Digital Substation Market Growth Driven by Energy Efficiency Initiatives and the Surge in Smart Grid Modernization Worldwide

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Digital Substation Market- (By Module (Hardware (Transformers, Busbars, Protection Devices (Circuit Breaker, Protective Relay, Switchgear), Interfacing Units (Human-machine interfaces (HMI), Remote terminal units (RTU), Programmable logic controllers (PLCs), Others)), Fiber-optic Communication Networks, SCADA Systems), By Type (Transmission Substation, Distribution Substation), By Installation Type (New Installations, Retrofit Installations), By Voltage (Up to 220kV, 220-500kV, Above 500kV), By Industry (Utility (Non-Renewables, Renewables), Heavy Industries, Transportation, Others)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

According to the latest research by InsightAce Analytic, the Global Digital Substation Market is valued at US$ 7.28 Bn in 2022, and it is expected to reach US$ 13.77 Bn by 2031, with a CAGR of 7.5% during a forecast period of 2023-2031.

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Digital substations are revolutionizing the energy sector by converting analog measurement data and binary status signals into digital formats, thereby advancing station and process-level digitalization. This transition to digital systems substantially lowers both capital expenditures and operational costs while enhancing the safety and reliability of data transmission. The accelerated digitization of power supply networks, coupled with the integration of Internet of Things (IoT) technologies, is driving significant progress in the development of digital substations. These innovations are addressing the increasing complexity of power supply and demand management.

The rising implementation of renewable energy projects is further catalyzing the demand for sophisticated battery technologies to support energy generation, thereby creating significant growth prospects for the digital substation market. Consequently, the market demand for digital substations is projected to increase. The continuous introduction of cutting-edge technologies, alongside steady economic expansion, underpins a favorable outlook for the market's future growth. Industry participants are intensifying their efforts through technological advancements and expansion into emerging regions, which is intensifying competition and contributing to overall market development.

List of Prominent Players in the Digital Substation Market:
• ABB Ltd. (Switzerland)
• General Electric Company (US)
• Siemens AG (Germany)
• Eaton Corporation Inc. (Ireland)
• Schneider Electric SE (France)
• Honeywell International Inc. (US)
• Cisco System Inc. (US)
• NR Electric (China)
• Emerson Electric Co. (US)
• Larsen & Toubro Limited (India)
• Locamation
• Efacec
• Netcontrol Group
• Tesco Automation
• Texas Instruments
• Belden Inc
• NR Electric Co., Ltd.
• Rockwell Automation, Inc.
• Guodian Nanjing Automation Co., Ltd.
• Open System International, Inc.
• Sifang

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Market Dynamics:
Drivers:
The expansion of the digital substation market is chiefly propelled by increased investments in smart city and smart grid infrastructure, coupled with growing demands for enhanced safety and efficient communication within power transmission and distribution systems. The requirement for compact, highly efficient solutions to accommodate rising power consumption, alongside the clear advantages digital substations offer over traditional systems, further fuels market growth. Moreover, the accelerating global digitalization trend and the need for reliable power supply solutions in space-constrained environments are additional factors contributing to the sector's expansion.

Challenges:
Significant challenges confronting the digital substation market include the substantial initial capital expenditure for equipment acquisition, heightened vulnerability to cyber threats, and limited awareness-particularly within emerging economies. The imposition of lockdowns and social distancing measures in these regions is anticipated to impede market growth temporarily. Furthermore, the integration of advanced technologies such as intelligent electronic devices (IEDs), microprocessors, and service-oriented architectures elevates the overall setup costs of digital substations, creating a financial barrier to widespread adoption in the near term.

Regional Trends:
North America is projected to maintain a dominant market share by revenue, driven by increased product adoption aligned with rising energy consumption and sustained growth in commercial and industrial infrastructure development. Additionally, ongoing economic progress is expected to support advancements in microgrid infrastructure across the region. Europe also represents a significant market segment, underpinned by its mature economy, expanding population, and escalating electricity demand. The region's growth is further encouraged by the presence of leading industry players and collaborative efforts among key stakeholders, facilitating deeper market penetration and fostering global digital substation market expansion.

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Recent Developments:
• In July 2023, The introduction of Industrial Digital Transformation Services was initiated by Schneider Electric. The purpose of the specialised global service is to assist industrial firms in achieving a future-oriented, innovative, sustainable, and efficient end-to-end digital transformation.
• In Dec 2021, GE Digital has just entered into a collaborative agreement with UK Power Networks (UKPN) to initiate a smart substation initiative aimed at facilitating the expansion of renewable energy production throughout the United Kingdom.

Segmentation of Digital Substation Market-
By Module -
• Hardware
o Transformers
o Busbars
o Protection Devices
 Circuit Breaker
 Protective Relay
 Switchgear
o Interfacing Units
 Human-machine interfaces (HMI)
 Remote terminal units (RTU)
 Programmable logic controllers (PLCs)
o Others
• Fiber-optic Communication Networks
• SCADA Systems
By Type -
• Transmission Substation
• Distribution Substation
By Installation Type -
• New Installations
• Retrofit Installations
By Voltage-
• Up to 220kV
• 220-500kV
• Above 500kV
By Industry-
• Utility
o Non-Renewables
o Renewables
• Heavy Industries
• Transportation
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa

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This release was published on openPR.