Press release
Digital Substation Market Size, Business Growth Updates, Trends, Industry Report And Forecast To 2033
Digital Substation Market
The digital substation market size is expected to see rapid growth in the next few years. It will grow to $12.51 billion in 2028 at a compound annual growth rate (CAGR) of 11.7%. The growth in the forecast period can be attributed to grid decentralization, electrification of transportation, standardization and interoperability, rapid urbanization and electrification. Major trends in the forecast period include increasing adoption of iot and sensors, edge computing for real-time processing, artificial intelligence and machine learning applications, remote monitoring and maintenance, resilient communication networks..
Market Overview -
The term digital substation refers to an electrical substation in which operation is controlled by distributed intelligent electronic devices (IEDs) linked by communication networks. It is possible by the use of computing technologies in the substation. It is used to communicate between the relays in the control house and the instrument breakers, transformers, and merging units in the station yard. The digital substation brings digital technology into the substation.
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Increased Electricity Demand Fuels Growth Of The Digital Substation Market
The increase in demand for electricity is expected to propel the growth of the digital substation market. Digital substations are actively used in replacing traditional copper cable with advanced fiber optics transmitters to convert electrical signals to optical signals. Digital substations are also used in power grids and transformers to minimize losses during transmission of electricity. For instance, in November 2021, according to the International Energy Agency's semi-annual Power Market Report, the global electricity demand is expected to climb by 5% in 2021 and 4% in 2022. The amount of electricity generated by renewables is expected to rise as well, by 8% in 2021 and over 6% in 2022. Therefore, the increase in demand for electricity is driving the digital substation market growth.
Competitive Landscape -
Major companies operating in the digital substation market report are ABB Ltd., NR Electric Co. Ltd., Eaton Corporation Inc., Schneider Electric SE, General Electric Company, Larsen & Toubro Ltd., Siemens AG, Tekvel, Toshiba Corporation, YAMAL LNG, DNV GL, Hitachi Ltd., iGrid S. L., Kalki Communication Technologies Private Limited, Locamation, Panasonic Corporation, Cisco Systems Inc., Honeywell International Inc., Emerson Electric Co., Mitsubishi Electric Corporation, Schweitzer Engineering Laboratories Inc., G Power and Industrial Solutions Limited, Arteche Group Corporation, EFACEC Power Solutions SGPS S. A., Alstom Ltd., Hyundai Electric & Energy Systems Co. Ltd., Powell Industries Inc., Rittal GmbH & Co. KG, Belden Inc., Beckwith Electric Co. Inc., ERLPhase Power Technologies Ltd.
Strategic Collaborations Drive Digital Substation Market Innovation
Strategic collaboration between companies is a key trend gaining popularity in the digital substation market. Companies that provide digital solutions are undergoing partnerships and collaborations to cope with the digital transformation that is occurring at a rapid pace. For instance, in September 2023, Hitachi Ltd, a Japan-based electronics company partnered with East Japan Railway Company to develop full-digital substation system by 2025. The technology will enable dual configuration of transmission lines as well as protection and control functions in substation premises, allowing for stable railway transportation via a stable supply of power. Furthermore, by minimizing the size of facilities, it will improve construction efficiency. Furthermore, in March 2023, Tata Power, an India-based integrated power company partnered with Enel Group, an Italy-based green energy and artificial intelligence (AI) company to power digtalization and automation of India's power distribution network. The first pilot project will focus on increasing digitization and automation of secondary substations, with Tata Power joining Gridpertise's proprietary QEd - Quantum Edge Device international co-creation programme. This collaborative programme will virtualize grid functionality, allowing for network security and control, automation, real-time problem detection, and service restoration.
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Key Segments -
The digital substation market covered in this report is segmented -
1) By Voltage Level: Low, Medium, High
2) By Type: Transmission, Distribution
3) By Module: Fiber Optics Communication Network, Supervisory Control And Data Acquisition, Hardware
4) By Industry Vertical: Power Generation, Metal & Mining, Oil & Gas, Transportation & Logistics, Defence & Aerospace, Process & Manufacturing, Other Industry Verticals
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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