What is Digital Substation Market Scope?
Digital Substation is also referred for the term electrical substation. It is the place were operation is done between intelligent electronic devices (IEDs) that are interconnected by communications networks or SCADA Equipment. This digital substation uses computing technology. The major benefit of these substations is that they bring a wide scope in terms of designing, engineering, operation, and installation. Hence, the market for global digital substation will continue to be inclined towards the growth factors such as better reliability and availability as compared to the traditional ones. As observed in the market status it is seen that North America will be holding a major share in terms of the global market and Asia-Pacific is expected to grow throughout the upcoming years.
Rising Trend of Implementing Developments in the Context of Iot, Cloud, AI & ML among Others in Digital Substations and Adopting Technological Innovations in Terms of Digital Substations
Market Growth Drivers:
Increasing Pace of Digitalization across World, Increasing Infrastructure Development in Smart Cities and Rising Demand for Power Supply in Limited Space
Lack of Effective Electrical Infrastructure in the Emerging Countries can be one of the Challenge towards the Industry and Concerns Related to Controlling Cybersecurity Risks
High Cost Associated With the Installation of these Substations
Paradigm Shift toward the Expansion of Prevailing Networks in Developed Nations Is Boosting the Industry and Rising Demand for Replacing Traditional Substation Infrastructure
The Digital Substation market study is being classified by Type (Transmission Substations and Distribution Substations), by Application and major geographies with country level break-up.
The market for digital substation has the number of key players that are finding their new way to sustain in the market for a better portfolio. Hence, the manufacturers & suppliers have continuously been streamlining their research & development investments to enhance and expand system portfolios. However, new fund allocation from major industry players to incorporate a flexible technological platform has acted as a considerable breakthrough. Analysts at AMA predicts that Manufacturers from United States will contribute to the maximum growth of Global Digital Substation market throughout the predicted period.
ABB Group (Switzerland), Siemens (Germany), General Electric (United States), Cisco Systems (United States), Schneider Electric (France), Honeywell International (United States), Emerson Electric (United States), Larsen & Toubro (India), Eaton Corporation (Ireland) and NR Electric (China) are some of the key players profiled in the study.
Analyst at AMA have segmented the market study of Global Digital Substation market by Type, Application and Region.
On the basis of geography, the market of Digital Substation has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Influencers and their Development Strategies
On 23rd November 2018, Efacec and the Russian company Profotech signed a strategic agreement in order to focus on innovative sensors for digital substations. The main objective of this agreement is to promote a set of automation solutions for digital substations for the international market in general and for the Russian market in particular.
On August 27, 2018, GE Power launched new innovations at CIGRE 2018. They also launched Intelligent Digital Substations which enables to utilize of operators to maximize asset and substation utilization up to 30 percent. Coupling powerful visualization tools with the digitization of primary substation equipment and secondary systems, operators can collect and analyze critical data to proactively detect potential failures up to six months in advance.
Key Target AudienceIntelligent electronic devices (IED) manufacturers, Supervisory control and data acquisition (SCADA) solution providers, Communication network providers, Power utility companies, Turnkey contractors, Distributors and traders and Research organizations
Digital Substation Market Study: Important Years
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|Customization Scope||Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility|
Major Highlights of Market Study
Demand Determinants: Identifying top-notch application and business segments that seek high growth potentials in Digital Substation Market.
Key Strategic Developments: To target untapped regions more aggressively by focusing on product/service developments, innovation and R & D, new launches, Merger & acquisitions, JVs & partnerships.
Forces & Market Dynamics: Growth drivers, restraints & opportunities available in Digital Substation industry is examined with reference relevant market sectors and sub-sectors.
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To compete effectively, companies also require quantitative estimates of the future growth and qualitative nature of the market. AMA Research features not just specific market sizing estimates, but also includes significant value-added commentary on Technological Trends and Innovations, Regulatory Policies, Market Maturity Indicators, Market Share Movements, New Entrants into the Market & Entry/Exit Barriers, Consumer Demographics, Supporting Company Financial and Cash Flow Planning, Open Up New Markets, To Seize Powerful Market Opportunities, Key Decision in Planning and to Further Expand Market Share, Identify Key Business Segments, Market Proposition & Gap Analysis.