in modernizing their power grids to enhance reliability, efficiency, and flexibility in many regions boost the demand for digital substations for monitoring, control, and automation capabilities.
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Digital Substation Market- Competitive Landscape
Manufacturers within the digital substations sector are making significant investments in enhancing the transmission efficiency of power cables, aiming to guarantee seamless power delivery to stations without interruptions. Simultaneously, extensive research and development efforts are underway to pioneer the integration of smart grid technologies, a crucial step toward modernizing and upgrading grid systems for improved functionality and efficiency.
- ABB Ltd
- Siemens AG
- Schneider Electric SE
- Eaton Corporation Plc
- Emerson Electric Co.
- Honeywell International Inc.
- Cisco Systems, Inc.
- NR Electric Co., Ltd.
- EFACEC
- Schweitzer Engineering Laboratories Inc.
With growing populations and increasing industrialization, there is a consistent rise in electricity demand. Digital substations help meet this demand by optimizing power transmission and distribution systems. Numerous governments worldwide are directing efforts toward scaling up renewable energy production to alleviate pressure on current power systems. The prevalent adoption of digital components for efficient handling and distribution of increased power loads is anticipated to take center stage in shaping trends within the digital substations market until 2031.
Rapid urbanization and industrial growth in developing countries drive the need for robust, efficient power infrastructure. Digital substations offer a scalable and adaptable solution to meet the evolving energy demands in these regions. The cost-effectiveness of digital substations emerges from their capacity to streamline maintenance, decrease operational expenses, and enhance reliability, resulting in long-term savings. Their capability for remote monitoring and control substantially reduces the necessity for physical inspections, serving as a key driver for their adoption.
Key Takeaways from the Market Study
- As of 2022, the digital substation market was valued at US$ 9.2 billion.
- Based on end-use, the mining segment held a prominent share of the global digital substation market in 2021.
Digital Substation Market: Key Trends and Opportunistic Frontiers
- Integration of Internet of Things (IoT) devices and edge computing within substations enables real-time data collection, analysis, and decision-making. This trend enhances operational efficiency and enables predictive maintenance.
- The integration of energy storage solutions within digital substations helps in managing grid stability, storing excess energy, and supporting peak demand periods.
- Advancements in connectivity enable remote monitoring and control of substations, reducing the need for physical presence and improving operational efficiency.
- Manufacturers specializing in digital substations are making significant investments in fortified, cyber-secure architectures for these substations to broaden their reach across the global customer landscape.
Digital Substation Market – Regional Analysis
- North America boasts a relatively mature digital substation market with ongoing modernization initiatives in the power sector. There is a strong emphasis on grid modernization and smart grid technologies to enhance reliability and efficiency. Utilities and grid operators are investing in digital substations to optimize operations and support the integration of renewable energy sources.
- Europe has been an early adopter of digital substation technologies, aligning with its goals for energy transition and sustainability. Supportive regulatory frameworks and policies encourage the adoption of smart grid solutions and digital substations. Adherence to standards like IEC 61850 is prominent, fostering interoperability and seamless integration of systems.
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Key Product Portfolios
- ABB Ltd. is a prominent player in the digital substation market, known for its innovative solutions in power and automation technologies. They have been at the forefront of developing and implementing digital substations, focusing on IEC 61850-based solutions, advanced monitoring systems, and grid automation.
- Siemens AG is actively involved in developing digital substations that integrate IoT, data analytics, and communication technologies. They emphasize modular and scalable solutions that enhance grid reliability and efficiency while supporting renewable energy integration.
Digital Substations Market – Key Segments
Module
- Hardware
- Fiber Optic Communication Network
- SCADA
Type
- Transmission Substations
- Distribution Substations
Voltage
- Up to 220 kV
- 220-550 kV
- Above 500 kV
End-Use Industry
- Utility
- Metal
- Mining
- Oil & Gas
- Transportation
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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