SELBYVILLE, Del. - May 13, 2020 - (Newswire.com)
Global digital substation market value is set to cross USD 9 Billion by 2026, as reported in the latest study by Global Market Insights, Inc. Growing energy demand along with deployment of advanced electrical monitoring and control devices to enhance grid securities and safe supply will foster the business scenario.
Favorable government norms pertaining to electrification across areas with limited access or complete isolation will positively sway industry dynamics. Large-scale renewable integration coupled with increasing demand for advanced generation technologies across existing grid infrastructure and new establishments will further escalate the industry growth. Moreover, positive geographic, regulatory and consumer proximities will foster the digital substation market growth.
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Increasing suburban migration across developing regions has significantly upscaled energy consumption. In addition, rapid commercialization favored by increasing per capita income has stimulated the expansion of commercial establishments which in turn positively influence the business scenario. Moreover, increasing dependency on manufactured goods and processed products has led to large-scale expansion of manufacturing facilities, plants, small scale enterprises and similar establishments. An increase in energy consumption from residential, commercial, industrial, and utility aided consumers have compelled installers to restructure and expand electrical grid network with upgraded systems, further accelerating product demand.
Some major findings of digital substation market report include:
- The digital substation demand is escalating on account of growing consumer inclination toward a safe and secure power supply along with incorporation of smart electrical equipment across the grid network.
- Refurbishment and retrofit of existing transmission and distribution networks to cater the growing energy demand across developed and developing nations will foster the business scenario.
- Expansion of micro grid networks coupled with integration of sustainable energy infrastructure will complement the industry landscape.
- Major players operational across digital substation market includes ABB, GE, Siemens, Emerson Electric and Schneider Electric
- Ongoing technological advancement to enhance effectiveness and functionality of substation to monitor and control power supply across the T&D network will further strengthen the product portfolio.
Browse key industry insights spread across 573 pages with 1086 market data tables & 42 figures & charts from the report, “Digital Substation Market Statistics By Component (Substation Automation System, Communication Network, Electrical System {Transformer, Busbar, Protection Devices [Circuit Breaker, Protective Relay, Switchgear]}, Monitoring & Control System {Human Machine Interface, Programmable Logic Controller, Others}, Others), By Architecture (Process, Bay, Station), By Application (Transmission, Distribution), By Connectivity (< 33 kV, 33 kV to 110 kV, 110 kV to 220 kV, 220 kV to 550 kV, > 550 kV), By Voltage Level (Low, Medium, High), By End Use (Utility, Industrial), By Installation (New, Refurbished) Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/digital-substation-market
Rising demand for automated and upgraded electrical equipment across the existing grid network will propel the product demand. Increasing R&D investment as well as public- and private-led fund flow toward a safe and secure power supply will augment the industry scenario. For instance, in 2018 ABB launched Ability based technology to improve efficiency, safety, security & reliability of air-insulated digital substation with protection, control equipment and a MicroSCADA system.
The digital substation market across Asia Pacific is anticipated to witness growth on account of rising peak load demand as well as growing concerns toward stable and secure electricity supply across the grid. In addition, the expansion of a micro grid structure coupled with incorporation of renewable energy power sources will further complement the product demand. However, due to COVID-19 pandemic followed by the lockdown in many countries across the regions have certainly restraint the deployment of these units.
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Browse Related Reports:
Global Substation Industry By Component (Electrical System {Transformer, Busbar, Protection Devices [Circuit Breaker, Protective Relay, Switchgear]}, Monitoring & Control System {Human Machine Interface, Programmable Logic Controller, Others}, Others), Application (Transmission, Distribution), Technology (Conventional, Digital), By Connectivity (< 33 kV, 33 kV to 110 kV, 110 kV to 220 kV, 220 kV to 550 kV, > 500 kV), Voltage Level (Low, Medium, High), End Use (Utility, Industrial), Category (New, Refurbished) Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026
https://www.gminsights.com/industry-analysis/substation-market
About Global Market Insights
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.
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Original Source: Digital Substation Market to Cross $9 Billion by 2026, Says Global Market Insights, Inc.
